Leasing in Texas

[blackheart571]

thank you. I'm searching for it on Reddit. This may be worth it if the 6k Employee discount is applied to the lease

That's the only reason I ended up leasing my R1T and selling my Y. With the F&F, tax credit pass through, and a leasing discount they offered for 2023's, it made it about $150 LESS than what I was paying for my Y. I hardly lost anything selling my Y so it was and-brainer for me.

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[LL75]

That's the only reason I ended up leasing my R1T and selling my Y. With the F&F, tax credit pass through, and a leasing discount they offered for 2023's, it made it about $150 LESS than what I was paying for my Y. I hardly lost anything selling my Y so it was and-brainer for me.

How did you get the referral? thru people online?

 

[blackheart571]

How did you get the referral? thru people online?

Yeah....if the employee referral incentive is still active, there are TONS of employees offering their services because they get a bonus for each referral. ? Do a search on here (how I found someone) or Reddit and you'll find multiple employees offering. Just ask if F&F is still active and if they don't have any referrals left, they'll have friends who do.

 

[LL75]

Yeah....if the employee referral incentive is still active, there are TONS of employees offering their services because they get a bonus for each referral. ? Do a search on here (how I found someone) or Reddit and you'll find multiple employees offering. Just ask if F&F is still active and if they don't have any referrals left, they'll have friends who do.

What did you ended up paying monthly with the lease, down payment if you don't mind answering.

 

[iansriv]

thank you. I'm searching for it on Reddit. This may be worth it if the 6k Employee discount is applied to the lease

I read a post on this board. Wish I was better at finding these things.

 

[blackheart571]

What did you ended up paying monthly with the lease if you don't mind answering.

It's all obviously going to depend on the price of your vehicle, how many miles/year you choose, and how many month lease, but their estimate was very close. I used one of those leasing calculators to get a more precise amount. You're basically getting a 0% interest lease. Below is how mine played out for a 36 month, 10k/year lease, and with $0 additional down besides the $1000 reservation fee. The residual value will change depending on which lease terms you choose. The higher the miles/year, the higher the payment will be. In my case, it would have added about $24/month for 12k miles/year and will add even more if you chose the 15k/year. This will get you semi-close since all the additional fees I paid will be the same for you since we’re both in DFW.

The easiest way to figure it out without getting into all the technical aspects of leasing would be....
1) MSRP - Discounts (e.g. F&F) + $1800 (delivery fee) = gross capitalized cost (GCC)
2) GCC - Capitalized Cost Reduction ($1000 down payment + $7500 tax credit + any additional down payment/trade-in) = Adjusted GCC
3) AGCC - Residual Value (varies...mine was ~70% of AGCC) + money factor (basically the interest rate…which is essentially 0% for these leases) = What you’ll be paying during the lease term
4) (#3 above + $40 rent charge)/number of months = total payment

Cash due at signing will be tax on GCC (-$7500) (instead of full MSRP) (6.25%) + title & registration (~$100) + acquisition fee ($900) + dealer doc fee ($350) + EV fee ($200) + any additional down payment (don’t do any!). It's also not worth doing a trade-in because it only goes towards reducing the GCC which is not beneficial in a lease. Sell any car privately or to a 3rd party dealer, not Rivian. The positive is you pay tax only on the GCC amount and not on the full MSRP, so that saves a little on taxes. ?

Mine in total ended up being ~$550/month. The big difference is that I got an additional promotion discount for getting a 2023 and got a larger F&F discount because of my battery size. You won’t get either of those. You would only get the $6k F&F discount. These rough calculations will get you very close to your payment. The big question will be your residual value and that will vary by a lot of factors. You should be somewhat close to mine if you are planning to do the same lease terms as I did.

I hope that helps ease your mind!

 

[LL75]

It's all obviously going to depend on the price of your vehicle, how many miles/year you choose, and how many month lease, but their estimate was very close. I used one of those leasing calculators to get a more precise amount. You're basically getting a 0% interest lease. Below is how mine played out for a 36 month, 10k/year lease, and with $0 additional down besides the $1000 reservation fee. The residual value will change depending on which lease terms you choose. The higher the miles/year, the higher the payment will be. In my case, it would have added about $24/month for 12k miles/year and will add even more if you chose the 15k/year. This will get you semi-close since all the additional fees I paid will be the same for you since we’re both in DFW.

The easiest way to figure it out without getting into all the technical aspects of leasing would be....
1) MSRP - Discounts (e.g. F&F) + $1800 (delivery fee) = gross capitalized cost (GCC)
2) GCC - Capitalized Cost Reduction ($1000 down payment + $7500 tax credit + any additional down payment/trade-in) = Adjusted GCC
3) AGCC - Residual Value (varies...mine was ~70% of AGCC) + money factor (basically the interest rate…which is essentially 0% for these leases) = What you’ll be paying during the lease term
4) (#3 above + $40 rent charge)/number of months = total payment

Cash due at signing will be tax on GCC (instead of full MSRP) (6.25%) + title & registration (~$100) + acquisition fee ($900) + dealer doc fee ($350) + EV fee ($200) + any additional down payment (don’t do any!). It's also not worth doing a trade-in because it only goes towards reducing the GCC which is not beneficial in a lease. Sell any car privately or to a 3rd party dealer, not Rivian. The positive is you pay tax only on the GCC amount and not on the full MSRP, so that saves a little on taxes. ?

Mine in total ended up being ~$550/month. The big difference is that I got an additional promotion discount for getting a 2023 and got a larger F&F discount because of my battery size. You won’t get either of those. You would only get the $6k F&F discount. These rough calculations will get you very close to your payment. The big question will be your residual value and that will vary by a lot of factors. You should be somewhat close to mine if you are planning to do the same lease terms as I did.

I hope that helps ease your mind!

this is awesome . Thank you for taking the time to explain it. I'm waiting on people to response about the F&F. I'm looking at a DM large 2024 R1T to lease. I don't mind 2023 either if there is one

 

[blackheart571]

this is awesome . Thank you for taking the time to explain it. I'm waiting on people to response about the F&F. I'm looking at a DM large 2024 R1T to lease. I don't mind 2023 either if there is one

It took me FOREVER to figure this all out because I was in the exact same position as you. The rough formula above will at least get you close to what your payments and amount due at signing would be with a similar lease to mine.

I also learned through my research that you should do the math to see if it's worth going to the higher level miles/year. Rivian charges $0.30/mile above your lease terms. I did the math and unless I hit over 33k miles over the 36 months, it was cheaper for me to stay with the 10k/year vs. paying $24/month extra for 12k/year. If I drove between 33-36k during the lease, then it would be cheaper to pay for the 12k/year. That's very personalized for each person, but since I work from home and my only high mileage times are when I drive across the country, it won't be hard to stay under 33k miles over 36 months. For example, my Y was almost 1 year old and only had 6200 miles on it because I hadn't taken it on a cross-country trip. I'll probably go on 2-3 cross country trips over the entire 36 months, so I'm not worried about hitting over 33k miles. You'll have to do the math for your specific situation and needs.

 

[LL75]

It took me FOREVER to figure this all out because I was in the exact same position as you. The rough formula above will at least get you close to what your payments and amount due at signing would be with a similar lease to mine.

I also learned through my research that you should do the math to see if it's worth going to the higher level miles/year. Rivian charges $0.30/mile above your lease terms. I did the math and unless I hit over 33k miles over the 36 months, it was cheaper for me to stay with the 10k/year vs. paying $24/month extra for 12k/year. If I drove between 33-36k during the lease, then it would be cheaper to pay for the 12k/year. That's very personalized for each person, but since I work from home and my only high mileage times are when I drive across the country, it won't be hard to stay under 33k miles over 36 months. For example, my Y was almost 1 year old and only had 6200 miles on it because I hadn't taken it on a cross-country trip. I'll probably go on 2-3 cross country trips over the entire 36 months, so I'm not worried about hitting over 33k miles. You'll have to do the math for your specific situation and needs.

I do drive quite a bit. I have a model 3 long range for for 9 months and already put 11K miles on it. so I will opt for 15k /year.

 

[LL75]

It took me FOREVER to figure this all out because I was in the exact same position as you. The rough formula above will at least get you close to what your payments and amount due at signing would be with a similar lease to mine.

I also learned through my research that you should do the math to see if it's worth going to the higher level miles/year. Rivian charges $0.30/mile above your lease terms. I did the math and unless I hit over 33k miles over the 36 months, it was cheaper for me to stay with the 10k/year vs. paying $24/month extra for 12k/year. If I drove between 33-36k during the lease, then it would be cheaper to pay for the 12k/year. That's very personalized for each person, but since I work from home and my only high mileage times are when I drive across the country, it won't be hard to stay under 33k miles over 36 months. For example, my Y was almost 1 year old and only had 6200 miles on it because I hadn't taken it on a cross-country trip. I'll probably go on 2-3 cross country trips over the entire 36 months, so I'm not worried about hitting over 33k miles. You'll have to do the math for your specific situation and needs.

I was able to get the F&F from a member on Reddit. Someone on here also offered as well.
This is the total

Subtotal
$75,500.00
Employee R1T Discount Offer
-$6,000.00

Vehicle Sub total 69.500 +1800 (delivery fee) . this is my GCC correct? and this is the amount that will be taxed at 6.25%? plus a bunch of misc. stuff you said.

I'm a little confused about the EV credit. Where is that money applies to?

Thanks

 

[blackheart571]

I was able to get the F&F from a member on Reddit. Someone on here also offered as well.
This is the total

Subtotal
$75,500.00
Employee R1T Discount Offer
-$6,000.00

Vehicle Sub total 69.500 +1800 (delivery fee) . this is my GCC correct? and this is the amount that will be taxed at 6.25%? plus a bunch of misc. stuff you said.

I'm a little confused about the EV credit. Where is that money applies to?

Thanks

So based on that it should be something like...

1) $75.5k - $6k (F&F) + $1800 (delivery fee) = $71.3k gross capitalized cost (GCC)
2) $71.3k - $8.5k ($1000 down payment + $7500 EV tax credit + any additional down payment/trade-in) = $62.8k Adjusted GCC
3) $62.8k - Residual Value (varies...mine was ~70% of AGCC) + money factor (basically the interest rate…which is essentially 0% for these leases) = What you’ll be paying during the lease term
4) (#3 above + $40 rent charge)/number of months = total payment

If you were doing 10k/year for 36 months with a similar residual as mine (I know you said 15k/month, so this number would be probably $75-ish/month more based on the Rivian estimate calculator).....

3) $62.8k - ~$44k Residual Value (varies...mine was ~70% of AGCC) + 0% money factor (basically the interest rate…which is essentially 0% for these leases) = $18.8k Depreciation you’ll be paying during the lease term
4) ($18.8k + $40 rent charge)/36 = $523-ish/month total payment (again....probably add ~$75/month for 15k miles/year). My total was ~$550/month, but I got a more expensive car and had an additional discount.

These numbers are how it got to my monthly payment. Since I only chose 10k miles/year my final number is less than what you would pay. I think about $600-ish/month for the 15k/year sounds more in line with the Rivian estimate you got minus the F&F discount.

I've attached a picture of what the contract will look like where they put your numbers. Obviously, we don't know what some of those numbers would be. That's why I could only give you a real estimate based on how my numbers worked, but it's still all a guess....just an educated guess. If you're ok with being in the range of $575-650-ish/month, then go for it. You won't know the exact number until the contract, but my monthly cost was very close to what I guessed....maybe a little higher.

I'm thinking your monthly would be somewhere around $600-ish. You would have to have cash at signing to cover 6.25% tax on the GCC minus the $7500 EV tax credit ($3,987) + title & registration (~$100) + acquisition fee ($900) + dealer doc fee ($350) + EV fee ($200) + first month's payment (~$600) = ~$6112 total due at signing

 

[LL75]

So based on that it should be something like...

1) $75.5k - $6k (F&F) + $1800 (delivery fee) = $71.3k gross capitalized cost (GCC)
2) $71.3k - $8.5k ($1000 down payment + $7500 EV tax credit + any additional down payment/trade-in) = $62.8k Adjusted GCC
3) $62.8k - Residual Value (varies...mine was ~70% of AGCC) + money factor (basically the interest rate…which is essentially 0% for these leases) = What you’ll be paying during the lease term
4) (#3 above + $40 rent charge)/number of months = total payment

If you were doing 10k/year for 36 months with a similar residual as mine (I know you said 15k/month, so this number would be probably $75-ish/month more based on the Rivian estimate calculator).....

3) $62.8k - ~$44k Residual Value (varies...mine was ~70% of AGCC) + 0% money factor (basically the interest rate…which is essentially 0% for these leases) = $18.8k Depreciation you’ll be paying during the lease term
4) ($18.8k + $40 rent charge)/36 = $523-ish/month total payment (again....probably add ~$75/month for 15k miles/year). My total was ~$550/month, but I got a more expensive car and had an additional discount.

These numbers are how it got to my monthly payment. Since I only chose 10k miles/year my final number is less than what you would pay. I think about $600-ish/month for the 15k/year sounds more in line with the Rivian estimate you got minus the F&F discount.

I've attached a picture of what the contract will look like where they put your numbers. Obviously, we don't know what some of those numbers would be. That's why I could only give you a real estimate based on how my numbers worked, but it's still all a guess....just an educated guess. If you're ok with being in the range of $575-650-ish/month, then go for it. You won't know the exact number until the contract, but my monthly cost was very close to what I guessed....maybe a little higher.

I'm thinking your monthly would be somewhere around $600-ish. You would have to have cash at signing to cover 6.25% tax on the GCC minus the $7500 EV tax credit ($3,987) + title & registration (~$100) + acquisition fee ($900) + dealer doc fee ($350) + EV fee ($200) + first month's payment (~$600) = ~$6112 total due at signing

That is awesome. Payment is less than my model 3 LR. Thanks again.

 

[blackheart571]

That is awesome. Payment is less than my model 3 LR. Thanks again.

Yup! mine was less than my Model Y payment. Just remember, you don't get anything back when turning in the lease. There is no equity unless it's worth more than your residual and you buy it out. I estimated what my Y would potentially be worth in 3 years and what my equity would be if I sold it. If I put the difference between my lease payment and what my Y payment was into a savings account, I would end up with about the same amount except for 3 years I'm getting a car worth $10k's more than my Y. That made it a no brainer for me!

 

[LL75]

Yup! mine was less than my Model Y payment. Just remember, you don't get anything back when turning in the lease. There is no equity unless it's worth more than your residual and you buy it out. I estimated what my Y would potentially be worth in 3 years and what my equity would be if I sold it. If I put the difference between my lease payment and what my Y payment was into a savings account, I would end up with about the same amount except for 3 years I'm getting a car worth $10k's more than my Y. That made it a no brainer for me!

Probably will just lease another one after 3 years. If it is around this price

 

[LL75]

Just in case anyone want to know about the leasing in Texas. I'm about to finalized it. It only worth it with the F&F discount. The 71,300 price included the $6k discount of F&F. No extra down payment. Thanks all for the helps

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