Buying Rivian through app experience

[BorealAmethyst]

Anyone else have "promises" from their Rivian guide or just overall noticed that going through the purchase process, they left things out (or maybe it's always been there in contracts) like Loan-to-Value when putting a down payment to keep the interest rate you signed for? I also lost a $1000 "same day purchase" from my test drive when I put a deposit on the Borealis but they rescinded it because all of a sudden it only applies to in-stock vehicles and my car wasn't made yet....

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[Time2Roll]

Chase rates are a bit high anyway. Get your own lender. Mine financed 105% max to get the good rate.
Need to ask the lender direct "this is the vehicle, what is the max loan at the stated rate?"

Yea I get the "same day" purchase may need to be in stock vs an order. Frustrating for sure.

 

[jakasspeech15]

Chase rates are a bit high anyway. Get your own lender. Mine financed 105% max to get the good rate.
Need to ask the lender direct "this is the vehicle, what is the max loan at the stated rate?"

Yea I get the "same day" purchase may need to be in stock vs an order. Frustrating for sure.

It’s almost always worth the extra hour of paperwork to secure a loan from an external bank or CU. The Rivian portal handles third-party funding pretty well once you have the checks.

 

[Time2Roll]

It’s almost always worth the extra hour of paperwork to secure a loan from an external bank or CU. The Rivian portal handles third-party funding pretty well once you have the checks.

I was provided a funding letter to get to my bank. No direct communication. I coordinated my bank to wire the money direct. A few small changes/corrections were needed and I was on about letter three before all was correct and funding submitted.

If I had known about the advance funding required I could have done all this a week earlier.

 

[Dave Cundiff]

Some credit unions have interesting rules. Our main credit union insists that the vehicle be physically present in Washington State before they'll finance it. Check with your financial institution about what they will and won't do.

Best to all!

 

[Rade]

At the time I ordred my 2025 R1T, I had already test drove the model and knew from tech reviews of the Gen 2 build that it was the truck I wanted to get. Placed my order the night of the test drive (late September 2024). It took 12 weeks for the R1T to be delivered. I did a custom build although there were numerous R1T's pre-built that I could have opted for; just not in any combination that I found either affordable or "...to heart". From the time I placed the order about two weeks before delivery, there were no communications, I think I got one, perhaps two status updates - something about "Pre-order" moving into "Assembly" or the like, but then it was like the flood gates opened and I had more "tasks" to complete through the process. Loved just having to do e-Signatures on the paperwork; saved so much time. Buying my Rivian was an interesting experience. It was the first time I did that type of purchase mainly online and without any human interaction. It was a bit... disconcerting, but in hindsight, went so much smoother than working through a dealership, and I would go that route again without hesitation. My biggest stress point was using my Nissan as a trade; that was like a black box until we got up to the days before delivery. "Guesstimate Estimates" based on photos I uploaded that would not be finalized until I turned over the title. I did not get the "Yes, we fully approve the trade value" notice until the financing paperwork was being processed the day before delivery. I used both cash and the equity in my 2019 Nissan Frontier SV as part of the deposit and used the Rivian financing to secure a lease through JPMC. They were generous with the trade-in value; considerably more than KBB, CarMax or Carvana were going to offer. My monthly payments were around $460.

As I had mentioned on several discussions on this forum; I went into the Rivian acquisition with the mindset that I was going to buy out the lease at the end of the three year note. From the leasing agreement, I got the estimated buyout cost, and banked those funds through my investment portfolio. Last January, when the new administration came in and they started imposing tariffs on everything, and the market began to tumble, I decided to push the button and buy out the lease. The buyout was a few thousand less than stated as term on the lease. but I did get hit with the sales tax at the time of title transfer.

Doing the lease / purchase, for me, was financially smart. I'm not looking at a stagnating investment portfolio wondering what market bubble will burst and where it will be two years out. My process may not work or apply to everyone. For me, it all worked out in the end.

Would I do this again? Hell yes!

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