R1S lease payments dropped... after I started my lease

[Dave S]

I'm right in the middle of the purchase process...waiting for a delivery appointment later this month, so happy to see the drop in lease prices.

BUT, despite already submitting the credit app and having the lease approved, I have not been able to get anyone to disclose the residial, MF or any of the financial terms other than cash at signing and monthly payment, which is VERY frustrating.

Especially since it looks like the quad motor lease payment may be less (or at least equal to) a equivalent dual motor configuration, despite the $8k price difference.

I can't get any actual answers out of my Rivian guide...not sure if it's just "my" guide or if they're totally unequipped to provide any info. But I'd like that info before I take delivery, as I'd happily swap and lease more car for less money if that was the case.

Does anyone have any of the revised economics behind their leases? And...how helpful was your guide in the process?

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[lovelitlive2024]

I'm right in the middle of the purchase process...waiting for a delivery appointment later this month, so happy to see the drop in lease prices.

BUT, despite already submitting the credit app and having the lease approved, I have not been able to get anyone to disclose the residial, MF or any of the financial terms other than cash at signing and monthly payment, which is VERY frustrating.

Especially since it looks like the quad motor lease payment may be less (or at least equal to) a equivalent dual motor configuration, despite the $8k price difference.

I can't get any actual answers out of my Rivian guide...not sure if it's just "my" guide or if they're totally unequipped to provide any info. But I'd like that info before I take delivery, as I'd happily swap and lease more car for less money if that was the case.

Does anyone have any of the revised economics behind their leases? And...how helpful was your guide in the process?

I am in the same boat as you are, signed the leasing contract on Monday for a QM with standard on everything. I was told the RV and MF would be shown in the contract after I accept the offer, but they are not in there. Had to ask my guide, and was told RV on a QM is 69%. Back to the envelope math tells me the interest rate should be around 11-12%, which is about 2% higher than brands like Volvo, which was using a 10% interest rate on lease. I picked QM over DM because the monthly payment is actually lower for QM, so DM must have a much lower RV.

Now with the price drop, I am going to call my guide today to see if I can get that lower price. It should translate to a $130+ monthly savings for me. By comparing the difference between 2 same cars but different colors (LA Silver vs. midnight), the monthly payment difference changed from $40 prior to the "price drop" to $36, so that indicates to me what they did is a interest rate drop, not RV change.

 

[Dark-Fx]

At least for the R1T prices barely changed here’s a screen shot from dec 23 and from today. MSRP on the 23 image was 89,500 and today was 89,000 same configuration (the 500 difference is the ocean cost went down to 2000 from 2500)

Rivian is baking a higher down payment into the displayed rates than they were previously. You can pay $1 a month if you put down enough.

 

[ev_d]

Was the $7,500 EV tax credit available when you leased your R1S? If not, that could be a huge factor besides them adjusting the residual and MF.

 

[lovelitlive2024]

I am in the same boat as you are, signed the leasing contract on Monday for a QM with standard on everything. I was told the RV and MF would be shown in the contract after I accept the offer, but they are not in there. Had to ask my guide, and was told RV on a QM is 69%. Back to the envelope math tells me the interest rate should be around 11-12%, which is about 2% higher than brands like Volvo, which was using a 10% interest rate on lease. I picked QM over DM because the monthly payment is actually lower for QM, so DM must have a much lower RV.

Now with the price drop, I am going to call my guide today to see if I can get that lower price. It should translate to a $130+ monthly savings for me. By comparing the difference between 2 same cars but different colors (LA Silver vs. midnight), the monthly payment difference changed from $40 prior to the "price drop" to $36, so that indicates to me what they did is a interest rate drop, not RV change.

Just finished talking with my guide, they will adjust the price for me to reflect the new discount, so my new monthly payment will be around $190 lower than Monday when I first signed the contract. I will take that!

 

[MidnightRivian]

Just finished talking with my guide, they will adjust the price for me to reflect the new discount, so my new monthly payment will be around $190 lower than Monday when I first signed the contract. I will take that!

Rivian FTW

Now you have to buy $200 worth of RIVN stock every month after you make your lease payment. You can make your first $200 buy when they reveal the R2 in March.

 

[mannybalboa]

Crazy, I am also in the same boat. My initial lease payment was about $1,568 and just checked the account its showing $1,264. I am hoping it includes taxes so I can save on sales tax in Washington.

Only issue now is they took first payment out of my chase account already. Which was $4,108 and now its showing $3,801. So hopefully I get that 300 back.

 

[rjte84]

I'm also in a similar boat but for an R1T (DPM, Large Battery, 22" Tires). Signed everything 10 days ago and I was missing only the insurance and downpayment. I got the RV from my Rivian Guide and calculated the MF (36 months, RV 65% and MF ~0.00235 or 5.64%). I contacted my guide when I saw the news and asked her to change my configuration to Standard+ (it makes more sense to me and $6,000 less). So they changed it and now my finance step was reset and I got the new values which to be honest are the same as before.

 

[mannybalboa]

I'm also in a similar boat but for an R1T (DPM, Large Battery, 22" Tires). Signed everything 10 days ago and I was missing only the insurance and downpayment. I got the RV from my Rivian Guide and calculated the MF (36 months, RV 65% and MF ~0.00235 or 5.64%). I contacted my guide when I saw the news and asked her to change my configuration to Standard+ (it makes more sense to me and $6,000 less). So they changed it and now my finance step was reset and I got the new values which to be honest are the same as before.

Interesting. Mine are drastically better. The residual on R1S quad motor is 79% which is $77,064.50 and money factor is 0.00334. Not sure if MF is good or not

 

[defcon888]

This one stings quite a bit...just bought the R1S lease like 3 weeks back and the lease payments have gone down by over $300 per month. I know the answer is likely no but do I have any options?

Read the fine print to see if "within 30 days" clause. You can always call Rivian and ask.

 

[rjte84]

Interesting. Mine are drastically better. The residual on R1S quad motor is 79% which is $77,064.50 and money factor is 0.00334. Not sure if MF is good or not

The R1S lease values were an overkill!! You got a good rate!

 

[mrau]

Money Factor * 2400 = Interest Rate.



The .00334 money factor equals 8.01% interest rate.

The .00235 money factor equals 5.64% interest rate (as previously stated).

 

[LoneStar]

the Lease down-payment must have gone up to counter-balance

 

[chad.smith528]

They already did for standard and provided a standard+ in between option

It’s limited not lowered. Same pack as large but limited like Tesla

 

[runwithscissors]

It’s limited not lowered. Same pack as large but limited like Tesla

Would be interesting to know if people should then charge it to 100% knowing it's just software limited.

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