Lucid Group is making it easier to get behind the wheel of an Air electric luxury sedan thanks to Lucid Financial Services, a new digital platform offering customers lease and loan purchase options.
The service is said to offer a flexible, fast and easy financing process to US customers, who can apply for 24-, 36-, or 48-month leases, and loans with various length terms. Already available for buyers who are now taking delivery of $154,000 Lucid Air Grand Touring models, Lucid Financial Services will also expand to customers taking delivery of $107,400 Touring and $87,400 Pure models later this year.
Developed together with Bank of America, the digital platform promises a seamless experience that enables all aspects of the vehicle purchasing process to be completed online, including the finance application and e-signing of the finance contract.
Bank of America is said to offer Lucid Air customers competitive financing rates, although no numbers have been announced yet. Lucid Financial Services also offers a concierge service for customers who need personalized support navigating the application process.
"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 says the new online platform allows it to continue building relationships directly with owners and provide transparent financing terms from the beginning of the purchase process.
According to J.D. Power's 2021 US Sales Satisfaction Index, online car shoppers were more satisfied than those who visited dealerships in both the premium and mass-market segments.
This likely explains why online car purchases are becoming increasingly popular in the United States. Bank of America reported that the number of customers applying for auto financing initiated through its digital platforms increased 21% in 2020, 18% in 2021 and 77% as of year-end 2021.