My application for offering the Instant Rebate is still pending at the IRS for over 3 weeks waiting for them to verify my banking info. I have a potential customer on a Tesla that wants the instant rebate and not wait for the credit when he files taxes next year. My thought is selling it to a dealer that IS able to do the instant rebate, and they would sell it to the customer, for a reasonable fee of course. Something like what KeySavvy does. Does this sound possible? Or does it sound scammy from the the get go?
Any Clean Vehicle Instant Rebate used car dealers in the mid-Atlantic?
- Thread starter atikovi
- Start date
- Dec 20, 2023
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- kyle
My mom needs a new(er) car, and I'd love to help her find a nice used PHEV if we can find a dealer that has chosen to participate in the new POS tax credit program. She has no federal tax liability, so the only way she would benefit from the credit is via the POS program. AFAIK, dealers can sign up for this now, credit the $4,000 off the purchase price of the car if the consumer meets the income requirements, and they receive the $4,000(within days from what I've read). I've seen example of nice, relatively new model year PHEV's for under $20k. This tax credit would push the purchase price to $15k or below. The state credit for where she lives would save another $1100, potentially getting her a nice low mileage PHEV for $10-$15k. It's been challenging finding a dealer who participates, or knows if they participate, or is aware of the program at all.
Correct me if I'm wrong, but if she can't make use of the $4000 tax credit, i.e. her income isn't high enough, won't she have to pay back that $4000 to the IRS when she files her taxes next year?
