Investing in or preordering something you can’t tangibly see and feel for yourself can be a daunting venture.
Sometimes, though, the product in question is desirable enough to take the risk. One thing that makes preordering a little easier to swallow is if the preorder is fully refundable.
Rivian Automotive Inc, shortened to just Rivian, is an up-and-coming automotive company that has created 2 all-electric “adventure vehicles”, and while they aren’t on the roads yet, you can get in line for one of these exciting vehicles for a deposit.
This may lead you to ask, is a Rivian deposit refundable?
Is Rivian Deposit Refundable?
Considering how much the upcoming Rivian vehicles will cost, with the least expensive option being $73,000, a deposit of $1,000 seems reasonably affordable.
Still, time frames on when vehicles will be complete or personal circumstances can make getting a refund on that money important.
Thankfully, a deposit to Rivian is fully refundable. Rivian’s website preorder agreement states, “You may cancel your Preorder and receive a full refund of your Preorder Fee at any time”.
While some purchasers have experienced delays in receiving their refunds, they do eventually come through.
Since Rivian is an all-electric vehicle company, a lot of the technology they are using is brand new and untested.
This, and the pushback of delivery dates that occurred earlier in 2022, as well as a downturn in stock value, has caused a number of people to request a refund on their deposits.
How Long Will it Take to Get a Rivian Refund?
While certain aspects of Rivian’s customer service have left some buyers less than satisfied, they seem to be committed to providing refunds to those who want them.
That being said, the refund process has also proved to be frustrating.
A lot of refunds, especially those for large amounts like the $1,000 Rivian deposit, are expected to take a fair amount of time to arrive.
Refunds of this nature are rarely instantaneous, and it isn’t unusual to wait 3 to 5 business days to get your money back.
Rivian, on the other hand, is reported to take 2 weeks on average to refund a deposit. Some buyers, though, experienced wait times as long as 30 days.
Even more frustrating, Rivian seems to occasionally have issues refunding the deposit to the point of purchase, which is a bank account, credit card, or debit card for most people.
When the refund can’t be processed back to the point of purchase, a paper check for the refund amount must be mailed out, and combined with the nationwide delays being experienced by the USPS, this can take weeks.
In summary, most people can expect their Rivian deposit refunded in 14 business days on average, but don’t be surprised if it takes a month or so.
Will I Get the Full Refund From Rivian?
Yes, a Rivian deposit is fully refundable at any time. There is no penalty for requesting a refund, so if you’ve made the $1,000 deposit, you will be getting $1,000 back.
Some companies take a percentage of the deposit if a cancellation is made, but Rivian provides the entire amount of the deposit back.
An exact date of when a refund is impossible isn’t listed on their website, but we assume that you can request this full refund up until close to the date of delivery.
Can You Transfer a Rivian Preorder?
If you don’t want to wait on a refund from Rivian, or you want to gift your deposit and preorder to someone else, transferring your Rivian preorder seems like a great secondary option instead of asking for a refund.
Unfortunately, Rivian does not allow the transfer or sales of preorders.
This means only the person who originally made the preorder for the Rivian vehicle can receive it or ask for a refund on the deposit.
Rivian states that they have no process in place to allow transference, and considering how rare preorder transfers are in general, it’s unlikely they’ll implement a way to do this in the near future.
So if you need to do away with your Rivian preorder and want your money back, it’s impossible to sell your preorder. Simply request a refund instead.
How Much Does it Cost to Reserve a Rivian?
Although Rivian has 2 different models, the R1T, a truck-style adventure vehicle, and the R1S, an SUV style adventure vehicle, as well as a number of upgrades and packages that can change the overall price of your vehicle, the deposit amount remains the same.
No matter which Rivian vehicle you’re reserving, the price of the deposit is $1,000.
Until you get closer to your delivery date, you can still experiment with different colors and options for your Rivian vehicle, as long as you’ve provided this $1,000 deposit.
Once this deposit is made, you will receive regular updates on the status or your article, and how soon you can expect your new Rivian adventure vehicle to be delivered.
Reserving a vehicle of any kind is a big deal, especially when you can’t drive it yourself beforehand or see the vehicle on the lot.
The fully electric Rivian vehicles may not be tangible when you make your deposit, but the ability to get a refund from said deposit makes the idea of putting money down a little easier to swallow.
The only downside to these deposits is that it can take up to 30 days to get your money back, and some buyers have reported that they have received a paper check instead of getting the money back in their bank accounts or on their credit cards.
While this is inconvenient, Rivian makes up for it by guaranteeing that you get the entire $1,000 of the deposit back, and there are no penalties for requesting a refund.