Consumers in some U.S. states can now lease the R1T electric pickup truck from California-based electric carmaker Rivian, which debuted the option on November 27.
The announcement follows the company’s plan to expand sales and its consumer base beyond early adopters of EVs. The company said in a statement, “Residents of Arizona, California, Colorado, Florida, Georgia, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennslyvania, Texas, and Washington can now lease a Rivian R1T under the brand new leasing program.”
A spokesperson for the EV maker confirmed the carmaker intends to work with its existing financial partner, Chase, for its leasing initiative. Moreover, in an email obtained by CNBC, the spokesperson said, “We choose these launch states based on several factors, including where our customers are located and where leasing is most popular.”
Leasing has grown in popularity, particularly as a way for clients to test drive an EV without making a long-term commitment. In addition, under the Inflation Reduction Act, a buyer leasing an EV is eligible for the full $7,500 tax credit, as opposed to the $3,750 currently available for purchases of Rivian models.
According to the company’s leasing disclosures, qualifying lessees can lease a brand-new Rivian R1T Adventure Package for 36 months with 30,000 total miles if they accept delivery on or before December 31, 2023. At the time of signing, $6,794 is due. A $5,00 capitalized cost reduction, a $89 first month payment, a $895 acquisition fee, and a $0 security deposit are also required at signing. Other fees payable upon signing include tax, title, license, and registration. **Not every customer is eligible to waive their security deposit.
