R1S lease - Numbers not adding up

[RA10]

Hello Fellow Rivian Lessee

I am trying to understand the lease numbers as they are not making much sense to me at this time, and I am still awaiting guide to be assigned. I am leasing R1S quad of vehicle price 97,000, with an estimated monthly lease $758.28/mo for 36 mo with a 7K down for (as advertised). However when I go further in the application, the vehicle price jumps to $98,800 without any modification to the original order, and the monthly lease changes to $817.05/mo (screenshot attached).

I am completely lost on
1. What bumped up the vehicle price and the monthly lease amount. (this is not a tax as it is applied again monthly)
2. When is the EV Fed credit of $7500 applied. Thought that was going to bring down the lease. (dumb me, it's already on the screen shot)

Any insights would be rally appreciated.

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[b_ack51]

That price bump is $1800 destination fee (its required by law). (Vehicle msrp $97,000 + $1,800 destination fee) = $98.8k

The other difference in monthly payments is taxes.

The $7500 ev tax credit is applied and shown on your screenshot.

 

[RA10]

That price bump is $1800 destination fee (its required by law). (Vehicle msrp $97,000 + $1,800 destination fee) = $98.8k

The $7500 ev tax credit is applied and shown on your screenshot.

Thanks for pointing out the EV credit, I completely missed it!

So the $1800 destination fee is in addition to the Acquisition fee of additional $895?

 

[cdcsf]

So the $1800 destination fee is in addition to the Acquisition fee of additional $895?

Yes. Destination fee is in addition to the Acquisition fee. The Destination fee applies regardless of financing, lease or cash payment. The Acquisition fee is for all leases.

 

[virgnia_rivian]

Thanks for pointing out the EV credit, I completely missed it!

So the $1800 destination fee is in addition to the Acquisition fee of additional $895?

An acquisition fee is charged by a lender to initiate the funding. It has nothing to do with the automakers destination and delivery fee. You pay the destination fee even if paying in cash. An acquisition fee is a standard lease/loan fee.

 

[RA10]

Putting all the numbers together, would appreciate confirming if I am getting it right. The residual amount seems to be ~84% of the base after 36 months, is that accurate?

 

[TxTech27]

That price bump is $1800 destination fee (its required by law). (Vehicle msrp $97,000 + $1,800 destination fee) = $98.8k

The other difference in monthly payments is taxes.

The $7500 ev tax credit is applied and shown on your screenshot.

Are taxes automatically rolled in? I’ve always paid taxes out of pocket.

 

[RWerksman]

I'm going through this now. The $1800 destination fee is accounted for in the public "shop" calculator and in the second "8 steps" calculator. It's not magically appearing later in the process.

The '8 steps' calculator includes more details in it such as doc fees and local taxes. (which arguably should be in the shop one as well) This, for me at least, increased both my monthly payment (by ~$50) and my due at signing (~$1100). I would assume that is the same for you.

It's also worth noting that the $1000 deposit is assumed and applied automatically to the number show in both calculators. Whatever you enter in as down payment or trade is additional to that.

I'm due to pickup my Rivian on the 8th. I still do not have the documentation for the lease. I did however get a VIN nearly instantaneously after the $1000 down.

 

[RA10]

I'm going through this now. The $1800 destination fee is accounted for in the public "shop" calculator and in the second "8 steps" calculator. It's not magically appearing later in the process.

The '8 steps' calculator includes more details in it such as doc fees and local taxes. (which arguably should be in the shop one as well) This, for me at least, increased both my monthly payment (by ~$50) and my due at signing (~$1100). I would assume that is the same for you.

I'm due to pickup my Rivian on the 8th. I still do not have the documentation for the lease.

Thanks for sharing the insights.

Running my own calculator, I am just surprised by the residual value assigned to the vehicle after 36 months, i.e. ~84%. Essentially, more than half of the monthly payment is towards the lease/ interest, than the actual vehicle price, because of extremely high residual.

 

[Rivtony]

I'm going through this now. The $1800 destination fee is accounted for in the public "shop" calculator and in the second "8 steps" calculator. It's not magically appearing later in the process.

The '8 steps' calculator includes more details in it such as doc fees and local taxes. (which arguably should be in the shop one as well) This, for me at least, increased both my monthly payment (by ~$50) and my due at signing (~$1100). I would assume that is the same for you.

It's also worth noting that the $1000 deposit is assumed and applied automatically to the number show in both calculators. Whatever you enter in as down payment or trade is additional to that.

I'm due to pickup my Rivian on the 8th. I still do not have the documentation for the lease. I did however get a VIN nearly instantaneously after the $1000 down.

The above is correct. To know your final payment you'll need to add the taxes and registration fees to the shop calculator.

Mine is a quad gross cap cost $95550 residual after 24 months $71662.
So it's ~75% after 24 months, I doubt yours would be ~84% after 36 months.

 

[b_ack51]

Thanks for sharing the insights.

Running my own calculator, I am just surprised by the residual value assigned to the vehicle after 36 months, i.e. ~84%. Essentially, more than half of the monthly payment is towards the lease/ interest, than the actual vehicle price, because of extremely high residual.

Residual value is off of MSRP not selling price. Your residual is closer to 70% if using $98.8k and $69k.

Check out leasehackr forums for help with leases. Here's a calculator to enter in your numbers.
https://leasehackr.com/calculator

 

[RA10]

The above is correct. To know your final payment you'll need to add the taxes and registration fees to the shop calculator.

Mine is a quad gross cap cost $95550 residual after 24 months $71662.
So it's ~75% after 24 months, I doubt yours would be ~84% after 36 months.

Thanks, where did you get the residual number? Is it in the 8 step calculator?

 

[Rivtony]

Thanks, where did you get the residual number? Is it in the 8 step calculator?

It's in the contract, not in the calculator.

 

[RA10]

Residual value is off of MSRP not selling price. Your residual is closer to 70% if using $98.8k and $69k.

Check out leasehackr forums for help with leases. Here's a calculator to enter in your numbers.
https://leasehackr.com/calculator

Thanks, Another lame questions. Where does the 8 step calculator show up in the process. After 'Accept this offer' page? Kinda lost in this whole process. Thought they would assign some guide to walkthrough these steps.

 

[RWerksman]

Thanks, Another lame questions. Where does the 8 step calculator show up in the process. After 'Accept this offer' page? Kinda lost in this whole process. Thought they would assign some guide to walkthrough these steps.

That calculator is the '8 steps' version. The 'shop' calculator is before you put down the $1000 deposit.

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