Lease Disclosure

[VirtualHuck]

My current ICE truck lease is ending and the Rivian R1T is very high on the list for my next vehicle. I'm just having a really tough time wrapping my head around needing to give a $1,000 non-refundable deposit before I can get my lease details (it's about the principle, not about the specific amount... I would be just as bothered if it was $10 or $10,000).

Forums like this are great because there is a lot of information from people who have gone through the process and can pass on their own experience/numbers, but each lease agreement is transaction specific (credit score, taxes, etc.) so you can only get so far....

I'm sure there are other examples, but I keep trying to envision a mortgage company that says you have to give them a non-refundable deposit before they will tell you what their fees are or how much your mortgage rate will be. I'd be surprised if that was legal (it might be, I'm not trying to get into legal details, just the concept).

I fully understand that if I don't like how they do it, then I don't need to buy their truck. Am I just being stupid about it and should just suck it up (other people have and most seem happy)? Am I missing other examples of this type of agreement?

This is in no way a negative take on the vehicles, the actual lease agreement, etc..; it's just about not being able to get all the information needed to make a good informed decision (becomes more of a roll-the-dice thing).

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[Riviann]

The lease details are posted in another thread:

Lease Details

 

[VirtualHuck]

The lease details are posted in another thread:

Lease Details

I agree, it is really helpful to have a variety of agreements people are getting, but I'm assuming the details change with the model and options selected (residual value percentage), state taxes, how much they put down, and presumably their credit score? Knowing what my specific deal is would be very helpful in making an educated decision before giving a non-refundable deposit. I wonder if there aren't other ways to prevent "tire kickers" from overburdening them with requests (or to achieve whatever goal they have) other than a non-refundable deposit. In my mind, the dream scenario is to be able to enter your details and have it atomically calculate your specific payments based on the deposits you make factoring in the sales tax (if applicable), all the fees, etc.. Even if that comes with a caveat that it is not a binding agreement and they need a deposit (non-refundable if actual amounts are equal to or less than the quoted amounts), but refundable if it is more.

 

[Riviann]

I agree, it is really helpful to have a variety of agreements people are getting, but I'm assuming the details change with the model and options selected (residual value percentage), state taxes, how much they put down, and presumably their credit score? Knowing what my specific deal is would be very helpful in making an educated decision before giving a non-refundable deposit. I wonder if there aren't other ways to prevent "tire kickers" from overburdening them with requests (or to achieve whatever goal they have) other than a non-refundable deposit. In my mind, the dream scenario is to be able to enter your details and have it atomically calculate your specific payments based on the deposits you make factoring in the sales tax (if applicable), all the fees, etc.. Even if that comes with a caveat that it is not a binding agreement and they need a deposit (non-refundable if actual amounts are equal to or less than the quoted amounts), but refundable if it is more.

Maybe the exact figures aren't presented, but you can use the posted information to help you make an informed decision and the calculator on their website is within dollars of your pre tax due at signing and monthly. You can calculate taxes yourself based on your local laws and it should provide you a solid idea of where your payments will be. Taxes for due at signing and monthly payments vary from state to state.

Assume you will pay First month, State Taxes, Doc Fees (85), Licensing Fees, Registration Fees, and a $7 tire fee in due at signing.

 

[VirtualHuck]

Maybe the exact figures aren't presented, but you can use the posted information to help you make an informed decision and the calculator on their website is within dollars of your pre tax due at signing and monthly. You can calculate taxes yourself based on your local laws and it should provide you a solid idea of where your payments will be. Taxes for due at signing and monthly payments vary from state to state.

Assume you will pay First month, State Taxes, Doc Fees (85), Licensing Fees, Registration Fees, and a $7 tire fee in due at signing.

Thanks, my issue is probably my lack of knowledge.

Am I understanding correctly that I pick the truck, enter my desired parameters (length, mileage, credit rating, and down payment) and the resulting payment is what I start with (In this case $100,000 retail, 36 months, 15K miles, Excellent credit, $8,000 down- kept default) and the result is $944 payment (excluding taxes and fees).

Due at signing on the calculator is $8,000 "cash" ($7,000 plus my $1,000 deposit), the $895 acquisition fee, and the 1st month payment $944 . That results in the calculators pre-tax/fee total due at signing result as $9,839.

To that I would add taxes on my $8,000 cash which is 6.25% in MA, so $500 (assuming not also taxed on the $7,500 ev fed credit?), Title fees (guessing $75), document fees $450 (you noted $85, but a YouTuber had a shot of their lease document and it listed $450?), their lease document also listed Misc. License fees $1,600. I totally understand these might not be quite right, but does this approximately hit the additional amount due at signing of $2,625 above the calculator's $9,839.

In summary, does it sound right that my payments will probably be similar to the $944/month from the calculator, but my due at signing is going to go from the $10,000 ish to around $13,000 ish?

Or am I totally missing the mark, and the monthly payments will also be higher due to the taxes and fees (are the payments subject to MA sales tax?)?

Sorry for such basic questions, but slightly confusing for someone who isn't very knowledgeable about leases (but trying).

 

[VirtualHuck]

This snippet is from the 4:58 mark on Gjeebs channel "Watch This Before Leasing a Rivian R1T" () (image should be in-line?)

He said later in the video that this is for a truck that the online calculator said would be $831/month before taxes and fees. In his case, the end result was about $167 more per month to cover those taxes and fees, and the down payment was maybe about $5,000 additional (same idea, adding the taxes and fees).

I think I got the additional cash down stuff, but am not sure how to estimate the extra monthly payment increase amount for a different scenario (different price, different lease length, different miles, etc.,)

Is that something someone could give some instructions on how to calculate, it would be greatly appreciated?

 

[Riviann]

guy in the video above is salty because he got a bad deal.

Always put 0 down payment only pay required taxes and fees on a lease. An extra $100 per month doesn't justify tying up another 7k in down payment you'll never get back if the car is totaled.

 

[VirtualHuck]

guy in the video above is salty because he got a bad deal.

Always put 0 down payment only pay required taxes and fees on a lease. An extra $100 per month doesn't justify tying up another 7k in down payment you'll never get back if the car is totaled.

Thanks again for the continued replies and thoughts. I'm not worried if someone thinks they got a good deal or not as that is subjective. I'm just trying to figure out what my cash outlay will be initially (using your minimum down concept makes sense to me) and my final monthly payments. I'm trying, but I'm a little lost on how to figure it out as residual values seem to change based on the different model/motor options, along with other factors and different posts seem to have fairly significant differences.

 

[LandonBradford]

I agree Rivian is not very transparent with leasing...


But I can attest, the rivian calculator is accurate. So A=as long as you put the "$1000" as down payment that is required to make a rivian reservation. See attached.

Otherwise, yes you are sort of blind and thats just how rivian does it. Won't get lease figures until 2 weeks after non-refundable reservation and 1 week prior to delivery.

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