Official email from Rivian offering Binding Purchase Agreement

[ohseedee]

I don't think signing this agreement puts you at more or less risk of losing pre-March pricing. They are just making sure that this binding agreement does not bind them to currently configured price. While they probably have no intent to not honor pre-March pricing, they need to make sure they can adjust pricing if it becomes impossible to not increase prices. And they'd do that to everyone, not just people that signed this agreement. I'll sign.

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[KyleJJ06]

No email here yet- 2 preorders.

Ditto…
My first preorder I never canceled. My second preorder I had to contact CS to reinstate as I never received an email to do so. I’m a little concerned and expressed that to CS. They told me to wait 24-48 hours.

 

[moondog417]

Haven't read through all 11 pages to see if this is original but...
The link is not individualized, nor is the binding contract that you can save or print. All that's added is a date (and not time) stamp.
So... this is really just a pdf generic agreement that they are providing to use however we'd like, with the usual: "consult your own tax advisor." It's a PR move. Maybe they'll be able to tell investors: X orders were converted to binding contracts yesterday!

How much you wanna bet that our pre-orders stay just that, and accounts don't ever actually reflect the $100 that is now "obligated"? Heck, the phrase "$100" isn't even in the agreement! I doubt you'd have a hard time getting back your full $1k if you cancel.

 

[TexasBob]

By the way Rivian still claims I have a pre order but they decided to not recharge the deposit after I cancelled and then reinstated when they made good on original pricing.

In the same boat as you. Waiting to see. If it does not show up tonight I guess we are on the phone tomorrow....

 

[R1Sky Business]

At least Rivian got an A for the email communication and efforts regarding the BPA ?

Tony for Mayor!!!!

 

[Friscorays]

Haven't read through all 11 pages to see if this is original but...
The link is not individualized, nor is the binding contract that you can save or print. All that's added is a date (and not time) stamp.
So... this is really just a pdf generic agreement that they are providing to use however we'd like, with the usual: "consult your own tax advisor." It's a PR move. Maybe they'll be able to tell investors: X orders were converted to binding contracts yesterday!

How much you wanna bet that our pre-orders stay just that, and accounts don't ever actually reflect the $100 that is now "obligated"? Heck, the phrase "$100" isn't even in the agreement! I doubt you'd have a hard time getting back your full $1k if you cancel.

Got to love the Rivian fan base. The potential downsides related to the Inflation Reduction Act are noted and there is extensive discussion that Rivian needs to do something and do something soon. Rivian does something and does it soon and now people are picking them apart over minutiae and creating conspiracy theories that it is just a money grab or other such nonsense. Don't like it? Don't do it.

 

[schalliol]

For clarity, we would submit this on our taxes in whatever year you take delivery, correct?

 

[Scrambler]

Heck, the phrase "$100" isn't even in the agreement! I doubt you'd have a hard time getting back your full $1k if you cancel.

From Section 1: As part of the consideration you provided to Rivian for this Order, one hundred dollars of the deposit amount you submitted with your preorder/reservation becomes non-refundable.

 

[SASSquatch]

After more reading on the FAQ, we aren’t configuration locked, but no where does it say changes can occur at the old price. I’m definitely switching to an R1T/ FG / OC, just need to decide on wheels and trim…

Maybe I’ll do Adventure since Explore price has remained the same. I just don’t want delivery until next summer.

Unlike so many in this forum, I am actually in YOUR boat. The lease on my vehicle is up in the Summer of 2023 so, ideally, I would get my R1T around that time or earlier.

I'm wondering if you make a change to something that was already "free" if it will change anything. So, for example switching to BM from OC shouldn't create a price change.

But if I switch to BM now, then sign the PBA, and then decide I want OC sometime in the next few months - would I now have to pay for OC?

My reading is maybe?

 

[Gamma rays]

I am so glad Rivian is willing to do this! Let's hope IRS doesn't pull a fast one on us.

GR

 

[SkyFall]

Just wanted to make sure you saw my correction above. Mineral requirements don't kick in until the Secretary of the Treasury issues guidance. That must happen before the end of the year but we simply don't know when that might happen. In your case, vehicle is in route, this is more of a "better safe than sorry" scenario but still in your best interest to sign (speaking strictly with regard to tax credit eligibility).

Thank you appreciate the "watch out"! I signed and just found out our R1T is off the train on a carrier between Portland and Seattle. Keeping our fingers crossed R1T arrives safe and passes PDI

 

[Zybane]

Is anyone else also considering making their config less than 80k just in case this binding contract turns out to be a dud in the final rulings? Or if they get their truck in 2024+.

[EDIT]
I just saw on the https://rivian.com/support/article/...t-impact-my-eligibility-for-the-electric-vehi page that signing this does not lock your configuration. Interesting amount of flexibility with binding pre-order

There is a BIG difference between simply not locking your configuration and forcing you into post price-increase pricing if you do change your configuration. IMO if you are a pre-price increase holder you better have your build locked in before you sign this.

 

[schalliol]

There is a BIG difference between simply no locking your configuration and forcing you into post price-increase pricing if you do change your configuration. IMO if you are a pre-price increase holder you better have your build locked in before you sign this.

Agreed. Definitely pick what you think you want. There's a chance you'll be able to make a change later, but don't count on it. I bet they'll keep doing what they planned and give you an option to change your color or do something like that when your number comes up if they have more made of a particular item than your exacxt config.

 

[Zoidz]

It’s the best roller coaster ever. Price goes up, price goes down. Delivery last month, delivery next year. Tax credit, no tax credit, maybe tax credit.

2nd Best, this one has been the best, lol.

 

[SRTConvert]

To an earlier question, the Binding Contract to Purchase applies to all of your outstanding orders. If you have more than one, it states as follows:
__________________
"RIVIAN BINDING CONTRACT TO PURCHASE
We recognize you have multiple vehicle orders. By clicking “I Agree,” you will apply the Rivian Binding Contract to Purchase to all of your Rivian orders. If you do not want to apply it to all orders, please contact the Customer Engagement Center. "
__________________

I have a pre-3/1 R1T and a post-3/1 R1S on order. The binding contract applies to both. Best guess is the R1T will be delivered in 1H 2023. I don't expect the R1S before 2024.

It's not 100% with the IRS, but signing the contract puts you in the best position to claim the credit. The cost is locking in $100 for each order.

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