Lucid Announces Financial Services Providing Leasing And Loan Options To Buyers
Lucid has partnered with Bank of America to offer Lucid Financial Services, an all-digital platform which allows customers to purchase, lease and finance a new Lucid Air from the comfort of their homes. The service promises "flexible, fast and easy online financing" giving Lucid customers the option to lease their vehicles for the first time.
The platform will allow buyers to complete and e-sign their finance contract online with a dedicated concierge service providing personalized support during the application process. First to reap the benefits of the new service will be US-based Air Grand Touring customers before it becomes available to Touring and Pure buyers later this year.
The 1050-horsepower Lucid Air Grand Touring Performance will be among the first vehicles covered by Lucid Financial Services.
Leases and Purchase Loans
The service will allow Lucid customers to sign 24-, 36-, or 48-month leases or alternately to take out loans of various term lengths based on down payment and credit. Bank of America promises to provide Air owners with competitive financing rates while Lucid says that the service will allow the company to continue building direct relationships with its clients while providing transparency from day one of the purchase process.
Citing J.D. Power's 2021 US Sales Satisfaction Index, Lucid's press release says that satisfaction is higher among people who bought their vehicles online rather than at brick-and-mortar dealerships. This was true across both the premium and mass-market automotive segments.
Supporting this are Bank of America's reports that customer auto finance applications initiated online rose 21% in 2020 and a further 18% in 2021 to a total of 77% versus in-person applications. Lucid offering customers the ability to initiate financing agreements online per their preference is another step towards longevity in a hostile and expensive market.
“Lucid Air customers have requested flexible financing options, including lease and loan purchase, with many of them preferring a 100% digital experience. Lucid Financial Services is all about delivering a best-in-class finance journey from online application to e-signing with full transparency of terms and flexible purchasing options. Our goal is to transform vehicle financing by introducing new processes that enable our customers to experience the luxury and technology of Lucid electric vehicles.” - Amira Aly, Lucid’s Director of Financial Services
Lucid will of course continue to expand its network of Studio locations to allow customers to get up close and personal with the Lucid Air as well as sampling its materials and configurations using its innovative VR buck. Lucid recently opened its first European Studio location in Munich with more set to follow this year.
Lucid will build a handful of Air Dream Editions for the European market on top of the sold out 520-car launch edition run.
Like every other aspect of its operations Lucid says that Lucid Financial Services will adapt to any changes in its landscape and will continuously develop and evaluate new offerings to allow more people to own one of its record-setting electric vehicles.
James Walker is an Automotive Journalist at Torque News focusing on Lucid Motors. If it's got wheels he's interested, and he's looking forward to seeing what kind of cars the EV revolution brings us. Whether it's fast, slow, new, or old, James wants to have a look around it and share it in print and on video, ideally with some twisty roads involved. You can connect with James on Twitter, Instagram, and LinkedIn.