79% Residual for 24 month / 30K miles for 2024 Quad R1S. $100k MSRP , $1K deposit , $890 payment with taxes

[Eric85255]

thanks to others for sharing their deals so I wanted to share my info to help others. I was disappointed with the interest rate with my credit rating, but I think it’s a fair deal with the high residual as I have no intention of purchasing in two years. Maybe my R2 or cybertruck will be available by then. Received paperwork 2 days prior to pickup. Besides the required fees that go along with leasing/buying, I only put down the $1000 deposit. I’m following the tried and true advice of minimizing out of pocket for leases. I believe it’s a good option to lease to pay for Chase or Rivian to assume the residual risk. I have my doubts whether it will be worth $74k in two years.

I worked with the salesperson in mid March for this deal and they were motivated with extra incentives.

R1S in white, 22 inch silver wheels, ocean coast interior, large battery pack. Total MSRP with destination is $100,050

Discounts $2500 off for wheels (quarter end offer)
Goodwill $3500 unknown reason but maybe an addition quarter end incentive. I didn’t argue when I saw the paperwork

Gross Capitalized cost= $94,050

Government EV credit $7500
deposit 1000

Adjusted capitalized costs = $85,050

Residual Value $74,037 (78.7%!)

Implied interest rate : 5.1%

Monthly payment before local taxes = $820
Monthly payment with local taxes =$890

Due at signing with 1st month payment and licensing , acquisition cost was $4,652

Lease hackr score 8 years.

This aligns to the penny with an earlier quote provided when I selected my mileage and term. You’ll see they are using the same residual values with 10k and 12k per year so don’t select 10k per year if only leasing two years, would be my advise. I back calculated the residuals below assuming that the 5.1% interest rate was constant. Not certain whether that is how Chase works.

24 month, 20k miles was $847 (79.7% implied residual)
24 mo, 24k miles was $847
24 mo, 30k miles was 890 with 4652 due at signing
36 mo, 20k miles was 840 (74% implied residual)
36 mo, 24k miles was 869 (72.9% implied residual)
36 mo, 36k miles was 926 (70.9% implied residual)

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[b_ack51]

Did you have pre-price hike reservation?

 

[Eric85255]

Did you have pre-price hike reservation?

No. Just a recent reservation.

 

[R1Tnt]

So you did not have to pay the sales tax upfront they added it to the monthly lease?

thanks
Tom

 

[Glstr]

So you did not have to pay the sales tax upfront they added it to the monthly lease?

thanks
Tom

I believe that’s how leases work (unless certain state law applies differently). You pay only the sales tax on the depreciation costs and not the full cost of the vehicle.

 

[Eric85255]

So you did not have to pay the sales tax upfront they added it to the monthly lease?

thanks
Tom

Most states charge tax on your payment amount, monthly. I know Texas charges tax on the whole purchase amount that is often collected up front.

 

[Syrarch04]

Why was your out of pocket $4,652? If taxes are rolled into your payment (890), acquisition fee is 895, doc fee of 347, that’s $2132. I don’t know what your local title/reg fees are, but I can’t imagine it’s more than a few hundred bucks. Where did the rest come from?

 

[Eric85255]

Why was your out of pocket $4,652? If taxes are rolled into your payment (890), acquisition fee is 895, doc fee of 347, that’s $2132. I don’t know what your local title/reg fees are, but I can’t imagine it’s more than a few hundred bucks. Where did the rest come from?

first month 890
Acquisition fee-895
Taxes on incentives -808
Dealer doc fee-450
License fee - 1580
And other nominal fees.

 

[Syrarch04]

Thanks for sharing. That license fee is a lot!

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