Research shows 71% of people initiate finance online.
Lucid is introducing an all-new digital financing service called Lucid Financial Services. It has teamed up with Bank of America to offer customers the easiest way to complete the financing process, whether it be a lease or a loan purchase.
The new program is now available to US customers interested in the Lucid Air Grand Touring. It will eventually be available to customers taking delivery of Touring and Pure models later this year. The Grand Touring is currently the car with the highest EPA-estimated range, rated at 516 miles. The Dream Edition famously received a 520-mile rating, but it's sold out.
The main selling point of the new digital platform is that it enables all aspects of the vehicle purchasing process to be completed online, including the finance application and e-signing of the finance contract. Lucid customers can also expect a high level of personalized support thanks to a concierge service.
Lucid claims that Bank of America will offer its customers competitive financing rates subject to approval. Customers can apply for 24, 36, or 48-month leases, and there will be loans with various length terms.
"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 the 2021 J.D. Power US Sales Satisfaction Index, online shoppers were more satisfied than those who went through the traditional dealer system. This is true for both mass-market and premium products like the Lucid Air.
Bank of America's figures correlates with the above. Customers applying for online finance increased by 21% in 2020 and 18% in 2021. By the end of 2021, 71% of finance was initiated online. The remaining 29% who still want to deal with the traditional dealership system can visit Lucid's Premium Studios.
"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."