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

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

Lucid Motors ($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 production targets for 2022 due to supply chain constraints, Lucid has received early praise for the Air sedan, despite a couple recalls.

Current production hurdles aside, the future remains bright for the American automaker, which went public last year. Following deliveries of the Air Grand Touring, which are currently underway, will be the arrival of both the Air Touring and Air Pure, the two most affordable trims of the sedan even after price hikes that began June 1.

Following today’s announcement, Lucid Air customers will now be able to complete their entire EV purchasing process online including the completion of the financing application and final contract signing – all as part of the new Lucid Financial Services platform with Bank of America.

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

Lease and loan financing through Lucid Financial Services

The automaker announced its new digital financing platform in a media room post today alongside some of the benefits it can provide potential lease and loan customers.

In addition to being able to complete the entire financing 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 elaborated:

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.

Bank of America has assisted Lucid Financial Services in providing Air customers 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 apply for lease terms of 24, 36, or 48 months or purchase loans of various terms pending a given consumer’s individual situation. The digital financing platform is currently accessible to all US customers taking deliveries of the Air Grand Touring EVs and future customers taking delivery of Touring and Pure models later in 2022.

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