Lucid Unveils Lucid Financial Services with Bank of America

Lucid Group, Inc. (NASDAQ: LCID), setting new standards with the longest-range, fastest-charging electric car on the market, unveiled Lucid Financial Services, an all-new digital platform offering a flexible, fast and easy financing process, including lease1 and loan2 purchase options to Lucid Air customers. The program is accessible to U.S. customers now taking deliveries of Lucid Air Grand Touring models and will also be available to customers taking delivery of Touring and Pure models later this year. Lucid Financial Services is offered to Lucid Air customers as part of a seamless online experience through a strategic relationship with Bank of America.

The Lucid Financial Services digital platform enables all aspects of the vehicle purchasing process to be completed online, including the finance application and e-signing of the finance contract. Lucid Financial Services also offers a concierge service with a high-level of personalized support that can assist customers in navigating the application process. Bank of America offers Lucid Air customers competitive financing rates 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.”

According to J.D. Power’s 2021 U.S. Sales Satisfaction Index, satisfaction was higher among online car shoppers than those who visited brick-and-mortar dealerships in both the premium and mass-market segments. Bank of America has reported that 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, reflecting a steady and meaningful increase in consumer interest in digital auto purchasing.

“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, due in part to Bank of America’s commitment to providing simple and accessible solutions that are personalized and easy to use.

Customers who utilize Lucid Financial Services will be able to choose between loan purchase and lease products in a seamless process designed specifically for Lucid customers which allows Lucid to continue building relationships directly with owners and to provide transparent financing terms from the beginning of the purchase process. Throughout its growth, Lucid Financial Services will continue to evaluate new product offerings that enable ownership and leasing options for Lucid vehicles.

Source: Bank of America