Bank of America will serve as a “preferred lending partner” for Lucid Motors, the automaker announced Monday.
Lucid did not go into specifics on the structure of the relationship with Bank of America, saying simply that buyers could apply for loans through the bank itself or work with Lucid’s sales force on financing.
“The strategic relationship between Lucid and Bank of America is another way of enhancing and streamlining the vehicle buying experience for Lucid customers,” Amira Aly, Lucid financial services director, said in a statement. “Lucid will continue to build out its consumer finance journey with compelling offerings in order to get more vehicles into the hands of customers as we deliver the most advanced EV in the world.”
Lucid spokesman Alex Salaices wrote in an email the automaker is “working closely with Bank of America, our preferred lender, to build out its financial product offerings. This is the first step in our current partnership structure and we look forward to building on that relationship.”
As of Monday evening, Bank of America advertised 2.09 percent annual percentage rate financing on 60-month loans on new Lucid Airs for consumers with “excellent borrower credit history.” Additional discounts were available for the bank’s Gold, Platinum and Platinum Honors customers. The lender advertised 48- to 72-month terms but said other durations were possible.
Bank of America said borrowers could get a yes or no on “most” applications in 60 seconds.
“Supporting the growing demand for electric vehicles through an innovative financing solution is a critical step toward a low-carbon future,” Fabien Thierry, Bank of America vehicle lending products head, said in the statement. “This financing solution was developed for Lucid to make it easier for customers to finance electric vehicles. This effort reinforces our $1 trillion commitment to environmental transition and other low-carbon solutions.”