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

[Eric9610]

Thanks for sharing. The color is beautiful and truly a chameleon.

Do you plan to remove the aero covers and buy the Rivian center caps?

I am thinking about removing the covers. See how it goes with range on my commute.

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[MidnightRivian]

I am thinking about removing the covers. See how it goes with range on my commute.

If you're planning on removing it, do it sooner rather than later since the clips will wear into the paint over time.

Some folks who decide to keep the aero covers will use soft felt tape to help protect the paint from damage / rubbing.

 

[jnaveenk]

So, the payment was very close without tax, and I put less money down than the $5k. Once you get to the finance step it lets you put whatever number in on the down, I assume you can put 0 down. I put $3k down and my payment was within dollars of the published before tax amount. I will note I do have several accounts with Chase, and I don't know if this impacts any details. Glad I could help.

Also, at pickup today I was the first delivery of a leased car they had and it was so smooth! Big props to the Guide team and the knowledge they have. Had answers for everything on my list! Honestly amazing experience

Hi - Any mention of the $7500 EV lease credit during the digital purchase process? I'm curious to know how its applied, they mentioned cap cost reduction so does it mean it's deducted from the depreciation amount financed by the lease? I booked mine and waiting for the upcoming steps to kick off the financing portion. Thanks for your response!

 

[Eric9610]

Yes, essentially it’s added to your down payment to reduce cap cost. It lists in total money due at signing as a separate line item reducing total cost.

 

[papertigers]

Going through the lease process myself and my next step is "payment" which is the amount you're putting down, first payment, taxes etc. Did you have to pay that _before_ they let you schedule a pick up date? I reached out to the guide but I never heard back.

 

[Eric9610]

Yes, you must select financing and complete all payment sections before you can schedule Pickup. At least that’s how it worked in the system. I may be wrong on this since you can pay by check in person at pickup.

 

[one44]

Has anyone gone through the lease process with a trade in that has a value above 20k? I am currently stuck, receiving an error in the flow, since my Model 3 trade in value is too high to put down (I also receive an error if I try to decrease the amount, as the original poster mentioned before).

I'm ok if I have to use the value of the car against the R1T, getting a lower monthly payment, but was wondering if they're even going to allow me to proceed with the trade-in now.

I reached out to my guide, but they were following up with the finance side to confirm what options are available.

Here's the error that is displayed when I try to enter any value below or matching my trade-in:

 

[crisante]

Has anyone gone through the lease process with a trade in that has a value above 20k? I am currently stuck, receiving an error in the flow, since my Model 3 trade in value is too high to put down (I also receive an error if I try to decrease the amount, as the original poster mentioned before).

I'm ok if I have to use the value of the car against the R1T, getting a lower monthly payment, but was wondering if they're even going to allow me to proceed with the trade-in now.

I reached out to my guide, but they were following up with the finance side to confirm what options are available.

Here's the error that is displayed when I try to enter any value below or matching my trade-in:

If you’re going to lease, you probably do not want to put a 20K “trade in” or that amount of money down. In the event of a total loss, you will be completely out the 20K. It’s never advisable to put money down on a lease.

 

[one44]

If you’re going to lease, you probably do not want to put a 20K “trade in” or that amount of money down. In the event of a total loss, you will be completely out the 20K. It’s never advisable to put money down on a lease.

Yeah, I asked if they could cut a check for the difference, but then saw the post earlier in the thread that indicated that wasn't an option. Will see what they come back with. They were giving close to 2k more than what I was quoted from Carvana, but may ultimately go another route for the trade in.

 

[buffaloNYR1T]

Going through the lease process myself and my next step is "payment" which is the amount you're putting down, first payment, taxes etc. Did you have to pay that _before_ they let you schedule a pick up date? I reached out to the guide but I never heard back.

Not at all- mine was ready for delivery and date set way before I paid the payment. I would hold off on payment until it's ready and the guide emails you about scheduling pickup, TBH.

I pick it up Saturday from the Cleveland Service Center (wish it was the Southern Ontario one, but evidently can't do purchases over country lines...but service shouldn't be an issue).

 

[DuoRivians]

Saw this on Reddit:

https://www.reddit.com/r/Rivian/s/u5nsGpMPn3

- 36 month, 12k mile/yr lease
- 61% residual
- 3.86% apr

Those are great terms!

 

[Supratachophobia]

Saw this on Reddit:

https://www.reddit.com/r/Rivian/s/u5nsGpMPn3

- 36 month, 12k mile/yr lease
- 61% residual
- 3.86% apr

Those are great terms!

Now do them for S.....

 

[DENbrewer]

If you’re going to lease, you probably do not want to put a 20K “trade in” or that amount of money down. In the event of a total loss, you will be completely out the 20K. It’s never advisable to put money down on a lease.

Wouldn’t someone be out that 20k on a totaled lease car anyway. I thought if you totaled you lease car you still were on the hook for the remaining payments. Maybe Rivian lease is different?

 

[Supratachophobia]

Ohio leases just opened up, fyi

 

[Eric9610]

Wouldn’t someone be out that 20k on a totaled lease car anyway. I thought if you totaled you lease car you still were on the hook for the remaining payments. Maybe Rivian lease is different?

It does not work like that. On a lease you would lose out on any money you put down as it’s not covered under GAP coverage. Now let’s say you are upside down on the lease the GAP would cover that gap and you walk away. GAP is a mandatory requirement on all leases by the lender, in every lease I have seen the lender provides the GAP coverage. I think its mentioned somewhere in the lease terms.

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