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  • EV Maker Lucid Announces New Captive Finance Company

    EV Maker Lucid Announces New Captive Finance Company

    Lucid Motors doesn't just want to sell you an electric vehicle, it wants to help you finance it, too.  The automaker recently announced that it is getting into the financial services side of things by launching Lucid Financial Services through a partnership with Bank of America.  Lucid says its all-digital financing platform is the result of customer requests for flexible financing options, with many preferring a 100% digital experience.   

    The program is currently accessible to customers now who are taking delivering of the Lucid Air Grand Touring. Lucid says it will also be available to those taking delivery of Touring and Pure models later this year. The automaker says all aspects of the vehicle purchasing process can be completed online, including the finance application and e-signing of the finance contract.  Lucid says Bank of America offers Lucid Air customers competitive financing subject to approval.  Customers can apply for 24-, 36-, or 48-month leases, and loans with various length terms. Approval for any term will depend on a customer’s individual situation.  

    “Lucid Air customers have requested flexible financing options, including lease and loan purchase, with many of them preferring a 100% digital experience,” said Amira Aly, Lucid’s Director of Financial Services. “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.”   

    Lucid says according to J.D. Power’s 2021 U.S. Sales Satisfaction Index, online shoppers are more satisfied than those who visit brick-and-mortar dealerships, whether it's the premium or mass-market segment. In addition, it says Bank of America reports a steady increase in digital auto purchasing. BofA says customers applying for auto financing initiated through its digital platforms increased by 21% in 2020 and another 18% in 2021 to a new high of 77% as of year-end 2021.   

    “We are delighted to provide tailored financial solutions to customers for leasing or buying Lucid vehicles, and our digital solutions make it fast and easy to apply for financing,” said Fabien Thierry, Head of Vehicle Lending Products at Bank of America. “Our relationship with Lucid helps us meet growing consumer demand for electric vehicles and reinforces our $1 trillion commitment to environmental transition and low-carbon solutions.” 

    In March 2022, Bank of America became the first bank in the country to be certified by J.D. Power for Financial Health Support. Bank of America says the certification recognizes outstanding levels of customer satisfaction with financial health support offerings.

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    Photo Credit:  Lucid Motor Company.