American electric automaker Rivian officially launched the R1T’s leasing program in several US states on Monday, November 27.
Leasing program details
According to Rivian’s leasing disclosures, eligible customers can opt to lease a new Rivian R1T Adventure Package for 36 months with 30,000 miles as long as they receive delivery on/before December 31, 2023.
Rivian also noted that the total pricing before dealer options must reach $95,800 with the following selections:
- Quad Motor AWD, large battery pack, 21″ wheels ($87,000)
- Premium paint ($2,500)
- Premium interior ($2,000)
- Premium wheel ($2,500)
- Destination fee ($1,800)
Lessees must also pay $6,794 due at signing, which comprises the following:
- $5,000 capitalized cost reduction
- $899 first monthly payment
- $895 acquisition fee
- $0 security deposit
Reuters noted that customers can also benefit from federal tax credits of up to $7,500 and other applicable state incentives.
Scope
As mentioned, Rivian’s leasing program for the R1T electric pickup is only available to select US states as of today. These include the following:
- Arizona
- California
- Colorado
- Florida
- Texas
- Georgia
- Massachusetts
- Michigan
- Missouri
- New Jersey
- New York
- Nevada
- Pennsylvania
- Washington
Rivian chose these states because they have the highest concentration of customers and leasing activity, as reported by CNBC.
“We chose these launch states based on many factors including where our customers are located and where leasing is most popular.”
Rivian spokesperson Rachel Maniago
Ms. Maniago also disclosed that the company aims to expand the leasing program to other regions and include its other model offerings in the future. In order to do that, the company is currently working with its current financial partner, Chase.
Significance
Rivian asserted that leasing has long been one of the popular financing options among electric vehicle customers. That said, leasing its first production model is crucial for the company to expand its sales and customer base beyond early EV adopters.
In return, customers can now drive a Rivian R1T without paying the full amount upon purchase.
“Today, Rivian launched a new way for customers to get behind the wheel of a Rivian with the introduction of leasing. Rivian’s leasing program offers the adventure of owning a Rivian with more flexibility.”
Rivian
The all-electric pickup has advanced as the brand’s most popular model among customers. Therefore, the leasing program can further attract more customers to consider the R1T. It will undoubtedly play a significant role in the company’s end-of-the-quarter push.
