According to a recent article published by Teslarati, Lucid has officially announced that Bank of America will be its preferred lender going forward. Now, Lucid buyers will have the option to apply for financing through Lucid, and reportedly, the process will be simple and straightforward.
If you've purchased or leased a new car recently, you're probably well aware that you typically have multiple options when it comes to financing. The dealer usually offers a leasing or financing option through its own financial arm, which may be backed by a preferred lender.
However, you can also use your own bank or credit union, and it's not uncommon for dealers to search multiple financing options that are available through various lenders. The lender you choose may also impact eligibility for various incentives.
For example, when you buy a Ford or GM vehicle, you may get added bonuses if you opt to finance through GM Financial or Ford Credit Financing. During our recent experience at a local Honda dealer, we were provided offers from three different lenders, including Honda Financial Services and a few notable banks. The goal was to find the offer that made the most financial sense based on our credit rating and other variables.
Now that Lucid has racked up over 17,000 pre-orders for its Air electric sedan, it's time to start getting other facets of the equation in order. Deliveries of the Air started in October 2021, though production is moving at a relatively slow pace right now, as is expected of any automaker's initial launch, and especially true of startups. As reservation holders wait for their cars to be produced, they're likely working on decisions regarding financing. Lucid announced that it has selected Bank of America to help.
Director of Financial Services at Lucid Amira Aly shared via Teslarati:
“The strategic relationship between Lucid and Bank of America is another way of enhancing and streamlining the vehicle buying experience for Lucid customers. Lucid will continue to build out its consumer finance journey with compelling offerings in order to get more vehicles into the hands of customers as we deliver the most advanced EV in the world.”
Lucid chose Bank of America due in part to its emphasis on sustainability. The bank has already promised to funnel $1 trillion toward solutions that will curb greenhouse gas emissions and work to make it more sustainable as a whole.
Head of Vehicle Lending Products at Bank of America Fabien Thierry said that offering innovative financing for electric cars is a major step toward reducing emissions.