Unless you’re writing off the payments for a business lease it’s really not that good of a deal. In 2 years you’ll pay over 1/3 the price of the vehicle with nothing to show for it.
It is indeed a lease for business purposes. It feels like the bank is essentially taking the $7500 ev credit from me by doubling the interest rate it should be at. There’s no way I’m going to buy the car at that residual after the lease. Seems like a really bad deal but then again I don’t have to take on the risk of what this vehicle might be worth in 2 years especially if Rivian goes under.
See if your business can qualify for the $7500 commercial RV credit.
Rivian just announced leases on the standard and standard+ packs, obviously cheaper than the large and max packs. With the CO state refund, R1T with 315 miles of range is now about $600+tax with $1500 DAS. Getting into the tempting category for me…
The language in the promotional email had lots to digest:
lease a new Rivian R1T Standard Adventure Package for 36 months with 30,000 total miles for $559 per month. To obtain a payment of $559 per month, vehicle pricing before dealer options must total $71,700 comprised of the following vehicle selections: Dual Motor AWD, 21” wheels, LA Silver paint, Black Mountain interior ($69,900) + destination fee ($1,800).
$7,454 DUE AT SIGNING. Cash due at signing includes $6,000 capitalized cost reduction (includes $1,000 deposit), $559 first monthly payment, $895 acquisition fee, and $0 security deposit. Tax, title, license, registration, and lessor documentation fees are additional fees due at signing. Not all customers will qualify for security deposit waiver. Offer includes upfront capitalized cost reduction of $7,500 provided by the lessor. End of lease charges include: excess vehicle wear, 30 cents per mile for excess mileage, and $495 disposition fee. Lease offer is only available in the following states: AZ, CA, CO, FL, GA, IL, MA, MI, MO, NJ, NY, NV, PA, TX, WA.
The way I understand is the $7500 EV credit is the initial $7454 down and then taxes, dmv and dealer fee extra, roughly extra $2200 here for NY residents.
Looking at a lease of R1T. No details on their site, but backing into the numbers it looks like about 63% residual on a 3 year / 10k mi lease at a 3%ish finance rate.
Seems like a pretty good deal–$640 a month with $6k down for a $80k vehicle. There was a comment above about the lessor jacking the residual so they can raise the interest rate, so that would make the lease end buyout less attractive if that is what they do.
How much is the insurance tho
Remember that dent for 42k 
Expensive probably but then again my EQS is not that expensive to insure despite being an expensive EV like the R1T so who knows…
35k to drive one of these things for 24 months and 24k miles. About $1.46 a mile. Guy justifies it as a business expense to be able to make videos about it
That’s not how I read it. I read it as the $7,454 DAS is in addition to the $7,500 lease cash applied as a cap cost reduction. So total cap cost reduction is $6,000+$7,500=$13,500. The Rivian calculator allows you to zero out the $6,000 cap cost reduction portion of the DAS so that DAS = first payment + acq. fee + TTL. It doesn’t allow calculating a true $0 DAS deal.
Geico quoted me $1,100 for a 6mo policy on the R1s. 
State Farm was $1k as well, $300 more a month than my 2021 Model Y and $175 more than the 2020 Model S (caveat, I’m in Chicago and have $100 deductible). Comparatively, Rivian insurance quoted me $3k (!!) for higher deductible and same coverage. Doesn’t really speak to their own faith in their product.
Also, this is correct. The cap cost on the calculator can be zeroed out, and they apply the $7,500 credit as downpayment (along with the $1k deposit).
I haven’t seen (m)any posts on fees specific to Chicago, so posting my details here in case it’s helpful.
Vehicle price: $98,300 (quad, large, granite, underbody shield)
Terms: 24m/10k
Monthly payment: $1,161.13
Credits: $7,500 (EV credit), $1k (deposit paid / added to DAS below)
Downpayment: $0 / no trade-in
Due at signing: $8,050.19 (including $1k deposit)
- Illinois Taxes: $4,231.06
- Acquisition Fee: $895
- Local, Registration, other fees: $763
- Down payment: $0.00
- First month payment: $1,161.13
Delivery scheduled for next weekend!
UPDATE: Final paperwork states the residual value as $77,657 (24 months / 10k miles) with $0 down, which is a whopping 79%.
Isnt that something. I was pretty sure that premium would be near $2k on these Rivians as the MY and MX all were quoted in that range for me in NYC.
$200 a month no thanks
Try $325 monthly, just for insurance. That’s more than the WRXs you were swinging.
Don’t know anyone here in NYC that pays less then $250 nowadays…
Keep us posted if EV credit is applied to the DAS. That would be a pretty good deal for this vehicle!
Thanks for this, super helpful. Was sitting at the checkout page very weary of the 1k non-refundable deposit without even seeing real lease terms. I was planning on 0 down as well.
This doesnt track with the offer specifically listing a aeparate $7500 cap cost reduction from the incentive as already included. Why would they list a $6k cap cost reduction if it was the same as the $7500 cap cost reduction incentive? They’re two separate things.