Lease Buyout Process?

[Golfer04]

Looking forward for details

Looking forward to the details also. Met with my guide and some of the information he gave me doesn't make sense. He said you can't pay lease off early for two years. If you do it is the sum of the payments (this actually would make some sense under the I.R.A.). He also said you owe any additionally mileage charge (30cnts/mi) AND the contract residual if bought out. That makes no sense. The online lease calculator does not reflect the destination fee (finance option does), but you pay it.

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[bentsauce]

Looking forward to the details also. Met with my guide and some of the information he gave me doesn't make sense. He said you can't pay lease off early for two years. If you do it is the sum of the payments (this actually would make some sense under the I.R.A.). He also said you owe any additionally mileage charge (30cnts/mi) AND the contract residual if bought out. That makes no sense. The online lease calculator does not reflect the destination fee (finance option does), but you pay it.

Yeaaaaah, there is no way that is accurate.

 

[mmcool]

I just picked mine up today so once I get the access to the payment portal for chase I will come back and update. I was told and was able to confirm with sales that the lease does not have an early payoff fee. So maybe it is only worth the lease if you have the capital to pay all upfront

Any updates?

 

[fdon1]

Any updates?

Just got the car last friday so the lease has shown up in my chase app but no future information about the lease payoff available just yet.

I haven't forgot

 

[mmcool]

Just got the car last friday so the lease has shown up in my chase app but no future information about the lease payoff available just yet.

I haven't forgot

Thanks really appreciate it. I plan to make the call soon.

 

[fdon1]

Thanks really appreciate it. I plan to make the call soon.

Either way you wont regret it. If you have cash on hand to pay for it then you might be up or down 5-7k

 

[yourgrace]

Hi @fdon1 , any updates on the buy out price? Don't really want to spend more than 70ish on my new car so this lease credit + early buyout is the make it or break it for me. Your response will help me make a decision

 

[fdon1]

Hi @fdon1 , any updates on the buy out price? Don't really want to spend more than 70ish on my new car so this lease credit + early buyout is the make it or break it for me. Your response will help me make a decision

Nothing yet, besides it showed up in chase. I can call this week to see if the option is available but nothing since it has showed in app

 

[abct]

Probably … based on the numbers in my contract, any down payment of about $18k or more (YMMV) will result in a rent charge of less than $7500 minus lease origination fee. But if your car is totaled while it’s still being leased, you won’t get your down payment back, so that’s the risk you’re taking.

Can you explain why down payment needs to be $18k or more? Can't just put down $5k?

 

[feifan]

Can you explain why down payment needs to be $18k or more? Can't just put down $5k?

You don’t need to put down $18k; I was just replying to someone above that if you did, you’d end up paying (very roughly) $7500 or less in interest over the duration of the lease

 

[abct]

You don’t need to put down $18k; I was just replying to someone above that if you did, you’d end up paying (very roughly) $7500 or less in interest over the duration of the lease

got it, thanks

 

[jfoonly]

Any updates from @fdon1 or anybody else about the buyout terms? Thanks

 

[carsly]

This shouldn't be hard, just read the lease agreement you signed. I had leased an Audi Q7, two years in I opted to buy it out due to high resale values. Yes, the buyout was listed on the web site (and was wrong) but I read my lease agreement and contacted them to verify the correct lease payoff. Sent in the check and then...waited for the title.

The payoff was easy, the title? Took three months.

 

[jjswan33]

Any updates from @fdon1 or anybody else about the buyout terms? Thanks

https://www.rivianforums.com/forum/threads/lease-buyout-process.22794/post-459394

 

[fdon1]

Any updates from @fdon1 or anybody else about the buyout terms? Thanks

I'm also holding off for now considering the new changes for r1 and r2 coming. Not sure if the changes will be worth getting a newer vehicle. So waiting until then

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