FWIW, we did get this, on a lease, applied right up front for a cap reduction (we received the full $7500).
$7,500 Federal EV Tax Credit
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Just be careful and make sure you know how you're getting the rebate. Before ordering the 4xe I specifically asked if the fed rebate was something I apply for on taxes next year and receive. They told me yes, but then I realized after signing the lease that it was already subtracted from the lease. So I put down some money (something I never do on leases), thinking I'd get it back next year. Doh, my fault for being so excited about picking up the 4xe that i forgot to check
Our dealer was great, right up front they said, yes, the rebate will be applied as a cap reduction, basically the bank is taking it, so our personal tax situation wasn't even part of the discussion.
You're right on about putting money down on a lease, we usually do $0, but with the MF on Wranglers being so high, it was advantageous to put a few extra bucks, save several hundred dollars.
You're right on about putting money down on a lease, we usually do $0, but with the MF on Wranglers being so high, it was advantageous to put a few extra bucks, save several hundred dollars.
Yeah, I've wanted a wrangler my whole life so it's not the end of the world. Been leasing cherokees until the time was right, and this 4xe is worth it so far.
The dealers make those leases so confusing on purpose so you can't make any sense of what your signing haha. I noticed the rent charge is like 10x higher then it was on my cherokees because the depreciation is so low on wranglers
The dealers make those leases so confusing on purpose so you can't make any sense of what your signing haha. I noticed the rent charge is like 10x higher then it was on my cherokees because the depreciation is so low on wranglers
My dealer said that Chrysler will apply it upfront on leases. Since we're purchasing we'll have to wait to deduct it on taxes.
That’s the same thing we were told. When I asked the APR of the lease it was close to 7%, I got my loan for 3.18%, well worth the wait until early next year to get the refund vs paying more interest in the lease.My dealer said that Chrysler will apply it upfront on leases. Since we're purchasing we'll have to wait to deduct it on taxes.
To my understanding, only the vehicle owner can apply for the $7,500 federal tax credit. If you are leasing, then only the leasing company can apply for the credit which they may apply to the lease.That’s the same thing we were told. When I asked the APR of the lease it was close to 7%, I got my loan for 3.18%, well worth the wait until early next year to get the refund vs paying more interest in the lease.
Another benefit that is available is the tax credit on the installation of EV charging equipment. Congress recently passed a retroactive federal tax credit for those who purchased environmentally responsible transportation, including costs for EV charging infrastructure. The tax credit now expires on December 31, 2021. Receive a federal tax credit of 30% of the cost of purchasing and installing an EV charging station (up to $1,000 for residential installations and up to $30,000 for commercial installations). Previously, this federal tax credit expired on December 31, 2017, but is now extended through December 31, 2021. The charging station must be purchased and installed by this date to be eligible.
Lastly, check with you local power company for rebates. Atlantic City Electric in NJ will be offering a 50% rebate on the installation of EV Charging systems starting in 2021.
Just to be clear did you receive the entire $7500 under cap reduction for your lease?Just be careful and make sure you know how you're getting the rebate. Before ordering the 4xe I specifically asked if the fed rebate was something I apply for on taxes next year and receive. They told me yes, but then I realized after signing the lease that it was already subtracted from the lease. So I put down some money (something I never do on leases), thinking I'd get it back next year. Doh, my fault for being so excited about picking up the 4xe that i forgot to check
Is it possible to start with a lease (no experience with a lease) and then, say a month later buy it outright? So, say I negotitate the OTD price with the $7500 credit, I receive it in the form of lower lease price, but want to buy the car outright for that price ($cash) is that possible?
sorry saw this so late. Yes, it does show a $7500 reduction on the lease agreement. I'll have to check the exact wording it uses, but I can't imagine its for anything else but the federal tax rebate.Just to be clear did you receive the entire $7500 under cap reduction for your lease?
Its my understanding that you always have the ability to buy back the car at any point. But be careful, I think they usually structure the leases so it's not a good deal to buy out of the lease early on.Is it possible to start with a lease (no experience with a lease) and then, say a month later buy it outright? So, say I negotitate the OTD price with the $7500 credit, I receive it in the form of lower lease price, but want to buy the car outright for that price ($cash) is that possible?
Someone else with more knowledge might have some better information.
sorry saw this so late. Yes, it does show a $7500 reduction on the lease agreement. I'll have to check the exact wording it uses, but I can't imagine its for anything else but the federal tax rebate.
Was your "Agreed Upon Value" for lease the (MSRP)+(fees and taxes) equalling you Gross Capitalized cost? Then from the gross capitalized cost they discount the $7500 rebate and any downpayment to give you the Adjusted Capital Cost?
I believe I was overcharged because it appears no 7500 rebate was taken off on my Adjusted Capital cost.
I was checking out a few threads on Leasehacker and a few people have been flipping their leased cars to Carvanna, Vroom and the other sites and making some money.Its my understanding that you always have the ability to buy back the car at any point. But be careful, I think they usually structure the leases so it's not a good deal to buy out of the lease early on.
Someone else with more knowledge might have some better information.
If i may add a scenario, what if I trade in my jeep 4xe which was a purchase and not a lease do i still receive the tax credit?
Yes, assuming you were the first owner of the Jeep.If i may add a scenario, what if I trade in my jeep 4xe which was a purchase and not a lease do i still receive the tax credit?
I am the first owner of the vehicle. Is there any documentation I can read stating that if I traded in or am the first owner of the vehicle I’m good for receiving the creditYes, assuming you were the first owner of the Jeep.
Would anyone know if there is a holding period for the vehicle before I can claim the tax credit?
No holding period. First buyer gets it.Would anyone know if there is a holding period for the vehicle before I can claim the tax credit?
Sorry to keep annoying. The IRS will know that I am the first buyer because of my SSN connected to the vin during purchasing correct,
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