Rivian's New R1T Leasing Program Includes the EV Tax Credit and the Buyout Option

Firstly, Rivian's lease program is only available for the R1T at the time of writing. The R1S is not part of this new acquisition option. Moreover, prospective customers must select an inventory unit. Fortunately, multiple dual- or quad-motor R1Ts are available.

Secondly, leasing is an option only for Americans located in Arizona, California, Colorado, Florida, Georgia, Massachusetts, Missouri, Michigan, New Jersey, New York, Nevada, Pennsylvania, Texas, and Washington.

Thirdly, the lease program allows Rivian to apply for the EV tax credit. The company has a dealer license and can take advantage of the $7,500 Uncle Sam offers toward the acquisition of a battery-electric vehicle. The Irvine-based automaker is transferring the federal perk amount to the lessee. So, you can get your hands on an R1T that includes a $7,500 discount from the get-go.

The EV maker offers it as a capital cost reduction applied to the vehicle subtotal during the digital purchasing process.

When an individual buyer asks for the EV tax credit, they and the vehicle they buy must meet some stringent requirements to be eligible for the whole fiscal advantage. However, the income limitations, the maximum MSRP, and the critical mineral rules do not matter when the licensed selling party deals with getting the perk.

Fourthly, leasing an inventory R1T is only possible until the year's end. In 2024, the EV tax credit rules will change and become even stricter. That's also when the fiscal advantage can be applied at the point of sale, meaning you won't have to wait until next year to receive the $7,500 from the Internal Revenue Service.

Fifthly, Rivian requires a down payment of $5,000, an acquisition fee of $895, and the first month's payment from customers with excellent credit. The figures might look different for you. They depend on your specific financial situation.

For that, the lessee gets a mileage limit of 10,000 miles per year. If you want or need to drive more, Rivian will charge you $0.30 for every additional mile over the 30,000-mile limit. Don't worry, though! You can customize the down payment and the yearly mileage limit.

For example, a quad-motor R1T with the large battery pack, the Rivian Blue exterior, the Black Mountain interior, and the 22-inch wheels costs $92,000 before taxes and fees. Leasing it through Rivian Financial results in a monthly payment of $849 after the $6,744 due at signing and without factoring in various other charges.

However, remember that calculation represents an ideal scenario.

Rivian allows lessees to purchase the vehicle at the end of their lease. With 35 months left to pay, the customer ends up spending a minimum of $36,459. The buyout could set them back around $48,000. But keep in mind that Rivian will specify the vehicle's residual value in the lease contract.

You can also just give the R1T back and lease another one after the contract expires. There's also the option of entering a 24-month lease agreement.

Finally, Rivian's lease program comes right in the nick of time. It might even be a tad bit late. You should act now if you want an R1T and the EV tax credit just in time for Christmas.