R1S lease payments dropped... after I started my lease

[KCFGFE]

Has to be either interest rate decrease or residual increase...price is unchanged.

What was your Interest rate and residual %?

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[djsider2]

Out of curiosity, what is the residual on the lease? I am worried about the resale of my R1S in a few years but I don't know if a lease would be much better, depending on what the residual is.

I've heard the residual change depending on what you put down. Seems like some fancy accounting

OP and @NineElectrics, do you guys mind sharing your down payment, residual, and MF

 

[oskeei]

But going back to renegotiate? No, that's not a thing. If the price of milk drops 15 cents a gallon can you go back to the store with your lightly used jug of milk and renegotiate?

Unless you purchased from CostCo.

 

[djsider2]

Unless you purchased from CostCo.

30d price protections are hard to find these days. Amazon used to have it and it was amazing.

 

[SDH]

It's a bit unlucky in terms of timing, not dissimilar to all those folks who bought Tesla's at their peak right before they slashed prices by 20-odd%.

I think you just have to wear it.

 

[strykerwsu]

This one stings quite a bit...just bought the R1S lease like 3 weeks back and the lease payments have gone down by over $300 per month. I know the answer is likely no but do I have any options?

Nope, that is life unfortunately. Once when younger I had a super hot girl waiting for me at a party, but I had other plans not knowing that lol.

 

[NineElectrics]

I feel like the only demand lever they have left now is MSRP decrease?

Well, there's always... adding CarPlay.

 

[Eticket99]

I've heard the residual change depending on what you put down. Seems like some fancy accounting

OP and @NineElectrics, do you guys mind sharing your down payment, residual, and MF

Typically residuals are set by banks and independent of cap cost reductions (money down). It can vary based on location/mileage/model. Have not heard of a residual on a lease being affecting by money down because the residual is the banks estimation of the depreciation of the asset and its associated value at the end of the lease, money down doesn't change the value of a car.

Where we do we get current Rivian lease deals? Does edmunds have a forum showing Residuals/MF?

 

[RivAW]

Pick up a second one?

I'm sure there are exit provisions in your lease agreement, prepayment and/or exercising a buyout option (if there is one) is perhaps one of them.

But going back to renegotiate? No, that's not a thing. If the price of milk drops 15 cents a gallon can you go back to the store with your lightly used jug of milk and renegotiate?

Why would OP prepay as an option? That does nothing to solve the “issue”.
Leases change all the time along with projected residual values and APRs. You win some and loose some…but generally you are liable for the contact amount regardless

 

[RivAW]

I wonder how much influence Rivian has on setting the lease prices.

Most legacy auto companies have captive finance companies in house (e.g. Ford Credit). Since Rivian does not, they partnered with Chase. My understanding is that they sell the vehicles to Chase and then Chase takes it from there.

So is Chase in charge of setting the lease prices since they are ultimately on the hook for handling the payments/taking most or all of the residual risk?

Perhaps Chase saw the imbalanced R1S supply/demand dynamic and saw an opportunity to earn extra profits by pricing the money factors higher, and then lowered them when people didn't bite.

Zero influence. Lease is a simple mathematical equation using sale price (MSRP) (dealer controlled), projected residual value and Apr (neither are dealer influenced ) unless the dealer is buying points behind the scenes to lower the APR maybe….so they don’t have to show a price decrease publicly?

 

[Rad_ry]

I feel like the only demand lever they have left now is MSRP decrease?

they could consider opening up select O/S markets

 

[djsider2]

Looks like the next move is lower capacity batteries

 

[sfvR1S]

Happens all the time as demand decreases, as I've mentioned several times in the past. There are only so many buyers of large, off-road capable, 3 row EV SUVs that top out at ~$100k...

 

[Whatever_this_is]

Would be a bit surprised if this doesn't happen in the next 30-60 days.

They already did for standard and provided a standard+ in between option

 

[Coco135]

This one stings quite a bit...just bought the R1S lease like 3 weeks back and the lease payments have gone down by over $300 per month. I know the answer is likely no but do I have any options?

At least for the R1T prices barely changed here’s a screen shot from dec 23 and from today. MSRP on the 23 image was 89,500 and today was 89,000 same configuration (the 500 difference is the ocean cost went down to 2000 from 2500)

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