Lease Details

[R1v1anNoob]

Have a scheduled delivery for my R1S next month and trying to decipher these lease details and capitalized costs. My guide wasn’t much help.

I’m wanting to understand my up front dues based on this transaction summary. Specifically my down payment and trade in. Does my $2,730 trade go towards to cost of the vehicle or can it be used to cover some of my $4k down payment?

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[evguy]

Looks to me like the credit is just a capitalized cost reduction, not a credit toward the amount due at signing.

Did they disclose the original capitalized cost, and the capitalized cost net of credits? If not, how do you know those credits are in fact being applied?

 

[shrink]

Your trade in is being treated separately than your down payment. You’re effectively getting credit for $1000 deposit + $4000 down payment + $2730 trade in + $7500 tax credit. Sort of like a $14,390 down payment.

Side note - doc fee as increased. I think it was $225 for my prior purchases. Also note the $895 acquisition fee is not charged on purchases, only leases. I consider it a partial EV tax credit offset but that’s due at signing and won’t affect your monthly payments.

 

[R1v1anNoob]

Your trade in is being treated separately than your down payment. You’re effectively getting credit for $1000 deposit + $4000 down payment + $2730 trade in + $7500 tax credit. Sort of like a $14,390 down payment.

Side note - doc fee as increased. I think it was $225 for my prior purchases. Also note the $895 acquisition fee is not charged on purchases, only leases. I consider it a partial EV tax credit offset but that’s due at signing and won’t affect your monthly payments.

That’s how I understand it also. I appreciate your help!

 

[mini2nut]

Remember, leasing = renting.

 

[Big Dog]

A lease is just a financial instrument, as it relates to autos anyway ... any use of financing is renting. If the government can take your house for failure to pay property taxes, you are renting "your" house. Just think of a lease as financing a smaller portion now with an option to buy in 2 or 3 years with a pre-established balloon payment. One downside to leasing is that it's easier to hide the cost of borrowing.

 

[TheFlyingDutchman]

Don't know if this helps but what it said on the Rivian site AND on my lease contract was completely incorrect. It said I owed like 14K at time of pick up but apparently they havent been able to change the contract info or data on the site. But my guide assured me on two different occasions that I did not owe anything at time of pick-up, other than monthly leasing payments of course.

Picked up r1s tuesday with no financial issues. I would use your guide to decipher your issues/answer your questions. My guide answered emails and phone calls anywhere from one hour to one day.

Enjoy your ride, it's amazing.

 

[NY_Rob]

Just curious, what did you trade in that they only gave you $2,730 for?

 

[R1v1anNoob]

Just curious, what did you trade in that they only gave you $2,730 for?

Trading in a 17 Grand Cherokee (160k miles) and they $2,730 is the net positive after they pay off what I still owe.

 

[NY_Rob]

Trading in a 17 Grand Cherokee (160k miles) and they $2,730 is the net positive after they pay off what I still owe.

Ah, okay that makes sense now. I was thinking that Rivian isn't going to accept a trade in on any vehicle that's only worth $2,700 as it's probably too old, too many miles, damaged, etc..

 

[sambo]

Don't know if this helps but what it said on the Rivian site AND on my lease contract was completely incorrect. It said I owed like 14K at time of pick up but apparently they havent been able to change the contract info or data on the site. But my guide assured me on two different occasions that I did not owe anything at time of pick-up, other than monthly leasing payments of course.

Picked up r1s tuesday with no financial issues. I would use your guide to decipher your issues/answer your questions. My guide answered emails and phone calls anywhere from one hour to one day.

Enjoy your ride, it's amazing.

Did you do 3 year Lease? How much was pre discount on your vehicle? Was trying to find out what the residual is going to be on the Truck, id say 3 years, 12,000mi per year? Is there any kind of calculator on the website?

Thanks

 

[Supratachophobia]

Ohio just opened up to leasing baby.

 

[chester]

Did you do 3 year Lease? How much was pre discount on your vehicle? Was trying to find out what the residual is going to be on the Truck, id say 3 years, 12,000mi per year? Is there any kind of calculator on the website?

Thanks

Does Rivian use Chase for leasing/financing? If so, Chase and/or Rivian set the residual. It'll vary a bit based on lease term and mileage allowance.

 

[s0ysauce]

Yes, they use Chase.

Does Rivian use Chase for leasing/financing? If so, Chase and/or Rivian set the residual. It'll vary a bit based on lease term and mileage allowance.

 

[350Industrial]

I'm picking up my R1T tomorrow (Chicago SC.)

I'm leasing, due to not being eligible for the EV Tax credit if I purchased outright. That, and the uncertainty of pricing and market value three years down the road.

When your vehicle finally gets scheduled for delivery, you'll be sent the lease paperwork via email with a link to review and sign everything. Contained in that you can see the residual value and all other terms for your lease.

For example- on my spec the MSRP was around $91k, and for a 36yr 15k annual mileage lease the residual showed at just over $60k.

You can still call the whole thing off and choose not to sign at that point.

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