Rivian and Chase Team Up For All-Digital Customer Financing Experience

[Rivian-WI]

DCU has 1.99% APR auto loans, plus you can get an addition 0.25% discount for "energy efficient vehicles".

https://www.dcu.org/borrow/vehicle-loans/auto-loans.html

Will you adopt me so that I can become a member?

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[CommodoreAmiga]

Will you adopt me so that I can become a member?

I'd have to ask my wife.

But if you just want to be a DCU member, you can do that without adoption.

There are many ways to be eligible. I think the cheapest/easiest is to join "Reach Out for Schools". It's a one-time $10 fee.

https://www.dcu.org/about/member-eligibility.html

• Reach Out for Schools – A non-profit membership organization that raises money to fund classrooms and programs that benefit students. Most of the funds that we raise are used to adopt classrooms through Adopt-a-Classroom and to fund projects through Donors Choose. These programs allow teachers to purchase classroom resources with donated funds. You may join this organization when you open your DCU membership.
  Memberships start at $10
  Reach Out for Schools, PO Box 290, Tyngsborough, MA 01879
  Reach Out for Schools Website

 

[BigE]

I've only found one credit union near me even approaching 2.5%, let alone 1.75%. Care to share where you're finding 1.74%?

Clean Energy Credit Union is currently 2.49% with several ways to join.

 

[discsinthesky]

Clean Energy Credit Union is currently 2.49% with several ways to join.

Yeah, that's one I found too. 1.75% is quite a bit better though!

 

[davrow_R1T]

My credit union is 1.74% for a 36 month term, or 2.49 for 60 months.

Restricted membership, though. Disney CU

 

[Jay]

Yup. DCU is the one. I financed my SRT8 with them for 1.24 back in the day.

 

[jimcgov3]

www.carolinacoopcu.com

Rates as low as 1.99% w/ excellent credit and a term as long as 84 months...

Not that you need 84 months but...they have it.

There is a membership requirement. One of the options is to join the North Carolina Consumers Council at www.ncconsumer.org/membership/index.html. There is a $20 one-time fee.

 

[LoneStar]

As a launch edition holder, I'd really like to understand how a person like me - NOT walking in with tens & tens of thousands of dollars in cash to put down - is actually going to purchase the R1T. Searched forum on financing and landed on this thread. Extracted this statement from the OP 1st post:

"The private label (Chase) Rivian Financial Services will deliver a best-in-class financing journey for retail customers through a highly transparent, interactive and simple purchase process. The program is set to launch in early 2021, ahead of June 2021 deliveries of Rivian’s R1T pickup."


OK. Damn sure should be "early enough" now to have Chase or Rivian put out some details on this supposedly all-digital purchasing arrangement. Seriously. Am I in the minority of L.E. buyers who need to finance this rather expensive vehicle purchase? Would like to get some details on rate terms, pre-qualification, down payment ranges, etc.

I'm facing financing around 80% of the purchase price (incl TT&L est.). For some people like me, there is a modest level of uncertainty of assurance for financing approval - or perhaps having to reduce the amount financed, i.e. scraping together more cash down. Or seek 3rd party financing not through this Chase/Rivian method. God knows if any other lender has a clue right now how to deal with a Rivian transaction.

Sure would like some "runway" ahead of the moment of purchase to react and plan. Right now, its a real drain on the joy of anticipating my upcoming Rivian (just being honest here).

 

[electruck]

There are plenty of online loan calculators available that should help you out with this. It should be obvious that loan rates are variable and may will change between now and when you actually purchase the vehicle (whether that be in 90 days or 9 months) but you can start getting a rough idea based on current market rates. Chase should have competitive rates but many people will be better off taking advantage of other options that may be available to them. You should be exploring 3rd party financing options if for no other reason than to have something to compare with what Rivian/Chase offers.

 

[cohall]

I'm just hoping that they'll let me charge the entire purchase to my Chase credit card. I could use the points.

Is that too much to ask?

 

[LoneStar]

My point here is that RIVIAN and CHASE made a formal announcement about this all-digital, simple experience for buying this vehicle. Their own words said it would be revealed in early 2021 ahead of June deliveries. I'd say potentially inside of 90 days qualifies for "ahead of."

 

[electruck]

My point here is that RIVIAN and CHASE made a formal announcement about this all-digital, simple experience for buying this vehicle. Their own words said it would be revealed in early 2021 ahead of June deliveries. I'd say potentially inside of 90 days qualifies for "ahead of."

May is also "early 2021 ahead of June deliveries". There is no point in talking about loans until Rivian is ready to start finalizing orders. If Rivian weren't offering their own financing option, would you be standing in line at your local bank today to talk to a loan officer?

 

[CommodoreAmiga]

Interest rates change daily. An auto loan pre-approval might be good for 7-14 days, normally -- 30 days tops. Even ignoring interest rates, a bank will want a current credit pull before they finalize a loan just to ensure they've got an updated and accurate picture of debt-to-income ratios and any possible derogatory marks. They don't want you defaulting on your current auto loan and then getting in bed with them.

Rivian has no reason to roll out their financing portal before May if they won't deliver until June.

 

[SANZC02]

This is interesting news and shows progress. Nice to see they are still looking at June deliveries, this is yet another confirmation of that.

I wonder if they are using Chase for all transactions or if the cash transactions are handled through a different process.

BCU (Baxter Credit Union) has rates as low as 1.39, not sure Rivian will qualify under the Auto Buying Service program though.

 

[Rivian-WI]

I am wondering how any down payment will be handled. With Dealership, you just hand over a check and you are good to go. With an online interaction, how will this be done?
Wire transfer, overnight a check / cashiers check. Credit card if you have the limit.
Just had a thought maybe they will make you go to a local Chase branch.

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