Purchase Quote for lease from Chase bank

[R1SFamilyGuy]

Just sharing some info. Not really something I’m looking to do or have looked at comparisons - was just happy to be able to do it online with 2 clicks and no talking to people.

I lease a 2024 R1S. Monthly payment is $940. Vehicle agreed upon price on lease was $81750 plus fees. I’m 7 months into my 36 month lease. No sales tax at time of leasing

Purchase quote is $72481. I think a reduced sales tax rate is included because state rules changed.

Sponsored

 

[johnj2803]

how long from delivery date did you get details from chase bank?

 

[Electrified Outdoors]

Thanks for sharing. Your 7 payments total $6,580. Did you put money down? I’m assuming the $7,500 lease credit is included in the $81,750?

 

[Gee Bee]

Tax is based on location and it’s added in the monthly fee

it’s best to use a home equity loan and take the tax credit and deduct the complete payment.

7/12 years

The equity of your home will increase before you have paid off your loan.

GB

 

[R1SFamilyGuy]

how long from delivery date did you get details from chase bank

there you go...

I’m 7 months into my 36 month lease

Your 7 payments total $6,580. Did you put money down? I’m assuming the $7,500 lease credit is included in the $81,750?

The $8500 lease credit was NOT subtracted from the $81750, if that's what you mean. 7500 "tax credit" and 1000 reservation. No downpayments besides fees etc but the 8500 was considered downpayment at time of leasing.

So, I guess the main takeaway is that there is a way to get the 7500 tax credit if you pay off your lease.

it’s best to use a home equity loan and take the tax credit and deduct the complete payment.

7/12 years

I have heard of HELOCs but really need to look into it. Thanks!

 

[Gee Bee]

I do ask my cpa for instructions

it’s his job to reduce the tax burden

 

[R1TandMe]

how long from delivery date did you get details from chase bank?

I just my RIT two weeks ago. I can already go into my chase account and see the buyout price.

 

[johnj2803]

so the buy out price is the whole amount? NO more taxes or extra fees?

 

[Dark-Fx]

there you go...



The $8500 lease credit was NOT subtracted from the $81750, if that's what you mean. 7500 "tax credit" and 1000 reservation. No downpayments besides fees etc but the 8500 was considered downpayment at time of leasing.

So, I guess the main takeaway is that there is a way to get the 7500 tax credit if you pay off your lease.

True currently for Rivian vehicles, but often times the residual is inflated so they profit more after buyout if you decide to go that route.

 

[Electrified Outdoors]

The $8500 lease credit was NOT subtracted from the $81750, if that's what you mean. 7500 "tax credit" and 1000 reservation. No downpayments besides fees etc but the 8500 was considered downpayment at time of leasing.

Ok, So...my back of napkin math says...not including taxes and fees at delivery you have paid in $15,080 including the deposit, lease credit, and your monthly.

So, $81,750 - $15,080 = $66,670 AND $72,481 - $66,670 = is a difference of $5,811 . So I guess they are sticking you with the full rent charge when you buy it out?

Probably better to keep the lease if that is the case as you will have the option of walking away at the end of the term. Also, if your financing or putting it on a HELOC you will be paying double interest on the depreciation OR you could look at it as eating up most of your 7,500 lease credit. Either way I would ride out the lease and then decide at maturity.

I am not qualified to give financial advice so definitely check with your accountant before making any decisions based on this info.

 

[RivianG2R1S2024]

I have similar purchase price and monthly lease payment numbers as OP and also live in NJ. I will continue to lease, primarily because I am using the vehicle for legitimate business purposes and will save about 227 per month via business deductions. I also am wary of Rivian’s future and don’t want to yet buy. I love the R1S and if Rivian can survive the next year which means adapting to any changes resulting from the likely election of Trump, I will BUY another R1S, this time a Max battery pack. I’ll likely lease before the NJ sales tax for EV goes up to the regular sales tax rate sometime in July 2025, buy it out with hopefully a lower finance rate than what we’re seeing now.

 

[R1SFamilyGuy]

Thanks, all for your responses/suggestions. I only looked it curiously and thought of sharing. Very much intend to ride out the lease term

 

[Eric9610]

Did you get a quote from carmax as I heard Chase will negotiate the price but I think only at the end of lease

 

[R1SFamilyGuy]

Did you get a quote from carmax as I heard Chase will negotiate the price but I think only at the end of lease

Tbh, I didn’t even know that was an option. How would that work, if you know..?

 

[Eric9610]

Tbh, I didn’t even know that was an option. How would that work, if you know..?

Apparently in the terms it states that with 30days left on the lease you can get a fair market price and submit to Chase for match. I think you must finance through them or pay outright.

I plan to investigate when I get to the end of my lease.

Sponsored