Trade-in and Financing

[Paladin732]

How much are people financing for? 80%?

I did entire amount. 1.99 for 7 years

 

[Electrified]

I did entire amount. 1.99 for 7 years

When I first read that I was somewhat thinking that's crazy, but with cheap money it's really OK

140K Loan

Payment Every Month	$1,786.82​
Total of 84 Payments	$150,093.18​
Total Interest	$10,093.18​

 

[Paladin732]

When I first read that I was somewhat thinking that's crazy, but with cheap money it's really OK

140K Loan

Payment Every Month	$1,786.82​
Total of 84 Payments	$150,093.18​
Total Interest	$10,093.18​

Exactly.
It’s free money, and if you take inflation into account it’s a discount .

I also have “agreed value coverage” in my insurance, so even 5 years down the line, if it’s totaled I’ll get what I paid for it, I’ll never be upside down on the loan. (Which is a misnomer anyway, you have either prepaid or have to pay when you are upside down, there is no additional cost there)

I always go with the longest term/lowest interest bundle I can, if someone is going to loan me free money at an absurd rate, why wouldnt I accept?

 

[borski]

Exactly.
It’s free money, and if you take inflation into account it’s a discount .

I also have “agreed value coverage” in my insurance, so even 5 years down the line, if it’s totaled I’ll get what I paid for it, I’ll never be upside down on the loan. (Which is a misnomer anyway, you have either prepaid or have to pay when you are upside down, there is no additional cost there)

I always go with the longest term/lowest interest bundle I can, if someone is going to loan me free money at an absurd rate, why wouldnt I accept?

Exactly this. With a rate of 1.54% it was a no brainer to finance the entire amount. The money in the market (even in just bonds) is going to make way more than the cost of the loan.

 

[hydbob]

Funny, all the money you "save" by borrowing went into aftermarket stuff. I didn't even put in a radar system and I'm already close to 8k aftermarket haha.

 

[copper]

Funny, all the money you "save" by borrowing went into aftermarket stuff. I didn't even put in a radar system and I'm already close to 8k aftermarket haha.

I like to consider the savings instead paying for things, like a second set of wheels/tires, a spare, charger…

 

[borski]

Funny, all the money you "save" by borrowing went into aftermarket stuff. I didn't even put in a radar system and I'm already close to 8k aftermarket haha.

Yeah...$10k for the PPF/ceramic, $10k for the laser/radar, $4500 for the second set of wheels, $4500 for the two EV chargers. But I'm done, I swear!

(I planned all of them ahead of time, and to be fair, I plan on keeping the car a long long time, as I tend to)

That said, I would've done it anyway even if I hadn't financed; the EV chargers were necessary no matter which EV I got (two weren't, but it's futureproofed and I don't have to think about it), the PPF was arguably necessary on a $170k car, and the radar/laser became obviously necessary after I found myself regularly going much faster than I could tell.

The second set of wheels wasn't strictly necessary, but meh, I like the optionality.

But I'm done!

 

[X_train]

What kind of down payments are they asking for? Or is that purely dependent on your income, DTI, FICO, etc? I’ve never financed a car this expensive before.

 

[hydbob]

That's entirely on the stuff you mentioned. The alternative route is just to apply and see what you are approved for and just take the max. This of course depends on the rate when your reservation comes up!

 

[Sandvinsd]

Yeah...$10k for the PPF/ceramic, $10k for the laser/radar, $4500 for the second set of wheels, $4500 for the two EV chargers. But I'm done, I swear!

(I planned all of them ahead of time, and to be fair, I plan on keeping the car a long long time, as I tend to)

That said, I would've done it anyway even if I hadn't financed; the EV chargers were necessary no matter which EV I got (two weren't, but it's futureproofed and I don't have to think about it), the PPF was arguably necessary on a $170k car, and the radar/laser became obviously necessary after I found myself regularly going much faster than I could tell.

The second set of wheels wasn't strictly necessary, but meh, I like the optionality.

But I'm done!

What two EVSEs did you buy for $4500? That is pricey. Is that the estimated cost of the Licid Home Charger?

 

[borski]

What two EVSEs did you buy for $4500? That is pricey. Is that the estimated cost of the Licid Home Charger?

That includes electrical work and wiring for 100amp line, plus wiring for a 60amp line, and the cost of a Wallbox Pulsar Plus. The copper and labor was the expensive part. No idea what the Lucid charger will cost.

Also includes installation of the Wallbox Power Boost, so that it can adjust its power draw based on the overall usage in the panel, so when the Lucid charger is plugged in the secondary charger doesn’t trip the breaker (and so it passes code).

Also includes permitting.

 

[Electrified]

That includes electrical work and wiring for 100amp line, plus wiring for a 60amp line, and the cost of a Wallbox Pulsar Plus. The copper and labor was the expensive part. No idea what the Lucid charger will cost.

Also includes installation of the Wallbox Power Boost, so that it can adjust its power draw based on the overall usage in the panel, so when the Lucid charger is plugged in the secondary charger doesn’t trip the breaker (and so it passes code).

Also includes permitting.

$4,500.00 sounds very reasonable for all that; I must ask why both the Pulsar and the Lucid charger?

 

[borski]

$4,500.00 sounds very reasonable for all that; I must ask why both the Pulsar and the Lucid charger?

Just future proofing. It’s overkill but we plan on getting a second EV, and the garage already had two 14-50 lines, but in inconvenient locations. So if we were re-running wiring anyway, we moved one and made it a 100A line, and the other line we’re just flipping from facing outside to inside.

For now, the Wallbox sits on the 100A line but on a 60A breaker. When the Lucid charger gets released, we’ll move the Wallbox to the other 14-50 line, and put the Lucid on the 100A line.

 

[Sandvinsd]

That includes electrical work and wiring for 100amp line, plus wiring for a 60amp line, and the cost of a Wallbox Pulsar Plus. The copper and labor was the expensive part. No idea what the Lucid charger will cost.

Also includes installation of the Wallbox Power Boost, so that it can adjust its power draw based on the overall usage in the panel, so when the Lucid charger is plugged in the secondary charger doesn’t trip the breaker (and so it passes code).

Also includes permitting.

Got it. That makes sense. Thought it was just for the units.

 

[Bus Driver]

I just submitted a loan application to Lucid Financial Services. Does anybody know what their turnaround time is? I’m not likely to use them since I believe my work credit union will better their rates, but I’d like to know how long I should wait before pulling the trigger on my credit union “pre-approval”.

 

[Overcharged]

I just submitted a loan application to Lucid Financial Services. Does anybody know what their turnaround time is? I’m not likely to use them since I believe my work credit union will better their rates, but I’d like to know how long I should wait before pulling the trigger on my credit union “pre-approval”.

I don't see how B of A would beat the credit union, I didn't even apply

My credit union is 3.39% for 72 months