Rivian Expands with R1S Leasing, Offering Flexible Terms in Select States

Rivian announced this week that it has begun leasing the R1S all-electric SUV. In November, Rivian introduced a lease on the R1T, making it easier to acquire the company's first vehicle.

Rivian Introduces Lease For R1S

Rivian is now including the R1S program. However, before you make your decision, you should be aware of the several terms that the corporation includes with R1S leasing. Initially, Rivian will limit the states that can lease the R1S. Currently, they include:

• Arizona
• California
• Colorado
• Florida
• Georgia
• Illinois
• Massachusetts
• Michigan
• Missouri
• New Jersey
• New York
• Nevada
• Pennsylvania
• Texas
• Washington

Leasing allows potential owners greater flexibility by cutting the monthly cost and, potentially, the downpayment. However, drivers are limited to a specific number of miles each year, and exceeding that figure can be costly.

For example, Rivian offers a 36-month lease with 10,000 yearly kilometers for as little as $1,108. Signing costs $9,003, which includes the first month's payment, a $895 acquisition fee, and a $7,000 downpayment or trade-in value. This pricing also includes an "excellent" credit rating of 800+.

Rivian R1S Currently Available Through Automaker's Online Shop

The Rivian R1S is currently available via the automaker's web store. Customers can now purchase or lease an R1S through Rivian's shop and have it delivered within a month.

Rivian alerted Teslarati that R1S leasing began on January 17, 2024. Customers must be a "very well" qualified lessee who accepts delivery on or before January 31, 2024, in order to qualify for the $1,169 monthly lease fee. Qualified lessees can lease a new Rivian R1S Adventure Package for 36 months and 30,000 miles.

The discount is only valid on Rivian R1S vehicles that total $100,800 before dealer options. The R1S vehicle costs $100,800 and includes the following options: Quad Motor AWD, a big battery pack ($92,000), premium paint ($2,500), premium interior ($2,000), premium wheels ($2,500), and a destination fee ($1,800).

Rivian R1S lessees must pay $9,064 upon signing. The total comprises a $7,000 signing fee (plus the $1,000 deposit), a $1,169 initial monthly payment, and a $895 purchase charge. Tax, title, license, and registration fees will be required at the signing but are not included in the $9,064 deposit.

Rivian also requires a security deposit, which can be as low as $0 for those consumers who qualify. Offer includes upfront capitalized cost reduction of $7,500 provided by the lessor, as per Rivian.

Photo: mliu92, CC BY-SA 2.0, via Wikimedia Commons