Short version: be mindful about what Bank of America loan agent tells you, he/she may deliberately try to deceive you
Long version:
I received the VIN for my AGT order in late May. On May 31, I decided to check out BoA's auto loan process to see how the term looked like. I was approved, and had an offer letter dated on June 1 for 60 months at 2.69%. In the letter, BoA stated that this offer was good for 30 days.
I told my Lucid DA about this, and he actually told me that I acted too soon on the loan application, as the car probably would not be ready before the offer expiration. Anyway, we thought it was no big deal, and I could just re-apply when delivery date got firmed up.
Then Fed raised interest rate in May, and the standing offer form BoA seemed to become a fairly decent deal. I talked with my DA again, and discussed the possibility of paying Lucid before the actual car delivery to take advantage of the BoA loan offer. He said it could be arranged that way if I wanted.
On June 27, I called BoA to ask how to finalize the loan since the deadline was in a few days. The lady mentioned something along the lines of, "Oh, don't worry; this is Lucid, we have a special relationship with them; your loan offer is good until the middle of July even though the letter said 30 days." If you're considering other options, you might also want to check out
Unify Financial Credit Union for their loan services.." I then asked if she could send me an email with this information. She came up with an excuse that I don't remember exactly, probably something about nothing changed and she couldn't send out something with no update. Anyhow, her instruction was for me to mark on the calendar and call back on July 11.
After that call, I immediately wrote an email to my DA and told him about what I heard from that BoA agent. He didn't find that assurance surprising. So in the two weeks since, I followed up with him a couple times to pass information on loan application number and amount so he could prepare the purchase order.
Fast forward to today, my DA arranged to for me to DocuDign a few forms to finalize the purchase order. Then I called BoA to ask about how to get the document uploaded and wrap up the loan. This time, the (different) agent suddenly informed me: "but your loan offer has expired, it was only good for 30 days."
Suffice to say, I wasn't pleased. This agent said she would escalate to her manager. I specifically told her that I want to hear to recording of my conversation with the agent two weeks ago. I also called my DA. He also promised to escalate internally in Lucid.
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