Sponsored

Rivian Lease Deals are extremely favorable right now

ericindc

New Member
First Name
Eric
Joined
Jan 27, 2022
Threads
0
Messages
4
Reaction score
4
Location
Washington, DC
Vehicles
Jeeps
Occupation
wine snob
Has anyone from DC asked about leasing? Seems like we are out of luck. I would certainly lease until I can get my reserved R2.
 

Eric9610

Well-Known Member
Joined
Nov 27, 2023
Threads
2
Messages
209
Reaction score
195
Location
So. Cal.
Vehicles
R1T QM, Tesla MY, MB E350, MB S550
Clubs
 
Some things to note on the payment for the lease that pay a big factor in payment price:

listed in order of importance:

1) Credit to debt ratio
2) You have leased or financed a car = in value
3) Payment history on cars
4) Credit score.

Thats right credit score is least important.
 

Chwtom

Member
First Name
Tom
Joined
Mar 29, 2024
Threads
2
Messages
8
Reaction score
3
Location
Usa
Vehicles
Jeep
Some things to note on the payment for the lease that pay a big factor in payment price:

listed in order of importance:

1) Credit to debt ratio
2) You have leased or financed a car = in value
3) Payment history on cars
4) Credit score.

Thats right credit score is least important.
no disrespect but this is not correct. Lease payments are a relatively simple calculation based on the purchase price, residual value and interest rate (money factor).
The purchase price is negotiated and has nothing to do with your history.
The residual is based on estimates from the manufacturer on how much the car will depreciate in the lease period.
The money factor is just another term for the interest rate, which is determined by your credit score, just like anywhere else you borrow money.
 

Supratachophobia

Well-Known Member
Joined
Apr 8, 2023
Threads
1
Messages
921
Reaction score
1,267
Location
Ohio
Vehicles
S
Clubs
 
Some things to note on the payment for the lease that pay a big factor in payment price:

listed in order of importance:

1) Credit to debt ratio
2) You have leased or financed a car = in value
3) Payment history on cars
4) Credit score.

Thats right credit score is least important.
Credit to debit ratio and payment history are the defacto basis of a credit score.

But with regards to number 2, previous history with a manufacturer backed financial partner *used* to be a thing. The best example being Ford Financial who would basically loan you any amount for any Ford car as long as your previous history with them was tight. And it paid off for them for a very long while. Lots of brand-loyal customers wouldn't dream of missing a car payment at the expense of their mortgage check being late.
 

Sponsored

Eric9610

Well-Known Member
Joined
Nov 27, 2023
Threads
2
Messages
209
Reaction score
195
Location
So. Cal.
Vehicles
R1T QM, Tesla MY, MB E350, MB S550
Clubs
 
no disrespect but this is not correct. Lease payments are a relatively simple calculation based on the purchase price, residual value and interest rate (money factor).
The purchase price is negotiated and has nothing to do with your history.
The residual is based on estimates from the manufacturer on how much the car will depreciate in the lease period.
The money factor is just another term for the interest rate, which is determined by your credit score, just like anywhere else you borrow money.
Tell us you know nothing about financing without telling us you know nothing about financing.

The MF is directly devised by what I listed and has a significant impact on payment. Score alone is only used for conditional approval. If they use your auto FICO then the criteria I listed is critical in determining approval and APR / MF.
 

Chwtom

Member
First Name
Tom
Joined
Mar 29, 2024
Threads
2
Messages
8
Reaction score
3
Location
Usa
Vehicles
Jeep
Tell us you know nothing about financing without telling us you know nothing about financing.

The MF is directly devised by what I listed and has a significant impact on payment. Score alone is only used for conditional approval. If they use your auto FICO then the criteria I listed is critical in determining approval and APR / MF.
First, there isn’t a need to be insulting.

Second, I think you are confusing what goes into a credit score with what determines your money factor/APR.
The items you listed are factors in your credit score. So yes, they have an impact on the money factor you get.
But the money factor you get comes straight from your credit score, and is then influenced by special programs the auto maker might have and any markup the dealer puts on it.

Here is two sources saying exactly what I am saying. I don’t know everything, so if you have something that supports what you are saying, I’d be interested to see it.

https://www.investopedia.com/terms/...sed on Credit?,will have higher money factors.

https://www.leaseguide.com/glossary/money-factor/
 

Eric9610

Well-Known Member
Joined
Nov 27, 2023
Threads
2
Messages
209
Reaction score
195
Location
So. Cal.
Vehicles
R1T QM, Tesla MY, MB E350, MB S550
Clubs
 
Money factors and APR don’t come straight from your score. Worked in lending for a while. It only gives conditional approval.

I have seen people with mid 700 get better financing than people with 800+ scores many times. Income, credit to debt and $$$ financed in the past determin rates offered.
 

R1SFamilyGuy

Well-Known Member
Joined
May 3, 2023
Threads
17
Messages
116
Reaction score
83
Location
NJ
Vehicles
Mazda CX-5
Occupation
I do software things
Income, credit to debt and $$$ financed in the past determin rates offered
Ok, these posts are coming at an opportune time for me. If debt to income ratio is a major factor then I’d rather add my wife as co-registrant - the house mortage is already in my name.
 

Eric9610

Well-Known Member
Joined
Nov 27, 2023
Threads
2
Messages
209
Reaction score
195
Location
So. Cal.
Vehicles
R1T QM, Tesla MY, MB E350, MB S550
Clubs
 
Ok, these posts are coming at an opportune time for me. If debt to income ratio is a major factor then I’d rather add my wife as co-registrant - the house mortage is already in my name.
The route I would take is submit as you only then if unhappy with terms ask to add your wife. No sense in doing it without knowing initial payment. Rates on the R1T I have seen are from 3.4%-5.5% APR depending on above. R1S rates seem to start at 6%.
 

Sponsored

R1SFamilyGuy

Well-Known Member
Joined
May 3, 2023
Threads
17
Messages
116
Reaction score
83
Location
NJ
Vehicles
Mazda CX-5
Occupation
I do software things
Alright, so I picked a White+Forest Edge DM, Standard+, 22" dark from the shop last week but because I submitted it (lest it be gone), I can't make changes like swap out for 21" wheels or get any of the aforementioned discounts 🙁
 
Joined
Mar 28, 2024
Threads
0
Messages
9
Reaction score
8
Location
Miami
Vehicles
23 R1T
To be perfectly honest, they delivered my R1t with 20' wheels and AT tires, they were supposed to be the 21's with road tires. I have an appointment to get them swapped April 10 so technically, I don't have them, yet. I wish I woulda held out a bit more for the 22's though, hence the comment.
 

b_ack51

Active Member
Joined
Jan 9, 2023
Threads
0
Messages
33
Reaction score
13
Location
Ohio
Vehicles
None
Clubs
 
The route I would take is submit as you only then if unhappy with terms ask to add your wife. No sense in doing it without knowing initial payment. Rates on the R1T I have seen are from 3.4%-5.5% APR depending on above. R1S rates seem to start at 6%.
Are these rates you're seeing for 2023 or 2024?

Leasing the 23 R1S, waiting on e-signing final contract as I just sent the due at signing.
Sponsored

 
 




Top