Trade-in and Financing

[manitou202]

Has anyone looked into this for leasing the Lucid Air? Just saw this advertisement:

Lucid Lease

Lucid Lease With Manhattan Funding WE MAKE IT SIMPLE Applying for financing online with Manhattan Funding is a quick and secure way to take the next step

manhattanfunding.com

Doesn't look like a very good deal.

Grand Touring Lease
60 months
$9730 down plus a $1999 acquisition fee
$1820 per month
No mention of the residual

Compare this to a loan
72 month loan @ 3%
$11730 down ($9730 down plus the $1999 acquisition fee)
$1933 per month

Neither include sales tax. But essentially for an extra $113 per month you'll own the car in 6 years instead of walking away with nothing after 5 years.

 

[Lucken]

Certainly in this case ownership is a no-brainer.

 

[Ovfitbob]

I’m looking into finance institutions to finance the Touring model . Looks like credit unions usually offer the lowest percentage but I think you have to be a member?
I’ll check with my current bank to see what they offer.

 

[Paladin732]

https://docs.google.com/spreadsheets/d/1HGo8V-P5S-z4oCUiAKULrkZRFlzRHEalJqUFLiP0LCE/edit#gid=0 has a bunch of loan providers. Its from the Tesla forums.

For me: I'm using Carolina Coop. 1.99% for 84 months .
Unfortunately, they are super old school:

Need to sign up for a Carolina non-profit ($20), then they need to mail you a paper application. You need to then mail it back.

 

[Ovfitbob]

https://docs.google.com/spreadsheets/d/1HGo8V-P5S-z4oCUiAKULrkZRFlzRHEalJqUFLiP0LCE/edit#gid=0 has a bunch of loan providers. Its from the Tesla forums.

For me: I'm using Carolina Coop. 1.99% for 84 months .
Unfortunately, they are super old school:

Need to sign up for a Carolina non-profit ($20), then they need to mail you a paper application. You need to then mail it back.

Thanks. I’ll take a look at the spreadsheet.

 

[hydbob]

Bank of America had a good rate. 2.19 for 72 months. Got it all sorted out in 3 days too.

 

[Ovfitbob]

Bank of America had a good rate. 2.19 for 72 months. Got it all sorted out in 3 days too.

I would think that a higher credit rating someone has the lower rate they can offer.

 

[borski]

I would think that a higher credit rating someone has the lower rate they can offer.

Yup. Also, if you happen to bank with BoA (or are willing to) you get the benefit of their rewards program too, which gives you a 0.5% discount on the auto loan - for a grand total of 1.69% which is pretty unbeatable.

Bank of America Preferred Rewards - Banking Rewards Program

The Preferred Rewards program from Bank of America offers real benefits and banking rewards built around all the ways you bank, borrow and invest.

www.bankofamerica.com

 

[Ovfitbob]

Yup. Also, if you happen to bank with BoA (or are willing to) you get the benefit of their rewards program too, which gives you a 0.5% discount on the auto loan - for a grand total of 1.69% which is pretty unbeatable.

Bank of America Preferred Rewards - Banking Rewards Program

The Preferred Rewards program from Bank of America offers real benefits and banking rewards built around all the ways you bank, borrow and invest.

www.bankofamerica.com

I’ve actually been a B of A customer for almost 50 years.
1.69% is a good rate. I’ll go to the bank tomorrow and talk to one of the loan officers.

 

[borski]

I think it would actually be 1.79%, since the stated rate is 2.29%. @hydbob are you sure you got 2.19%? If so, what's your magic?

 

[Neurio]

Yup. Also, if you happen to bank with BoA (or are willing to) you get the benefit of their rewards program too, which gives you a 0.5% discount on the auto loan - for a grand total of 1.69% which is pretty unbeatable.

Bank of America Preferred Rewards - Banking Rewards Program

The Preferred Rewards program from Bank of America offers real benefits and banking rewards built around all the ways you bank, borrow and invest.

www.bankofamerica.com

It should be noted that the 0.5% reduction is only for those in the Platinum Honors tier, not everyone who banks with BoA.

 

[borski]

It should be noted that the 0.5% reduction is only for those in the Platinum Honors tier, not everyone who banks with BoA.

Yup, that's why I linked to the page. Although even anyone that has $20k with them gets a 0.25% discount. But yes, of course, check out the tiers.

 

[Sandvinsd]

I think the rates wen up. the base rate is now 2.29% less a discount if you are a Preferred Rewards customer.

 

[hydbob]

I think Lucid Financing gets a preferred rate.

 

[borski]

I think Lucid Financing gets a preferred rate. View attachment 288

Fascinating. I would love a 1.69 rate. how much did you put down?

 

[borski]

Just for context, I just got a 1.54% rate for 72 months with 0 down.

 

[FFT]

Just for context, I just got a 1.54% rate for 72 months with 0 down.

That’s a good deal. Did you get that from BOA ?

 

[hydbob]

Dang, that's a nice rate. Wish I was a preferred member with BofA

 

[Paladin732]

Yea, if you look you can find some great rates.

I'm doing 1.99 at 84 months with 0 down from Carolina coop credit union. (I paid $20 to join them)

 

[borski]

Yup. But that’s with a preferred customer discount of 0.5% from BofA