Rivian Lease Option a win!

[captainjp]

All the arithmetic is moot if the company folds. Right now with all of the uncertainty of whether the company survives, I’d say leasing is the best option. All Rivian owners will be SOL if the company disappears. However, if one is optimistic about the future of the company’s viability, go on and buy. From my perspective, I think Rivian will survive.

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[Deleted member 24098]

Leasing is a very attractive option for sure especially if you’re concerned about depreciation.

Do the figures on their lease calculator include state sales tax? I have a fairly basic calculator I use that works well. The site I use also has a finance calculator that also shows the amortization table. This is very helpful when trying to compare the cost to own vs lease over the same period. Only problem is nobody knows what kind of depreciation we will see three years from now.

I would most likely lease when the time comes also.

one note about leasing. Typically when a car maker deals a lot of leasing it can cause depreciation issues down the line. That’s because most of those will wind up on used market after the 2-3 year lease term. Rivian not producing a ton of vehicles right now though so the effect may not be significant.

Anyone know when leasing will be done in Minnesota? I am ready to lease & have told sales this. But they can’t give me any info on when that might be or if it is even in the works.

 

[SueC56]

If you're living a state where the Rivian does not offer leasing, does that also mean you can't go across state lines and lease a car to bring home?

 

[tjrivian]

If you're living a state where the Rivian does not offer leasing, does that also mean you can't go across state lines and lease a car to bring home?

That's correct. The zip code where you register your car needs to be in a state where Rivian offers leasing.

 

[SueC56]

That's correct. The zip code where you register your car needs to be in a state where Rivian offers leasing.

Thanks for the clarification.

 

[Deleted member 23440]

Just a note to folks on the fence about the Rivian lease option. We had learned of the leasing program through various YouTube channels. After speaking with a Rivian advisor and test driving an R1T, we went that route to obtain a customized R1T that we are slated to take delivery of at the end of November and we're pleased with the process and outcome.

On the Sales site, when you select a pre-configured vehicle, the carat at the bottom will open up and let you calculate your expected standard payment would be and what a monthly lease payment would be. The leasing option provided me with an opportunity to use the equity my current vehicle to see how that would offset the overall lease; it SUBSTANTIALLY lowered my monthly payments.

We went the custom build route, and other than the grand total on reserving our build, no other calculations were provided. I went to Edmunds.com. They have a lease calculator there, and I plugged in all the details I had. Edmunds gave me an acceptable monthly figure (which was sigh of relief to me). When our R1T entered production, I was asked to begin the finance processes. I applied for the lease; Rivian uses JPMC as a leasing company. What they came back for the final, monthly payment beat the Edmunds calculations by $25 a month! We also had our lease approval within a few hours.

I am glad we explored that option. It was quite painless and got us into a vehicle that would otherwise have been priced well out of our current finances.

Great thread and explanation! I wound up doing the same and going for the lease to take advantage of the $7500 cap cost reduction plus the additional incentives on top of it. The current ICE incentive plus the referral credits put me into a spot where the lease was too good to pass up. The great part is that I can buy out the lease to own the vehicle at any point. So even if you are going to buy the Rivian, might as well take the lease for the $7500 off, then buy it out right. (If anyone is looking for a Rivian referral code, happy to share it with you, just send me a DM!)

 

[Rade]

We taking delivery of our R1T today! They called Thursday and said that it had arrived in Boston early!

The final piece of paperwork was the eSigning of the lease agreement on Thursday. We... are a bit puzzled by the math on the document until I pulled the R1 Order Summary document. The total on the JPMC Lease agreement comes from the ORDER SUMMARY + the Additional Services & Fees, and does not include the Documentation Fees. Those fees were included in the deposit we gave.

And a final note on this overall topic: Insurance

Spoke with our insurance carrier (AAA); there will be no change in our premium.

 

[Rade]

DELIVERED!!! 55 miles to home through Boston city traffic, construction zones, congested highways and finally open road in one of the FINEST... absolute FINEST vehicles we have EVER... EVER bought! Superb construction and craftsmanship!!! Not a squeak or rattle, hardly any road noise. Every function functioned! Nothing was delivered missing. Just... SUPERB!!!

Excellent team at the Rivian Chelsea service center. Erika walked us through everything. Other than signing the title to our trade and a few final papers, quick and easy.

Blue is now sleeping, soundly, in the garage.

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