Rivian R1T Leasing Now Available

[jplblue]

Rivian is passing the 7500 tax credit to the consumer, that lowers the price.

But they're passing on the tax credit for both quad and dual motor, right? So that's not a factor for the quad's lease price being lower than the dual.

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[DuoRivians]

But they're passing on the tax credit for both quad and dual motor, right? So that's not a factor for the quad's lease price being lower than the dual.

This should be correct. Says any customer leasing, not just of a specific build:

https://rivian.com/support/article/do-i-get-the-federal-ev-lease-credit-when-leasing

 

[SANZC02]

But they're passing on the tax credit for both quad and dual motor, right? So that's not a factor for the quad's lease price being lower than the dual.

That is correct, my second guess is they are calculating higher residual values for the quad motors so the lease is consuming less money on those.

If you run them through KBB that does seem to be the case.

Edit: I will say that the residual values are pure speculation now. They do not really have enough history to really dial those in. Leasing this early in a vehicle run is risky for the lessor.

 

[Eric9610]

New here and just leased a R1TQM for pickup on Wednesday! The process was very easy! The payments are impressive, kind of shocked! Very Happy to be a new owner! Coming from a Model Y.

 

[DuoRivians]

New here and just leased a R1TQM for pickup on Wednesday! The process was very easy! The payments are impressive, kind of shocked! Very Happy to be a new owner! Coming from a Model Y.

Nice!! Congrats! Can you share some details?

Terms of lease (eg miles/year, length of lease), msrp, residual, money factor?

 

[Eric9610]

Nice!! Congrats! Can you share some details?

Terms of lease (eg miles/year, length of lease), msrp, residual, money factor?

Sure

12k per year X 3 years 36k.
MSRP OTD $90k
Residual not shared My guess (60-65%)
MF also not shared
Payment $900
Down $3k
Due at signing $6k including down

Completed the lease section in 5 min including due at signing amt.

 

[DuoRivians]

Sure

12k per year X 3 years 36k.
MSRP OTD $90k
Residual not shared My guess (60-65%)
MF also not shared
Payment $900
Down $3k
Due at signing $6k including down

Thanks! Does the lease document specify what the purchase option price would be, and if there are any fees with buying out at end?

 

[Eric9610]

Thanks! Does the lease document specify what the purchase option price would be, and if there are any fees with buying out at end?

No lease document provided other than saying approved and details above on the finance section.

 

[DuoRivians]

No lease document provided other than saying approved and details above on the finance section.

Hmm… seems the lessee should get the full detail docs soon. ?

 

[Thedude]

Sure

12k per year X 3 years 36k.
MSRP OTD $90k
Residual not shared My guess (60-65%)
MF also not shared
Payment $900
Down $3k
Due at signing $6k including down

Completed the lease section in 5 min including due at signing amt.

 

[Eric9610]

This is literally the same pricing as a BMW iX to a T. Same money down, same miles, same everything.

This was similar to the Tesla process if I remember correctly the complete details are available at pickup.

 

[Eticket99]

Between all the monthly payments, tax credits, etc it's 42k on a 90k r1t over 30k miles and 3yrs. Customer pays 35k remaining is a tax credit. Doesn't look like the residuals will be that strong... Maybe 55% of msrp?

Don't forget leasing taxes could add another $100 in monthly payment.

Only way this deal is great is if the money factor is low and residual is high. Chase bank also traditionally charges a purchase fee

We need the details, but doubt this will be good

Leasing taxes are the same as buying taxes, just one is paid on the total sale price of the car at once.... the other in a lease is added to the monthly. Benefit of a lease is if the car gets totalled you're not out all that tax money from the purchase, but you are out the cap cost reduction (hence try to only pay fees upfront).

 

[Aag12]

Leasing taxes are the same as buying taxes, just one is paid on the total sale price of the car at once.... the other in a lease is added to the monthly. Benefit of a lease is if the car gets totalled you're not out all that tax money from the purchase, but you are out the cap cost reduction (hence try to only pay fees upfront).

Not necessarily true. It's very state dependent. 2 examples I'm aware of

Some states levy a leasing tax on top of sales tax. Pennsylvania as an example. They add 3%

Other states tax just the lease payments other states you have to pay sales tax on the entire msrp like Texas.

 

[Eticket99]

Not necessarily true. It's very state dependent. 2 examples I'm aware of

Some states levy a leasing tax on top of sales tax. Pennsylvania as an example. They add 3%

Other states tax just the lease payments other states you have to pay sales tax on the entire msrp like Texas.

Sorry, was only speaking for California. You are correct, believe Florida is also different?

 

[shrink]

Sure

12k per year X 3 years 36k.
MSRP OTD $90k
Residual not shared My guess (60-65%)
MF also not shared
Payment $900
Down $3k
Due at signing $6k including down

Completed the lease section in 5 min including due at signing amt.

Congratulations!

I think folks here smarter than me can run some numbers and reverse engineer this.

Do you mind sharing your exact build? From that we can determine the price plus destination and acquisition fee.

Based on what you wrote the cap cost reduction is $3000 down + $7500 = $10,500, so subtract $10,500 from the build price.

$900/month for 12K per year x 36 = $32,400

That gives us a sense of the residual. I’m guessing money factor is in line with current loan rates so maybe 6% APR?

Just gotta do the math on whatever the actual money factor is over the course of the lease term depreciation to see if it covers the $7500 IRA credit cap cost reduction - and determine if this makes sense for those interested in purchasing via full cash or financed purchase at current loan rates. Lots of moving parts.

It’s good to have options and take advantage of the $7500, but a high money factor can potentially offset the $7500. That doesn’t seem to be the case here, but a full breakdown would be nice. Would like to review the early lease buyout terms as well.

For someone who typically purchases rather than leases, a low mileage, short term lease + ASAP buyout to minimize interest payments and get the $7500 would seemingly make sense.

For those who typically get new vehicles every 3-4 years, I’m guessing the $7500 IRA credit will make a lot of sense for a straight up lease.

i also think R1S leasing will be a gangbuster for Rivian if this $7500 IRA loophole remains intact.

If an R1T would fit in my garage in Kona, I’d lease another one right now, have it delivered to Phoenix, AZ then ship it to Kona.

Again, good to have options.

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