Fisker owners receive a much-needed break 

Rivian and Chase have launched a buyback scheme allowing Fisker owners to sell their car to Rivian or trade in toward a new Rivian. The appeal centers around Rivian’s ability to offer higher average buyback and trade-in values than the open market following electric vehicle (EV) maker Fisker’s Chapter 11 bankruptcy filing in June 2024. Fisker owners started receiving notices this week from Hagens Berman law firm explaining the offer, which includes the opportunity to sell to Chase if the Fisker is inoperable and/or unrepairable. 

Hagens Berman’s notice reads: “These offers will provide three different options: 1) you may sell your vehicle to Rivian for a fixed price; 2) you may trade in your vehicle to Rivian for the same price and receive incentives for the purchase or lease of a Rivian vehicle; or 3) if your vehicle is inoperable or “bricked,” and cannot be repaired, Chase will purchase your vehicle from you at a fixed price. In each case, the fixed price will be equal to the purchase price minus an amount for usage of the vehicle since your purchase,” Carscoops reports.

Several Ocean owners are likely breathing a sigh of relief knowing they can use the offer to help pay off their balance for a vehicle that may not even work. Commonly reported issues with the Ocean include software bugs, inconsistent regenerative braking, and broken key fobs.

Who qualifies for the buyback and trade-in program?

JPMorgan Chase backed Fisker Finance, and participants of the buyback or trade-in program must have purchased their Ocean model through Fisker Finance or be part of Hagens Berman’s class-action lawsuit against Fisker. One Ocean buyer and Redditor received a letter from Fisker Finance, with a Rivian trade-in offer worth $36,454.68. During its release, Fisker’s Ocean started at $41,437 for its base Sport Model, $55,437 for its Ultra trim, $63,937 for the Extreme, and $68,999 for the Ocean One. 

Rivian trade-in spotlight

Rivian’s R1T pickup truck starts at $71,700, while the R1S SUV’s base price is $75,900. The R1T and R1S are Rivian’s only two available models. Like Fisker, Rivian is an EV startup, but it has scored more prominent investments than Fisker, such as Amazon, Cox Automotive, and the Volkswagen Group. In essence, Rivian is working to position itself as a more reliable alternative to Fisker and is also releasing more affordable next-generation models relatively soon, including its R2 mid-size SUV and entry-level R3. The R2’s deliveries are expected to begin in the first half of 2026, while the R3 is slated to follow in late 2026 or early 2027.

Final thoughts 

Rivian and Chase’s lifeline helps Fisker owners mitigate some, but not all, of the pain associated with spending a lot on a highly problematic SUV made by a manufacturer that has filed for Chapter 11 bankruptcy. Even if a Fisker Finance customer places money from a sale toward their Ocean’s balance, the entire vehicle might still not be paid off despite receiving higher average amounts than the open market.

However, Rivian will likely score new fans with their new buyback and trade-in scheme, and support from Fisker Ocean purchasers could prove valuable as Rivian aims to accomplish the nearly impossible task of succeeding as an EV startup.