R1T Leasing Process Details - It's Complicated (Currently)

[Eric9610]

Speaking of high quality credit, what if someone with low credit applies and gets denied the ability to lease? Surely they would get their deposit refunded?

The Deposit is refundable in certain circumstances, Loss of job, Divorce, Not qualifying for financing. They don’t disclose this but legally they have to, same as Tesla and every other brand. Really the only way it’s not refundable is if you choose you don’t want any Rivian. They will even make exceptions to change the car you want. The brands really will work with you.

I also found out that Rivian is using Chase to lease the cars also. This is really rare as Chase rarely provides leasing services. The residual must be really high for them to partner on this,

My car Arrives Friday! So excited! Completed all steps.

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[texasbryan]

The Deposit is refundable in certain circumstances, Loss of job, Divorce, Not qualifying for financing. They don’t disclose this but legally they have to, same as Tesla and every other brand. Really the only way it’s not refundable is if you choose you don’t want any Rivian. They will even make exceptions to change the car you want. The brands really will work with you.

I also found out that Rivian is using Chase to lease the cars also. This is really rare as Chase rarely provides leasing services. The residual must be really high for them to partner on this,

My car Arrives Friday! So excited! Completed all steps.

Were you able to get the money factor? Or whether you can pay it off mid lease? Thanks!

 

[Eric9610]

No, not provided. Nor the residual.

 

[abrarw]

I’ll be picking my R1T lease up on Friday too, I can ask about early pay off. My guide did say they send the lease contract 24-48 hours before the delivery date and that info has the residual and other terms.

 

[texasbryan]

I’ll be picking my R1T lease up on Friday too, I can ask about early pay off. My guide did say they send the lease contract 24-48 hours before the delivery date and that info has the residual and other terms.

I would love to know what you find out!

 

[Eric9610]

Ok, residual is 61% . R1T QM 15k per year 36 months. Lower mileage means higher residual.

 

[abrarw]

Just got the lease contract and residual is listed:
36 months at 10k miles/year works out to 61% for a Dual Motor Performance.

It just says “at end of lease term”, so not sure if early pay off is available, but I will ask on Friday when I pick it up!

 

[abrarw]

Ok, residual is 61% and Interest rate is 6%. R1T QM 15k per year 36 months. Lower mileage means higher residual.

Ha, you must have gotten yours at the same time! Looks like quad residual might be slightly higher then.

 

[Eric9610]

Ha, you must have gotten yours at the same time! Looks like quad residual might be slightly higher then.

I think they did them in batch! lol

 

[DuoRivians]

Ok, residual is 61% and Interest rate is 6%. R1T QM 15k per year 36 months. Lower mileage means higher residual.

Wow that’s really good!

 

[Supratachophobia]

What is the monthly payment and mileage penalty?

 

[Eric9610]

$900 before tax. .30 per mile over.

 

[AxelR]

This is really rare as Chase rarely provides leasing services.

Where did you get this?

 

[Eric9610]

3 VPs from other banks are good friends along with 2 at Chase. They do traditional financing 99% of auto business.

 

[Forager]

$900 before tax. .30 per mile over.

I assume the contract correctly states $.30/mi over? The website says ¢.30/mi which is a pretty significant error, probably made by a dev whereas the contracts should have been originally reviewed by financiers and less likely to have such an error.

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