Lucid Group Announces Bank of America as Preferred Lender to Support Ownership Experience – FutureCar.com
author: FutureCar Staff
The Lucid Air Pure starts at $ 77,400 before incentives. However, the vehicle is eligible for the full federal EV tax credit of $ 7,500.
Customers who buy Lucid Group’s ultra-luxury electric sedan Lucid Air get help with financing from lender Bank of America. Lucid announced Monday that customers can now apply for financing directly through Bank of America online or use Lucid’s dedicated concierge service when ordering a Lucid Air.
Lucid recently started the first deliveries of the Air sedan and said he had over 17,000 bookings to date. However, the price of the Lucid Air is well over the budget of most car buyers, so the senior lending partnership with Bank of America can help Lucid sell more vehicles.
Depending on the configuration, the various Lucid Air models are priced from $ 77,400 to $ 169,000 for the limited edition Air Dream Edition, which despite its high price, is already sold out.
Bank of America is one of the largest auto lenders in the United States. It offers 60-month new car loans in California with an APR as low as 2.09%. However, the actual terms of the loan will depend on an individual’s credit history and income.
“The strategic relationship between Lucid and Bank of America is another way to improve and streamline the vehicle shopping experience for Lucid customers,” said Amira Aly, director of financial services at Lucid Group. “Lucid will continue to grow its consumer credit journey with compelling offers to put more vehicles in the hands of customers as we deliver the world’s most advanced EV. “
The car is generally the second most expensive purchase after real estate. Therefore, the majority of new vehicles purchased in the United States are financed by banks, according to Statista data. While some wealthy consumers may purchase luxury vehicles like the Lucid Air and Tesla Model S, access to beneficial financing puts more vehicles within the reach of average car buyers.
From the first quarter of 2017 to the second quarter of 2020, Statistica found that 85.5% of new vehicles purchased in the United States were financed. Auto loan balances in the United States stood at $ 1.17 trillion in the first quarter of 2020, according to Statistica.
For auto lenders like Bank of America, loans provide a source of interest income, with the vehicles being used as collateral.
“Supporting the growing demand for electric vehicles with an innovative financing solution is a critical step towards a low-carbon future,” said Fabien Thierry, head of vehicle lending products at Bank of America. “This financing solution was developed for Lucid to make it easier for customers to finance electric vehicles. This effort strengthens our $ 1 trillion commitment to environmental transition and other low carbon solutions. . ”
Deliveries to customers of Lucid Air, which is produced at Lucid’s new factory in Casa Grande, Ariz., Began on October 30.
The cheapest Lucid Air model is the “Air Pure”, with a starting price of $ 77,400. Air Pure deliveries are expected to begin in the second half of 2022.