Lease Details

[Riviann]

Just got the lease details:
2024 R1S Quad Motor (36 month/15k miles lease)
- 63% Residual
- .00153 Money Factor (Seems like they’re buying this down)

Sponsored

 

[EvAdventure13]

how much did you put down and what is the monthly payment?

 

[Electrified Outdoors]

That's equivalent to 3.672% interest rate. Residual seems reasonable.

 

[ddimit]

That is a smoking deal. Mine is due for delivery on the 27th. I have not heard back from the fiancee people yet. Going the lease route as well since depreciation on EV'S is horrible and not sure I would want it after the 3 years.

 

[Riviann]

how much did you put down and what is the monthly payment?

that information varies from state to state

 

[willk66]

Just got the lease details:
2024 R1S Quad Motor (36 month/15k miles lease)
- 63% Residual
- .00153 Money Factor (Seems like they’re buying this down)

So does the 63% come off the selling price that Rivian shows on the configuration? In my case $81,000x .63%=$51000?

 

[KRG]

So does the 63% come off the selling price that Rivian shows on the configuration? In my case $81,000x .63%=$51000?

I believe it comes off whatever the final sale price is.

 

[ddimit]

So does the 63% come off the selling price that Rivian shows on the configuration? In my case $81,000x .63%=$51000?

The residual price will be shown on the lease; you divide that number from the original purchase price to give you the residual. The lower the residual, the better. At the end of the lease, if you are interested in purchasing, check KBB, etc., for values. Sometimes, this can be negotiated. I have in the past with BMW when they didn't want the car back. to resell. my last lease, which I bought out before it ended, the resdual was way lower than what the car was selling on the used market. I bought it out and resold it back to another dealer for $4000.00 over the residual value

 

[willk66]

If I was to lease I might be forced to buy the vehicle at the end of the lease since I have no idea what miles I might put on it. Right now I can see between 15,000 and 20,000. I'd want to know the residual before I put down a non-refundable deposit. The vehicle I want (on the ones available in 1-6 weeks) shows a price of $81,000. So if the residual was 63% a buy out of $51,000 seems kind of high for a vehicle that may have 60,000 miles.

 

[DADDYSLILGRANDPA]

If you buy out the lease early, are you still responsible for the remaining rent charge?

If I lease today and decide to buy it out after month 1, am I paying the rent chargers for the remaining 35 months of the lease? Every other car I’ve ever leased levies the rent charge monthly, so I was able to pay off the balance minus remaining rent charges. Not sure if Rivian works that way, and getting an answer has proved impossible.

if you could find this out it would be greatly appreciated!

 

[ddimit]

If you buy out the lease early, are you still responsible for the remaining rent charge?

If I lease today and decide to buy it out after month 1, am I paying the rent chargers for the remaining 35 months of the lease? Every other car I’ve ever leased levies the rent charge monthly, so I was able to pay off the balance minus remaining rent charges. Not sure if Rivian works that way, and getting an answer has proved impossible.

if you could find this out it would be greatly appreciated!

if it's like my last one you request a buyout and they will give you a number. That number goes down every month.

 

[Riviann]

 

[Eric85255]

The residual price will be shown on the lease; you divide that number from the original purchase price to give you the residual. The lower the residual, the better. At the end of the lease, if you are interested in purchasing, check KBB, etc., for values. Sometimes, this can be negotiated. I have in the past with BMW when they didn't want the car back. to resell. my last lease, which I bought out before it ended, the resdual was way lower than what the car was selling on the used market. I bought it out and resold it back to another dealer for $4000.00 over the residual value

Depends on whether you’d ever entertain buying out in the end. I’d prefer a higher residual which will result in lower monthly payments and I’d turn it back in. The lower payments are certain. Whether you can make money off residual vs market values is unknown.

 

[Golfer04]

if it's like my last one you request a buyout and they will give you a number. That number goes down every month.

I asked my guide about buyout timing a couple of weeks ago. I'm paraphrasing, but he said you can't buy the lease out for 2 years. Obviously once you close the lease it is between you and Chase, but it sounds like the lease definition in the IRA legislation requires a two year term. That means any early payoff will require you to pay the $7500 back because it is subject to recapture. I deal with this at work on our vehicle leases that are to businesses and tax deductibility is paramount. There has to be symmetry in the transaction and if the lease pays off early it fouls all the tax rules up (causing recapture).

 

[jjswan33]

Obviously once you close the lease it is between you and Chase, but it sounds like the lease definition in the IRA legislation requires a two year term. That means any early payoff will require you to pay the $7500 back because it is subject to recapture. I deal with this at work on our vehicle leases that are to businesses and tax deductibility is paramount. There has to be symmetry in the transaction and if the lease pays off early it fouls all the tax rules up (causing recapture).

That's absolutely not true. There is no such provision in the IRA.

Sponsored