Fisker Ocean owners have been stuck in a nightmare ever since Fisker declared bankruptcy in 2024, leaving them with vehicles that rapidly depreciated and lacked factory support. However, a new buyback program from Rivian and JPMorgan Chase is now providing a way out.
According to letters received by some Fisker Ocean owners and posted online, Rivian, in partnership with Chase Bank, is extending an offer that could help them recover significant value from their vehicles. The deal provides three main options: (via Carscoops)
- Selling their Fisker directly to Rivian.
- Trading it in for credit toward a new Rivian R1S or R1T.
- Selling inoperable vehicles to Chase for a fixed price.
According to reports, Rivian and Chase are determining buyback values based on the original purchase price, subtracting a usage deduction. Some owners have already received offers exceeding US$36,000—far more than they would likely get on the open market, where Fisker Oceans have been selling for as little as US$10,000.
The buyback program offers an additional incentive of up to US$6,000 in savings on long-range versions of Rivian’s R1S and R1T models.
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While this program is a welcome relief for many, it does have its limitations. The deal is mainly available to Fisker owners who financed their purchase through Chase or are part of the Hagens Berman class action lawsuit against Fisker. Owners who have already sold their Oceans at a loss, hoping to escape their financial burden, are unfortunately left out of this program.
Additionally, while the buyback price offers some relief, it does not make up for the full amount many owners originally paid—especially those who purchased higher-end trims with prices exceeding $60,000. However, given the dire resale market for Fisker vehicles, most affected owners see this as the best offer they will likely receive.
For Rivian, this move is not just about goodwill; it’s a strategic marketing play. By targeting Fisker owners—many of whom remain committed to the EV market but feel betrayed by Fisker—Rivian is positioning itself as a reliable alternative. Unlike Fisker, Rivian has successfully scaled production, built a strong brand, and expanded its product offerings.
