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Think so. Tesla will ask for the selection of the name and SSN for the tax incentive.So my sister and I want to buy a MYP. She qualifies for the POS discount, I do not.
Question is, if we both purchase (but I make payments) and she is on title with me, can we qualify?
Very helpful. Can she be the primary name even though I am paying for it? She will still be the primary driver.I know there is a way to do this but it could get tricky. You have to tell Tesla who the buyer is that is claiming the credit. There is the title but also the purchase agreement. I would talk to a tax advisor to make sure it works out for you but I think her name needs to be the primary name on the purchase agreement when Tesla claims the credit. Your name could also be there as secondary. And put both names on the title as well.
Does the incentives tab show up under your order?when do you get notified of successful POS credit on the Tesla app?
I just made a MYLR purchase and entered most of my info. driver's lic, ss#, etc.
Yes, use her name and SSN number as primary on the purchase agreement. Tesla will file the credit using her SSN so as long as her AGI does not exceed the cap you’re good. As for the loan, if both names are on it you are both responsible and both of your credit profiles will show the loan and be affected if you are late or miss payments. So keep that in mind since it sounds like she is mainly doing this as a favor to you.Very helpful. Can she be the primary name even though I am paying for it? She will still be the primary driver.
Does the incentives tab show up under your order?
Approved. Tesla's system links to the IRS portal in real time. Plus, the authorization come down to: is vehicle eligible and did buyer say they were eligible?yes, the incentives tab showed up and I filled in the info. it now shows up as complete.
The final price also shows up and it gives me a final cost which includes the $7500 credit. Does that mean it's approved or just a temporary approval?
I assume in doing this method both names will be on title right? I wonder if everything went smoothly at pos, you could remove the qualifying name off the title at some point in the future?Yes, use her name and SSN number as primary on the purchase agreement. Tesla will file the credit using her SSN so as long as her AGI does not exceed the cap you’re good. As for the loan, if both names are on it you are both responsible and both of your credit profiles will show the loan and be affected if you are late or miss payments. So keep that in mind since it sounds like she is mainly doing this as a favor to you.
Yes, likely need to have loan paid off or refinanced.I assume in doing this method both names will be on title right? I wonder if everything went smoothly at pos, you could remove the qualifying name off the title at some point in the future?
Approved. Tesla's system links to the IRS portal in real time. Plus, the authorization come down to: is vehicle eligible and did buyer say they were eligible?
Ah, yeah the final clearance/ submittal wouldn't happen until time of purchase, but that's process flow, not a conditional.Ah, ok. I just heard that some people still had to wait a couple hours when they went to pick up their cars. Not sure if there’s another step involved to finalize POS credit.
Thx
Some are, not all…and no performance in inventory.24 models are being discounted already. Just not as heavily as the max 23 discounts we see
A couple hours?? Hope that's just teething issues and not typical.Ah, ok. I just heard that some people still had to wait a couple hours when they went to pick up their cars. Not sure if there’s another step involved to finalize POS credit.
Thx
from electrek Dec 13, 2023:
Tesla is signaling that along with two trims of Model 3 losing all their federal tax credit next year, Model Y is also “likely” to lose part of the tax credits.
Just earlier today, Tesla confirmed that Model 3 RWD and Model 3 Long Range will lose the full $7,500 federal tax credit for electric vehicles on January 1, 2024, after previously signaling that they would only lose half. The reductions come as the government is increasing the requirements for electric vehicles to have fewer parts, especially batteries, from China in order to secure access to the credit.
While this is going to affect Tesla negatively temporarily, the automaker is working to produce more batteries locally in the US in order to regain access to the full tax credit.
However, it’s unclear when it will be able to ramp battery production enough to support Model 3 and Model Y being produced in the US. For now, Tesla’s own battery production is going to the new Cybertruck.