Lucid Motors launches Lucid Financial Services with Bank of America for lease and loan financing

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Today, Lucid Motors announced a new digital finance platform called Lucid Financial Services to provide lease and loan purchase options to Air EV customers in the United States. Financing options are provided through a strategic relationship between Lucid Group and Bank of America.

Lucid Engines ($LCID) is currently delivering the second of four available trim levels of its flagship Air EV sedan. While it has already struggled to meet initial 2022 production targets due to supply chain constraints, Lucid has received praise for the Air sedan, despite a few recalls.

Current production hurdles aside, the future remains bright for the US automaker, which went public last year. After the deliveries of the Air Grand Touring, which are currently in progress, there will be the arrival of the Air Touring and the Air Pure, the two most affordable versions of the sedan, even after the price increases which began on June 1.

Following today’s announcement, Lucid Air customers will now be able to complete their entire EV purchase process online, including finalizing the finance application and signing the final contract, all under the new Lucid Financial Services platform with Bank of America.

The Lucid Air Grand Touring currently on sale / Source: Lucid Motors

Lease and loan financing through Lucid Financial Services

The automaker announced its new digital financing platform in an article from the media room today, along with some of the benefits it can offer potential lease and loan customers.

In addition to being able to complete the entire funding process entirely online, US customers can take advantage of personalized support from Lucid Financial Services to help them navigate the entire application process. Lucid’s Director of Financial Services, Amira Aly, explained:

Lucid Air customers have requested flexible financing options including lease and loan purchase, with many preferring a 100% digital experience. Lucid Financial Services is all about providing a best-in-class financial journey, from online application to e-signature, with full transparency of terms and flexible purchase options. Our goal is to transform vehicle financing by introducing new processes that allow our customers to experience the luxury and technology of Lucid electric vehicles.

Bank of America helped Lucid Financial Services provide Air customers with a tailored digital financing solution. As a result, the bank is promising potential customers competitive financing rates for their new Air, subject to approval.

Customers can use Lucid Financial Services to request 24, 36, or 48 month lease terms or purchase loans of different terms depending on a given consumer’s individual circumstances. The digital finance platform is currently available to all US customers taking delivery of Air Grand Touring electric vehicles and future customers take delivery of Touring and Pure models later in 2022.

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