The paperwork is a nightmare...I understand that they are not a "regular" car dealership but then again I'm not a car dealership either. I got very frustrated trying to track down the forms required for a commercial purchase, print them, fill them out, scan them back only to be told that it was rejected because I had missed some small detail, etc. and then do it all over again. Be like a regular dealership, if there is a form you need - send it to me - prefilled - and just looking for my review and signature. It was also very frustrating trying to buy it as a company vehicle. For financing they don't really care about company financials. Everything that is required for company income basically says,
"if it exceeds $1M just enter $999,999, don't worry it won't affect your application".
You should worry....it won't affect your application because they want you to be a personal co-applicant .... so basically the primary applicant. They won't be looking at company financials because even though it is a company vehicle it is being processed as if it was being sold to your personally. I direct a multi-million dollar company but for tax reasons I am paid in dividends. This of course never makes banks happy as it is considered "difficult to prove" income. However just last year we also purchased an Audi company vehicle of comparable value to the Rivian. It was processed to the company, looking at company financials, and approval took less than 15 minutes. For Rivian we were approved, then not approved, then approved again, then not approved with no path forward. I was told that even if I supplied 99% of the purchase price as a deposit I wouldn't be approved for the final 1% for financing. I gave up at that point and just went through my business bank - again approval took less than 15 minutes and was based on company financials (not really sure why I was bothering trying to finance with Rivian anyway - guess I thought it would be easier ?!?).
I really hope the remainder of the purchase goes far smoother than the initial portion....
"if it exceeds $1M just enter $999,999, don't worry it won't affect your application".
You should worry....it won't affect your application because they want you to be a personal co-applicant .... so basically the primary applicant. They won't be looking at company financials because even though it is a company vehicle it is being processed as if it was being sold to your personally. I direct a multi-million dollar company but for tax reasons I am paid in dividends. This of course never makes banks happy as it is considered "difficult to prove" income. However just last year we also purchased an Audi company vehicle of comparable value to the Rivian. It was processed to the company, looking at company financials, and approval took less than 15 minutes. For Rivian we were approved, then not approved, then approved again, then not approved with no path forward. I was told that even if I supplied 99% of the purchase price as a deposit I wouldn't be approved for the final 1% for financing. I gave up at that point and just went through my business bank - again approval took less than 15 minutes and was based on company financials (not really sure why I was bothering trying to finance with Rivian anyway - guess I thought it would be easier ?!?).
I really hope the remainder of the purchase goes far smoother than the initial portion....
Show full message↓