$7500 Federal tax credit with Lease
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Thread: $7500 Federal tax credit with Lease

  1. #1
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    Default $7500 Federal tax credit with Lease

    I was told by my dealer I would get the $7500 tax credit for leasing a Volt. I already ended up leasing it and was approved for the California tax credit of $1500, but I am wondering if anyone has received the Federal tax credit while leasing. They said the tax credit used to be applied to the lease to drop the payments, but they don't do that anymore. If this isn't true, I definitely want to resolve this ASAP.
    Thanks

  2. #2
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    Your dealer is incorrect. Credit is only for buyer of a new Volt. You leased, so you cannot claim credit
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  3. #3
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    He lied. I would take legal action and offer everything be reversed plus $5,000 cash within 7 days of being served or $10,000 cash beyond a weeks resolution time period to be used to buy a car somewhere else..... plus your legal fees.

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  5. #4
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    On a lease the dealer claims the tax credit. That's a big factor in how they keep the lease payments so low. Better see your sales associates supervisor, maybe talk to some legal council. You've been had....

  6. #5
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    I understood that Ally took the credit and applied it to the lease. As an example when I leased mine (base, no options) it was 2000 down and 345 mo. for 12K miles a year. I've actually seen better deals from KEYS in CA. Find out when the Ally rep will be coming to the dealership cause everyone else I had talked to was crazy on the payment. Like 650 mo.!?!?!

  7. #6
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    Pants on fire. The leasing company is the car's owner, they get the credit, not you.
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  8. #7
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    Quote Originally Posted by motobarry View Post
    I was told by my dealer I would get the $7500 tax credit for leasing a Volt. ... They said the tax credit used to be applied to the lease to drop the payments, but they don't do that anymore.
    As others have pointed out, it is whoever buys the car that gets the credit (the leasing company, not the dealer).

    But, there are also times that common sense can prevent miscommunication like this. For example, if the tax credit used to be used to drop your payment, but no longer does, that would mean that the tax credit went to the leasing company -- wouldn't you wonder if the tax laws changed?

    And, let's say you lease at $299/month (as is typical here) for 24 months (24 month leases were common a couple months ago), and you DO get the tax credit. You're paying $7,176 in monthly payments and perhaps $500 down, that's $7,676. You expect the federal government to give you back $7,500, and the state $1,500, so you're getting paid $1,324 to take a new car off a dealer's lot for 3 years?

    If the dealer indeed did tell you that you would get the tax credit, you likely do have a case against them (unless you signed away some rights). But in the future, some common sense can go a long way.
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  9. #8
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    He may have been telling you the truth. You do get the tax credit when leasing the Volt, it's just that you get it added to the residual rather than getting a check.

  10. #9
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    The dealer told an untruth...the tax credit goes to the owner/lessor-buyer. Not the lessee. And can't be used by the lessee now, and it didn't change at an earlier date, nor would it currently be seen as "used to be applied to drop the lease payments" by someone leasing the car.

    For my lease as an example, Ally applied the tax credit to the residual and hence lowered the payments.
    Last edited by jeffhre; 10-19-2012 at 10:41 PM.

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  12. #10
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    Quote Originally Posted by motobarry View Post
    I was told by my dealer I would get the $7500 tax credit for leasing a Volt. I already ended up leasing it and was approved for the California tax credit of $1500, but I am wondering if anyone has received the Federal tax credit while leasing. They said the tax credit used to be applied to the lease to drop the payments, but they don't do that anymore. If this isn't true, I definitely want to resolve this ASAP.
    Thanks
    You would have to post the details of your lease here to find out if this was more of a miscommunication or something worse.
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