Leasing in Texas

[Oyabro]

Howdy, y’all. I’m looking to lease an R1S and I would like to hear from others who’ve leased recently in Texas. Was your sales tax rolled into your monthly payments, or one lump payment when taking delivery? This will be the first vehicle I’ve leased and I wanted to utilize the tax credit instead of financing. Any insight and final numbers would be appreciated. ??

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[effelonmusk]

hey! i’m in the process now and spoke with my guide:

1. sales tax is due based on MSRP at signing so 6.25% of MSRP
2. at the end of the lease, if u choose to buy out, you will pay sales tax again on the residual price, so another 6.25%

Yeah, texas double taxes. It’s a really painful thing to deal with but i guess this is what no state income tax gets u lol

 

[Stingray1478]

i've never leased before but considering it. i've got a trade in worth ~$8000.

Will Rivian 'cash out' a trade in? In order to apply that money toward sales tax due at signing? Or is it required to apply trade in value to the cap cost reduction?

also - if the value is applied to the cap cost reduction, does it also reduce sales tax like it would during a purchase? Or is sales tax 6.25% on the full MSRP regardless of trade in?

 

[CompactDread]

I know I am late to the party here, but just leased in TX and willing to share my #'s. For the trade in, I got this email from my guide. I was looking at what a trade in would do if the amount was higher:

"This was news to me, but the trade in value of the vehicle can only be applied to 40% of the total and is used as a credit. So, in this case, with your vehicle being appraised so high, you would be losing money on your trade in. For example, if you were leasing $99,000 vehicles, you could only apply up to $27,500 towards the vehicle and the rest of the money would be lost."

For the lease you are paying a lump sum taxes when you take delivery.

 

[Vegeta]

I know I am late to the party here, but just leased in TX and willing to share my #'s. For the trade in, I got this email from my guide. I was looking at what a trade in would do if the amount was higher:

"This was news to me, but the trade in value of the vehicle can only be applied to 40% of the total and is used as a credit. So, in this case, with your vehicle being appraised so high, you would be losing money on your trade in. For example, if you were leasing $99,000 vehicles, you could only apply up to $27,500 towards the vehicle and the rest of the money would be lost."

For the lease you are paying a lump sum taxes when you take delivery.

Can you just pay the taxes and other fees and not a down payment?

 

[CompactDread]

Can you just pay the taxes and other fees and not a down payment?

Can you just pay the taxes and other fees and not a down payment?

Yep, the down payment just impacts the monthly payment. The less you put down, the higher your payment is. You can get a ballpark number in the lease calculator when you are on the site building a car. With my downpayment the monthly is 795, if I did 0, it would be $1000/mo. Opted to shave off that extra monthly.

 

[jlgs2000]

For all you guys in the process, how long did it take a guide to be assigned ? Thanks.

 

[CompactDread]

For all you guys in the process, how long did it take a guide to be assigned ? Thanks.

I believe once you put down your $1000 deposit you get one assigned. the guides info is on the rivian site after you create an account and logon. Its in the ? at the bottom left that gets you to support.

 

[Stingray1478]

For anyone curious to my original questions:

trade in value does not reduce sales tax on a lease

Trade in value cannot be applied to the amount due at signing- it can only be used as cap cost reduction

Money factor quoted is .00264 = 6.336%, so not great.

I’ll post more lease details when I get further along.

Vehicle is R1S DM Standard+

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