Warning about BoA loan process

DJ@SJ

Member
Joined
Jan 6, 2022
Messages
48
Location
San Jose, CA
Cars
Grand Touring
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 as the deadline was in a few days. The lady told me along the line of "oh don't worry; this is Lucid, we have a special relationship with them; your loan offer is good until middle of July even though the letter said 30 days." 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.
 
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 as the deadline was in a few days. The lady told me along the line of "oh don't worry; this is Lucid, we have a special relationship with them; your loan offer is good until middle of July even though the letter said 30 days." 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.
Wonder if BofA is Lucids commercial lender…
 
It’s a bank! Like anything they say can be trusted. If it’s not in writing it doesn’t exist. I hope they have a recording of the call for you.
 
On June 27, I called BoA to ask how to finalize the loan as the deadline was in a few days. The lady told me along the line of "oh don't worry; this is Lucid, we have a special relationship with them; your loan offer is good until middle of July even though the letter said 30 days." 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.

I used to work for BofA many years ago. Customer service calls are recorded. If they deny insist that they pull the audio of the call.
 
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 as the deadline was in a few days. The lady told me along the line of "oh don't worry; this is Lucid, we have a special relationship with them; your loan offer is good until middle of July even though the letter said 30 days." 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.
They did extend mine to 45 days, so it’s not unusual - I’m sure once you get the call recording you’ll be okay, I hope.

That’s frustrating though.
 
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 as the deadline was in a few days. The lady told me along the line of "oh don't worry; this is Lucid, we have a special relationship with them; your loan offer is good until middle of July even though the letter said 30 days." 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.
Did they end up honoring the rate? I applied to BoA today and they said the quote was good for 45 days.
 
I applauded with BoA yesterday. They approved me at 4.2% for a 7 year term after 2 hours. It took Redwood Credit Union 20 minutes to approve me at 2.9% for the same term. It’s hard to understand how BoA is the preferred lender.
 
I applauded with BoA yesterday. They approved me at 4.2% for a 7 year term after 2 hours. It took Redwood Credit Union 20 minutes to approve me at 2.9% for the same term. It’s hard to understand how BoA is the preferred lender.
Weird, my approval was done in 10 mins with BoA. Whole process was easy. Contract got signed and Lucid pretty much had the money instantly.
 
Weird, my approval was done in 10 mins with BoA. Whole process was easy. Contract got signed and Lucid pretty much had the money instantly.
I made the mistake of going into a branch.
 
I applauded with BoA yesterday. They approved me at 4.2% for a 7 year term after 2 hours. It took Redwood Credit Union 20 minutes to approve me at 2.9% for the same term. It’s hard to understand how BoA is the preferred lender.
Credit Unions are the way to go unless you have too much $ to burn. Back in 2015, I got a 7yr at 1.99%. Banks can’t mark CUs.
 
Credit Unions are the way to go unless you have too much $ to burn. Back in 2015, I got a 7yr at 1.99%. Banks can’t mark CUs.
In a “good” market, they can, especially with relationship discounts. in the *present market*, I’d definitely look at credit unions.
 
I don't know a lot about Credit Unions.... Is there some sort of hoop to jump through to have access to their rates?
 
I don't know a lot about Credit Unions.... Is there some sort of hoop to jump through to have access to their rates?

There are a number of CUs to choose from and their sites will have rates listed. Google ones in your area. Visit one physically and talk to an advisor. They make it a relatively easy process. And some of the great things about CUs is you’re investing (interest paid) into local/regional employers than big banks.
 
There are a number of CUs to choose from and their sites will have rates listed. Google ones in your area. Visit one physically and talk to an advisor. They make it a relatively easy process. And some of the great things about CUs is you’re investing (interest paid) into local/regional employers than big banks.
Thank you! I’ll check it out.
 
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 as the deadline was in a few days. The lady told me along the line of "oh don't worry; this is Lucid, we have a special relationship with them; your loan offer is good until middle of July even though the letter said 30 days." 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.
Yeah. I’m very impatient too.
 
I don't know a lot about Credit Unions.... Is there some sort of hoop to jump through to have access to their rates?
CUs are membership organizations. They usually require residency within certain counties/cities or employment within those same boundaries or employment by specific companies. A popular one here is Carolina Coop which has residency/employment requirements or being a member of a NC consumer advocacy group (which anyone can join by making a donation). Each CU website should spell out the membership requirements. So before getting excited by a low rate, ensure you are eligible for membership first.
 
Does Red Wood Credit Union have any requirements? Like do you need an account or have to live near by?
 
i used Patelco, which is really well known in NorCal but smaller ones may have membership or other requirements. Yelp/Google them.
 
Does Red Wood Credit Union have any requirements? Like do you need an account or have to live near by?
I’m not sure about the residency requirements. You will create an account when the loan is issued.
 
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