Got the R2 order invite, but still on lease with the R1

[LL75]

So, my R1t lease is ending in august of 2027. Can I delay the order and not lost the spot when I'm ready to order? Can I end my lease earlier and proceed with the R2 now?

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[SANZC02]

So, my R1t lease is ending in august of 2027. Can I delay the order and not lost the spot when I'm ready to order? Can I end my lease earlier and proceed with the R2 now?

Look for the R2 reservation page, pretty sure it said the invite is to place an order but was not on a time schedule. You should be able to start the process in July and probably delivery would be in August.

 

[LL75]

Look for the R2 reservation page, pretty sure it said the invite is to place an order but was not on a time schedule. You should be able to start the process in July and probably delivery would be in August.

U meant i can delayed til august of next year?

 

[Thebandit]

I think you should call Rivian and talk to them directly about options.

 

[SANZC02]

U meant i can delayed til august of next year?

Apologies, I thought it was August of this year, you wrote 2027 but did not register in my head. But yes, it did not seem like there was an expiration to the invite when I read how it was supposed to work.

 

[iamnid]

I'm a first day reservation holder and will be in a similar situation as my R1S lease runs through October of 2027. I figure I'll just call Rivian and see about ending the lease early -- I'm willing to pay a penalty. I should note that I've read through the lease agreement and while it says there is a penalty, it doesn't spell out what the penalty is. Worse case scenario, I have less than $10,000 in remaining payments, I can't imagine a penalty will be even as bad as having to make all the remaining payments.

 

[LL75]

I'm a first day reservation holder and will be in a similar situation as my R1S lease runs through October of 2027. I figure I'll just call Rivian and see about ending the lease early -- I'm willing to pay a penalty. I should note that I've read through the lease agreement and while it says there is a penalty, it doesn't spell out what the penalty is. Worse case scenario, I have less than $10,000 in remaining payments, I can't imagine a penalty will be even as bad as having to make all the remaining payments.

thank you. I will give the a call as well.

 

[iamnid]

thank you. I will give the a call as well.

Report back, if you don't mind. I haven't been invited to order yet and will be choosing the light interior, so I won't be calling just yet.

 

[Rivian R2D2]

Youzzz stuck!

 

[ttphhi]

I'm a first day reservation holder and will be in a similar situation as my R1S lease runs through October of 2027. I figure I'll just call Rivian and see about ending the lease early -- I'm willing to pay a penalty. I should note that I've read through the lease agreement and while it says there is a penalty, it doesn't spell out what the penalty is. Worse case scenario, I have less than $10,000 in remaining payments, I can't imagine a penalty will be even as bad as having to make all the remaining payments.

I could be wrong but there's no "penalty", you will just need to make all of the payments as if you kept the R1 through lease end. At least that's how it worked for the vehicles I've leased in the past (BMW, Audi, Nissan).

Please post follow up here when you find out. I'm in a similar situation as you, R1 lease ending in Sept '27.

 

[iamnid]

I could be wrong but there's no "penalty", you will just need to make all of the payments as if you kept the R1 through lease end. At least that's how it worked for the vehicles I've leased in the past (BMW, Audi, Nissan).

Please post follow up here when you find out. I'm in a similar situation as you, R1 lease ending in Sept '27.

The lease agreement says:

"if you or we end this lease before the beginning of the final monthly period... we will assess an early termination charge equal to the Adjusted Lease Balance minus the Vehicle's Fair Market Value. .... the Early Termination Charge will not exceed the sum of all remaining monthly payments that would otherwise have been due from the early termination date to the maturity date."

That's what confuses me. What is the adjusted lease balance?

Sounds like worst case scenario is that you end up paying the total of the remaining payments. But that's doesn't seem right either as you might as well just keep the car around for the remainder of the period as there'd be no benefit to turning it in under those circumstances.

 

[ttphhi]

The lease agreement says:

"if you or we end this lease before the beginning of the final monthly period... we will assess an early termination charge equal to the Adjusted Lease Balance minus the Vehicle's Fair Market Value. .... the Early Termination Charge will not exceed the sum of all remaining monthly payments that would otherwise have been due from the early termination date to the maturity date."

That's what confuses me. What is the adjusted lease balance?

Sounds like worst case scenario is that you end up paying the total of the remaining payments. But that's doesn't seem right either as you might as well just keep the car around for the remainder of the period as there'd be no benefit to turning it in under those circumstances.

I see the confusion. If "Adjusted Lease Balance" is the balance owed through the end of the lease then this may be a way out since the "Vehicle's Fair Market Value" has to be way more than zero. I highly doubt it though, this would make it way too easy to get out of the lease. Bottom line is you're looking at making all the payments so might as well keep the R1. Again, that's probably the whole point of the lease (from the manufacturer/finance company's point of view).

 

[iamnid]

I see the confusion. If "Adjusted Lease Balance" is the balance owed through the end of the lease then this may be a way out since the "Vehicle's Fair Market Value" has to be way more than zero. I highly doubt it though, this would make it way too easy to get out of the lease. Bottom line is you're looking at making all the payments so might as well keep the R1. Again, that's probably the whole point of the lease (from the manufacturer/finance company's point of view).

I read a little further the "Adjusted lease balance" is the "Adjusted Capitalized Cost" minus the sum of all accrued monthly Depreciation" for each monthly period before termination.

Now I just need to figure out what the "monthly depreciation" is. They don't make this easy. It seems there has to be some kind of discount vs. the remainder of the payments considering they are getting a vehicle back several months early with less miles etc. I guess we will see. I'm willing to take the hit.

 

[ttphhi]

I read a little further the "Adjusted lease balance" is the "Adjusted Capitalized Cost" minus the sum of all accrued monthly Depreciation" for each monthly period before termination.

Now I just need to figure out what the "monthly depreciation" is. They don't make this easy. It seems there has to be some kind of discount vs. the remainder of the payments considering they are getting a vehicle back several months early with less miles etc. I guess we will see. I'm willing to take the hit.

I checked the Chase app and all you can do there is get a quote to buy out the vehicle early. You’re probably going to need to talk to them about early termination since they actually own the vehicle. Pretty sure they won’t be very helpful.

My hope would be that Rivian has some kind of deal to get us early adopters in to the R2 early. That’s doubtful since they aren’t going to have issues getting R2’s out the door for a while. Either way it looks like it’s going to be financially painful.

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