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Trade-in and Financing

hydbob said:
Just got this from a friend.

https://www.dcu.org/ 1.5% for 65 months...
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Actually, it looks like you can get that to be 1.24% because the Lucid is an energy efficient vehicle, and while the 0.5% relationship discount is included in the rate the 0.25% for that isn’t. That’s fantastic
 
Any updates on the current financing rates? The interest rate have increased significantly over the past month.
 
bhramabull said:
did they finance 100% or did you have to fight for it?
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When I got mine I financed 100% @ 1.54% (rates were lower at the beginning of December and I have preferred rewards with BoA)

I even financed the taxes and fees (minus the $1k deposit)
 
borski said:
When I got mine I financed 100% @ 1.54% (rates were lower at the beginning of December and I have preferred rewards with BoA)

I even financed the taxes and fees (minus the $1k deposit)
Click to expand...
Perfect. That's exactly what I was interested in doing. Typically when I would finance with Tesla they would give me that 0% down minus the deposit. But they work with a few preferred lenders, not just one like BoA in this case. Therefore, I wanted to know your guys' experiences with BoA thus far
 
bhramabull said:
Perfect. That's exactly what I was interested in doing. Typically when I would finance with Tesla they would give me that 0% down minus the deposit. But they work with a few preferred lenders, not just one like BoA in this case. Therefore, I wanted to know your guys' experiences with BoA thus far
Click to expand...
You don’t have to go with BoA, going with a credit union is just as easy and can get you a better rate potentially.
 
bhramabull said:
Perfect. That's exactly what I was interested in doing. Typically when I would finance with Tesla they would give me that 0% down minus the deposit. But they work with a few preferred lenders, not just one like BoA in this case. Therefore, I wanted to know your guys' experiences with BoA thus far
Click to expand...

Depends on your preference. I’ve had no issues with BoA at all, and they gave me the lowest rate, but I know others have gotten loans at smaller credit unions and other banks. Shop around!
 
It seems like a no brainer to finance with the rates being given on these cars, right? I assume most people who are buying have plenty of cash on hand to buy it out right. But those are the same people who would finance it because the loans are cheap and they can make more with the money investing it?

I don't like debt but is there a reason not to finance? Are there any concerns with buying vs financing? I have always leased cars, so I am new to this...

Screen Shot 2022-03-25 at 12.16.29 PM.webp
 
rbbarry said:
It seems like a no brainer to finance with the rates being given on these cars, right? I assume most people who are buying have plenty of cash on hand to buy it out right. But those are the same people who would finance it because the loans are cheap and they can make more with the money investing it?

I don't like debt but is there a reason not to finance? Are there any concerns with buying vs financing? I have always leased cars, so I am new to this...

View attachment 1197
Click to expand...
It depends on your situation, but for the majority of people financing makes the most sense, because the cash can be used for other things...like losing value due to inflation
 
I was debating just paying cash but it's a depreciating asset and with interest rates so low I would rather put down the minimum cash to finance and then put the money elsewhere in investments etc. If you can get returns on your investments of 10%+ a year it's well and truly makes up for the 2% interest paid etc. I'm also a BoA Platinum Honers so can take advantage of the 0.50% benefit as well
 
HC_79 said:
I was debating just paying cash but it's a depreciating asset and with interest rates so low I would rather put down the minimum cash to finance and then put the money elsewhere in investments etc. If you can get returns on your investments of 10%+ a year it's well and truly makes up for the 2% interest paid etc. I'm also a BoA Platinum Honers so can take advantage of the 0.50% benefit as well
Click to expand...

This is what most people who are financing do. The only reason not to finance is if you can’t afford the payments, but then you couldn’t afford to pay it in cash… or if you don’t like the “idea” of being in debt. That’s an emotional decision (which is no less valid) but not the fiscally prudent one.
 
I just submitted an application via the BoA app. I’m a platinum level member. In the application it asks for a promo code. Is there a special promo code for Lucid?

How do I know I’m getting any special Lucid rate?
Thanks
 
rbbarry said:
When can you submit, only when you have the VIN?
Click to expand...
The application said the vin at this point is optional. I won’t have mine for months. I’m curious what the rate is today. I’m assuming by June when I get my car it will increase.

I am leaning towards paying cash anyway after the sale of my Model X and then paying the difference.
 
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