R1S Lease Terms

[Rigel2601]

I’ve seen several posts where people are trying to figure out their Rivian Lease offer. Just ask your Rivian advisor what current Money Factor and Residual they use in the lease. I’m doing an In Shop lease on a 2025 R1S. They would not give me a draft lease in advance to review, but you can find actual redacted leases at LeaseHackr.com to review. They did tell me that Chase does their leases even though the lease is through Rivan. They told me the current Money Factor for very high credit score (+750) is currently .003 (multiply by 2400 to get the interest rate) and the current residual is 60% of MSRP for a 3 year lease. I don’t consider that a fantastic lease deal (which you usually only find for older clearance models), but I want to get the EV tax credits before they disappear and the credits basically offsets the lease interest payments. I have not received my lease offer yet and next week is December, so I’ll post an update when I see the actual numbers offered.

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[Joe Hoffman]

One thing I rarely hear anyone talk about in regards to lease terms is the allowable mileage. Some of these lease terms sound really good until you realize they only give you minimal miles per year. For me that would be a deal killer since I put on 20,000 miles in my first year.

 

[Rigel2601]

One thing I rarely hear anyone talk about in regards to lease terms is the allowable mileage. Some of these lease terms sound really good until you realize they only give you minimal miles per year. For me that would be a deal killer since I put on 20,000 miles in my first year.

 

[Rigel2601]

Good point. The base lease price is for 10K miles. As your annual mileage goes up in the lease, so does the monthly lease payment. 12K and 15K are upgrade options. I chose 12K because I drive about 1K miles per month. The more miles you drive per year the faster the car depreciates. In general, its better to take the higher mileage up front then to pay the penalty for going over. I don’t know if 20K is an option, but you can always ask.

 

[Jivian]

I'm just going through lease terms tonight and noticed that the vehicle price used for the lease ($110,200) did not match the vehicle price in the transaction summary ($108,400) nor the vehicle price (also 108400) if I click on the financing option.

Anyone run into this situation or know what's going on? I'm planning to just ask Rivian tomorrow during business hours.

 

[Hereforthesnacks]

One thing I rarely hear anyone talk about in regards to lease terms is the allowable mileage. Some of these lease terms sound really good until you realize they only give you minimal miles per year. For me that would be a deal killer since I put on 20,000 miles in my first year.

Exactly the same situation here. Leases are a no go for us.

 

[DeafPug]

I'm just going through lease terms tonight and noticed that the vehicle price used for the lease ($110,200) did not match the vehicle price in the transaction summary ($108,400) nor the vehicle price (also 108400) if I click on the financing option.

Anyone run into this situation or know what's going on? I'm planning to just ask Rivian tomorrow during business hours.

That price difference of $1,800 is the same as the Destination Fee that I paid 3 months ago. The MSRP or purchase price doesn't include the mandatory Destination Fee. You pay the same $1,800 Destination Fee if you take delivery at the factory or have it delivered across the country to California.

Look at your Purchase Agreement, it will have that as a line item towards the top of the form.

Destination Fee - Everyone is charged this fee and it is the same for everyone
Delivery Fee - optional if you want home delivery instead of picking it up at a Service Center

 

[Jivian]

That price difference of $1,800 is the same as the Destination Fee that I paid 3 months ago. The MSRP or purchase price doesn't include the mandatory Destination Fee. You pay the same $1,800 Destination Fee if you take delivery at the factory or have it delivered across the country to California.

Look at your Purchase Agreement, it will have that as a line item towards the top of the form.

Destination Fee - Everyone is charged this fee and it is the same for everyone
Delivery Fee - optional if you want home delivery instead of picking it up at a Service Center

I'm at a stage before these details are shared so I was hesitant to move forward with the process with, what looks like, the wrong vehicle price. In none of the disclosures I can see does it state that the destination charge is added on to the vehicle price and not itemized. I'm also confused why this wouldn't be the same for the financing option. Either way, thanks for the info-- you're probably right but I'll also inquire with Rivian directly to see what they say.

 

[R1Sezejay]

I'm just going through lease terms tonight and noticed that the vehicle price used for the lease ($110,200) did not match the vehicle price in the transaction summary ($108,400) nor the vehicle price (also 108400) if I click on the financing option.

Anyone run into this situation or know what's going on? I'm planning to just ask Rivian tomorrow during business hours.

I think the $1,800 difference is for the acquisition fee$895, title registration $998 and documentation $85.

 

[Rigel2601]

I'm just going through lease terms tonight and noticed that the vehicle price used for the lease ($110,200) did not match the vehicle price in the transaction summary ($108,400) nor the vehicle price (also 108400) if I click on the financing option.

Anyone run into this situation or know what's going on? I'm planning to just ask Rivian tomorrow during business hours.

Could it be local taxes or fees that are being financed instead of paid up front?

 

[vigorousRival]

I'm at a stage before these details are shared so I was hesitant to move forward with the process with, what looks like, the wrong vehicle price. In none of the disclosures I can see does it state that the destination charge is added on to the vehicle price and not itemized. I'm also confused why this wouldn't be the same for the financing option. Either way, thanks for the info-- you're probably right but I'll also inquire with Rivian directly to see what they say.

I had the same situation, and the delivery team was able to clear it up. It seems to be an issue between the leasing bank (Chase) and Rivian. They clearly need to improve the communication around lease agreements, but it’s not too surprising to me. I’ve had similar weirdness with other leases through Nissan and Toyota, and with purchasing through Tesla. Fortunately, Rivian has been really good about clearing things up, which is way more than I could say for Tesla or Nissan who were both super frustrating to deal with as getting someone knowledgeable on the phone proved to be nearly impossible in Nissans case and actually impossible for Tesla.

 

[Electrified Outdoors]

If you plan to buy out the lease at the end then mileage…to a certain extent does not matter. If your 10,000 miles over buy out the lease and then sell it. The mileage is really only an issue with Tesla leases because Tesla did not allow buying out the lease (they just started allowing it in the last couple weeks) at the end so in the event you were over mileage, you were forced to pay the excess mileage fees.

Now, if you know that you absolutely want to turn it in at the end and you think it’s going to be worth a lot less than the residual then you certainly wanna stay within the mileage. But even if you plan to return it as long as it’s worth fairly close to the residual value, you could simply just buy it out and then sell it yourself to avoid paying excess mileage.

They residual and money factor I would imagine changes pretty frequently and as you probably know the MF, depends on credit tier as well as DTI ratio.

The only concern I have with Rivian leases and I haven’t checked this for a while but the last time I checked, they do not allow transfers so that is one less option. If your situation changes, having the optionto
transfer, the lease is good. that allows you to get out of the payment if your situation changes. When you don’t have that option, you either have to terminate the lease or buy it out and sell the vehicle if you want to get rid of the payment.

Don’t take my word for it though definitely check with Chase and Rivian to see if they allow transfers or not.

 

[tjrivian]

I think the $1,800 difference is for the acquisition fee$895, title registration $998 and documentation $85.

Nope. That doesn't add up to $1800. And reg fees vary by state.

The $1800 is most definitely the destination charge. It's not a Rivian thing, all manufacturers are legally obligated to charge the same destination charge for all vehicles regardless of whether they're delivering the vehicle 10 miles from their factory, or clear across the country.

It's a bit shady how Rivian doesn't disclose it upfront. But it's a legit charge, and nothing to be worried about or no way to negotiate it away.

 

[sambo]

One thing I rarely hear anyone talk about in regards to lease terms is the allowable mileage. Some of these lease terms sound really good until you realize they only give you minimal miles per year. For me that would be a deal killer since I put on 20,000 miles in my first year.

They give you 10/year, i upped it to $15/year, small monthly payment difference. Only $0.30/mile if you go over, 1,000 miles / $300

 

[Zorg]

Leases are great when not buying out the car at the end since that saves the sales tax on the residual. I was comparing a lease on a model X and an R1S. Both priced at $84-85k. Lease on Tesla is $200 higher per month but residual is $10k less and interest seems to be about 6% vs 7.2% for the Rivian.

Based on my quick modeling, seems to me that the Rivian lease is a better deal if not buying out the car whereas the Tesla lease is better if buying out due to lower interest rate.

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