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Electric vehicle (EV) manufacturer Rivian announces new lease product in partnership with Chase Auto

Electric vehicle (EV) manufacturer Rivian announces new lease product in partnership with Chase Auto

A Rivian electric pickup trick drives along a dirt road next to a lake at sunset A Rivian electric pickup trick drives along a dirt road next to a lake at sunset

The option to lease a vehicle is becoming popular among traditional car buyers, and automakers are embracing the lease service as well. For sellers, leasing is a vital part of growing the business. For buyers, it addresses two major barriers compared to buying vehicles: high payment, and making a long-term commitment. This is perhaps especially relevant to the electric vehicle (EV)opens in same window market, where newer technologies and new EV-only brands can make some consumers hesitate to purchase.

Rivian is now offering a lease option on their popular R1T and R1S. The lease product is only available through Rivian Financial Services*, the program under which Chase provides financing to Rivian customers, in select states.

"We've had leases on the roadmap all along," said Jamie Jones, general manager for electric vehicles at Chase Auto. "As Rivian looked to expand and sell more vehicles, they realized that, in order to remain competitive and to reach more customers, leasing was critical. So that really helped us recognize that it was the right time to introduce the Rivian lease."

Working together, Chase and Rivian provide a user-friendly online application process where customers can compare lease and loan payments and apply for credit. Leasing also enables more customers to access the federal government’s $7,500 EV tax credit.

"Our partners tell us that leasing is one of the most requested financing options, and we work to be a good financial partner to make those arrangements happen," Jones says.

In Summary: Rivian is now offering a lease product for its R1T, an all-electric pick-up truck with a 410-mile range, and their R1S, an all-electric SUV with a 400-mile range Same page link to footnote reference 1 through Rivian Financial Services and Chase Auto. Leases are popular among consumers for their flexibility and lower costs, and Rivian is focused on putting more drivers in their vehicles.

To learn more about Rivian, visit www.Rivian.com.

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Same page link returns to footnote reference 1 Actual vehicle capability will depend on selected options and trim. Official EPA values are noted, however some R1S range estimates are preliminary based on the EPA test cycle. All range estimates are based on a configuration with 21” road wheels and tires.

Same page link returns to footnote reference * The tradename Rivian Financial Services and the Rivian logo are owned by Rivian, LLC (Rivian) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase). Rivian is solely responsible for its products and services and for promotional statements about them, and is not affiliated with Chase or its affiliates. Auto finance accounts are owned by Chase and are subject to credit approval, terms and conditions.

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This article is for educational purposes only and provides general auto information. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. Outlooks and past performance are not guarantees of future results. Chase is not responsible for, and does not provide or endorse third party products, services or other content. For specific advice about your circumstances, you may wish to consult a qualified professional.

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