Trade-in and Financing

[borski]

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.

There is no promo code, and it’s just based on financing for a Lucid specifically; the rate only locks for 30 days though before you need a new application, so applying now probably doesn’t make sense. The VIN is “optional” for the application but they won’t approve the loan without one.

 

[Maverick]

Before you go the BoA route, I just was approved through PennFed at 1.99%. In the grand scheme of things, it's not a ton less, but even with preferred rates through BoA, it will be less.

https://www.penfed.org/auto/new-auto-loans

Haven't received the car yet, and they're sending me a check to give to Lucid rather than a wire transfer, so don't know if the actual payment process will be problematic, but it's a pretty good rate.

 

[rbbarry]

Before you go the BoA route, I just was approved through PennFed at 1.99%. In the grand scheme of things, it's not a ton less, but even with preferred rates through BoA, it will be less.

https://www.penfed.org/auto/new-auto-loans

Haven't received the car yet, and they're sending me a check to give to Lucid rather than a wire transfer, so don't know if the actual payment process will be problematic, but it's a pretty good rate.

Did you do this before you "confirmed" the order? When can we do this?

 

[Maverick]

Did you do this before you "confirmed" the order? When can we do this?

I did this after receiving a VIN (they do ask for one, but I'm not sure you need to have it), but before I had a delivery date. The big thing to note is that after you sign the documents after being approved, the loan term starts, so if for I don't have the car by April 10, I would make my first payment without having the car. I think you have 30 days after being approved to sign the documents, but I'm not entirely sure about that. Also, I'm not sure what happens if I decide not to buy the car for some strange reason. I'd guess I could have them cancel the check, but the loan document didn't really mention that prospect.

I figure that I'm close enough to delivery that the items above weren't very concerning to me.

 

[BradSholl]

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.

I mistakenly submitted to BOA when I was considering confirming my reservation the other month, just to confirm my rate. Their approval is only good for 1 month, so if your car is not ready by then, you will have to reapply, and the previous application could theoretically lower your FICO score, resulting in a higher rate. My DA advised me to wait until about 1 week from delivery before going through the application process. Has anyone else heard differently?

 

[bhramabull]

Before you go the BoA route, I just was approved through PennFed at 1.99%. In the grand scheme of things, it's not a ton less, but even with preferred rates through BoA, it will be less.

https://www.penfed.org/auto/new-auto-loans

Haven't received the car yet, and they're sending me a check to give to Lucid rather than a wire transfer, so don't know if the actual payment process will be problematic, but it's a pretty good rate.

How many months? 60? 72? or 84?

 

[Coltonw011]

I mistakenly submitted to BOA when I was considering confirming my reservation the other month, just to confirm my rate. Their approval is only good for 1 month, so if your car is not ready by then, you will have to reapply, and the previous application could theoretically lower your FICO score, resulting in a higher rate. My DA advised me to wait until about 1 week from delivery before going through the application process. Has anyone else heard differently?

No, this is exactly what my DA mentioned as well. Once you get approval, the funding is almost instant, no need to apply for the loan (which itself is relatively quick) until you have a clearer picture on delivery.

 

[rbbarry]

No, this is exactly what my DA mentioned as well. Once you get approval, the funding is almost instant, no need to apply for the loan (which itself is relatively quick) until you have a clearer picture on delivery.

The only issue is that rates a month ago should be totally different from rates in a month or two from now.

 

[Coltonw011]

The only issue is that rates a month ago should be totally different from rates in a month or two from now.

Not entirely accurate. Auto loan rates differ from say mortgage rates. Auto loan rates are set by the competing lenders, their rates tend to hold much much longer. Would you rather try and lock your rate in and run out on your loan and reapply, hurting yourself? Or just wait until you can actually use the loan?

 

[rbbarry]

Not entirely accurate. Auto loan rates differ from say mortgage rates. Auto loan rates are set by the competing lenders, their rates tend to hold much much longer. Would you rather try and lock your rate in and run out on your loan and reapply, hurting yourself? Or just wait until you can actually use the loan?

Gotcha - good to know.

If the rate is not amazing, I will pay cash anyway.

 

[Coltonw011]

Gotcha - good to know.

If the rate is not amazing, I will pay cash anyway.

A fortunate luxury to have! Rates will increase by the end of the year, but it most likely won’t be egregious, and amount to minimal payment differences.

 

[hydbob]

FWIW, through BofA, I applied and got approved within 24 hrs and was able to get the money wired within 24 hrs of signing the loan docs. So if you wait until you are for sure you are going to get delivery you are okay!..

 

[Coltonw011]

My local credit union is having a rate sale through the end of the month (loan good for 60 days), and electric vehicles are being given an additional 25 basis points off the rate sale. A 60 month loan is 1.74%, 72 is 2.04% and 84 months is 2.69%.

 

[rbbarry]

My local credit union is having a rate sale through the end of the month (loan good for 60 days), and electric vehicles are being given an additional 25 basis points off the rate sale. A 60 month loan is 1.74%, 72 is 2.04% and 84 months is 2.69%.

FREE MONEY - insert GIF here...

 

[steveairgt]

My local credit union is having a rate sale through the end of the month (loan good for 60 days), and electric vehicles are being given an additional 25 basis points off the rate sale. A 60 month loan is 1.74%, 72 is 2.04% and 84 months is 2.69%.

What is the criteria to join your credit union? What's it called?

 

[Coltonw011]

What is the criteria to join your credit union? What's it called?

Redwood credit union! Honestly not sure on criteria, but they aren’t “small” by any means. The rate sale ends the 31st, so get after it if you truly are interested.

 

[copper]

I've been shopping rates right now as I prep for delivery. Here's what I've found:

• BofA was a one-day turnaround, at 2.79% (up from 2.69% last Friday).
• San Mateo CU is quoting 2.49% but they're not as keen on higher-value cars for some odd reason
• RedwoodCU is pretty good with 2.19% at 60mo and a pretty quick turnaround
• San Francisco Federal CU is the best so far at 1.49% for an EV or 2.49% for non-EV at 60mo. This is who I plan to to with. (Edited)

Loan funding is backed up in a lot of places right now, so you're better off calling a loan officer at a credit union and talking with them before you apply. This'll save you weeks of waiting since they'll know to prioritize your application.

 

[Sandvinsd]

I've been shopping rates right now as I prep for delivery. Here's what I've found:

• BofA was a one-day turnaround, at 2.79% (up from 2.69% last Friday).
• San Mateo CU is quoting 2.49% but they're not as keen on higher-value cars for some odd reason
• RedwoodCU is pretty good with 2.19% at 60mo and a pretty quick turnaround
• San Francisco Federal CU is the best so far at 0.99% for an EV or 1.99% for non-EV at 60mo. This is who I plan to to with.

Loan funding is backed up in a lot of places right now, so you're better off calling a loan officer at a credit union and talking with them before you apply. This'll save you weeks of waiting since they'll know to prioritize your application.

Yup.. Loan rates have been going up which I expected and the Lucid’s production delay results in less favorable rates.

 

[borski]

I've been shopping rates right now as I prep for delivery. Here's what I've found:

• BofA was a one-day turnaround, at 2.79% (up from 2.69% last Friday).
• San Mateo CU is quoting 2.49% but they're not as keen on higher-value cars for some odd reason
• RedwoodCU is pretty good with 2.19% at 60mo and a pretty quick turnaround
• San Francisco Federal CU is the best so far at 0.99% for an EV or 1.99% for non-EV at 60mo. This is who I plan to to with.

Loan funding is backed up in a lot of places right now, so you're better off calling a loan officer at a credit union and talking with them before you apply. This'll save you weeks of waiting since they'll know to prioritize your application.

Of note: if you bank with BoA they have up to 0.5% discount in relationship pricing (depending on assets with them) which helps.

That SFFCU rate is nuts tho!

[edit] I think you may be wrong about the SFFCU rate - you get a 1% discount for an EV, but for 60 months their published rate is 2.49% which would make the rate 1.49%, not 0.99%. Still a great rate, but not absurdly low haha.

For context, when I got my rate from
BofA in December, I hit 1.54% - published rate was 2.09% and no idea why I got *more* than the 0.5% discount but I wasn’t going to ask questions

Their rates: https://www.sanfranciscofcu.com/wp-content/uploads/2021/04/2022.04.01-MemberRateSheet-1.pdf

Also, note their eligibility criteria: “You live, work, worship or attend school in San Francisco or San Mateo counties.”

If you’re in Santa Clara County, like me, you aren’t eligible. Then again, there’s always joining a church or synagogue or mosque or other place of worship

 

[copper]

Of note: if you bank with BoA they have up to 0.5% discount in relationship pricing (depending on assets with them) which helps.

That SFFCU rate is nuts tho!

[edit] I think you may be wrong about the SFFCU rate - you get a 1% discount for an EV, but for 60 months their published rate is 2.49% which would make the rate 1.49%, not 0.99%. Still a great rate, but not absurdly low haha.

For context, when I got my rate from
BofA in December, I hit 1.54% - published rate was 2.09% and no idea why I got *more* than the 0.5% discount but I wasn’t going to ask questions

Their rates: https://www.sanfranciscofcu.com/wp-content/uploads/2021/04/2022.04.01-MemberRateSheet-1.pdf

Also, note their eligibility criteria: “You live, work, worship or attend school in San Francisco or San Mateo counties.”

If you’re in Santa Clara County, like me, you aren’t eligible. Then again, there’s always joining a church or synagogue or mosque or other place of worship

You’re right - corrected it to 1.49%