Rivian $5K Lease Rebate Discount (Until Oct 31)

[Xdezoo]

To help offset the end of the federal EV tax credit in September, Rivian is planning to roll out a $5,000 rebate in October on the Tri- and Quad-Motor R1S and R1T.

Update:

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[Weeyam eyesore]

Meh

 

[Great Gatsby]

Is this for lease only?

 

[Supratachophobia]

As long as they have the max-capitol reduction set at 25%, I won't be trading anything in to buy something new. Chase can go-to hell for this, and everything else.

 

[maverick92]

As long as they have the max-capitol reduction set at 25%, I won't be trading anything in to buy something new. Chase can go-to hell for this, and everything else.

Can you explain this a bit? Does this impact when trading in an existing vehicle or something else?

 

[Xdezoo]

Max-capitol reduction set at 25%. This means the lender (Chase) requires that at least 25% of the vehicle’s cost must be paid upfront (as a down payment or through trade-in equity) before they will approve the loan or lease.

 

[Xdezoo]

Both

 

[the.phd]

Max-capitol reduction set at 25%. This means the lender (Chase) requires that at least 25% of the vehicle’s cost must be paid upfront (as a down payment or through trade-in equity) before they will approve the loan or lease.

When did this start? Unless that includes incentives/discounts and tax credit compared to MSRP this must be new-ish.

 

[godfodder0901]

Max-capitol reduction set at 25%. This means the lender (Chase) requires that at least 25% of the vehicle’s cost must be paid upfront (as a down payment or through trade-in equity) before they will approve the loan or lease.

Definitely not the case when I financed through Chase...

 

[Time2Roll]

Max-capitol reduction set at 25%. This means the lender (Chase) requires that at least 25% of the vehicle’s cost must be paid upfront (as a down payment or through trade-in equity) before they will approve the loan or lease.

Chase? Forget them. My bank financed 100% of the price and registration. Down was basically the sales tax. LTV max 105% Much lower interest rate too.

Or maybe higher income and credit is needed....

No idea on leases.

 

[petemill]

Max-capitol reduction set at 25%. This means the lender (Chase) requires that at least 25% of the vehicle’s cost must be paid upfront (as a down payment or through trade-in equity) before they will approve the loan or lease.

This can't be right. Do you mean the maximum and not the minimum? Right now you do $6500 down with no trade in on a lease, on any configuration. That's only 14k cap cost reduction including federal tax credit being passed through. What's more you can do $0 down on many configurations with Rivian contributing the $6500 as an incentive.

What I have seen is that they won't let you put more than about 25% down for the lease. Who knows why people would want to do that anyway because there's no refund on that if your car gets totalled.

 

[Supratachophobia]

Can you explain this a bit? Does this impact when trading in an existing vehicle or something else?

Max-capitol reduction set at 25%. This means the lender (Chase) requires that at least 25% of the vehicle’s cost must be paid upfront (as a down payment or through trade-in equity) before they will approve the loan or lease.

Both

Hol' up.

What this means is that when you freak with sales tax, you owe sales tax on 75% of the vehicle instead of whatever the actual trade-in amount is. So for me, to trade in, it was an extra $5k in sales tax, where is they head let me apply the full trade-in, it would only be the difference. When Rivian suggests that they can just write you a check for the full trade-in, line they are doing you a favor, that just means you owe even more sales tax. Also, this varies by state. Screw chase either way.

 

[McLovin]

Meh

Agree. I mean, I'm passing on a Tri Max w/ a $14k incentive ($7.5k EV credit, $6.5k Endless Adventure). Why would I get excited about a measly $5k?

 

[the.phd]

Hol' up.

What this means is that when you freak with sales tax, you owe sales tax on 75% of the vehicle instead of whatever the actual trade-in amount is. So for me, to trade in, it was an extra $5k in sales tax, where is they head let me apply the full trade-in, it would only be the difference. When Rivian suggests that they can just write you a check for the full trade-in, line they are doing you a favor, that just means you owe even more sales tax. Also, this varies by state. Screw chase either way.

If your state allows the sales tax deduction on leases.

 

[Supratachophobia]

This can't be right. Do you mean the maximum and not the minimum? Right now you do $6500 down with no trade in on a lease, on any configuration. That's only 14k cap cost reduction including federal tax credit being passed through. What's more you can do $0 down on many configurations with Rivian contributing the $6500 as an incentive.

What I have seen is that they won't let you put more than about 25% down for the lease. Who knows why people would want to do that anyway because there's no refund on that if your car gets totalled.

If you want to buy it out so you can get the 7500, very common.

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