Hi all, I need some help. I leased a new car this weekend and the $7,500 Tax Credit was applied to the lease. We realized after 24 hours that we don’t like this car. I doubt the dealer will take it back. If we choose to sell it would I need to pay back the $7,500 back to the IRS?
1 Like
No issue but who are you leasing from and what is the vehicle? That will determine whether you can do a 3rd party buy out and what the market is like. But no issues on paying back the credit.
Did you test drive the car? What could you hate that much, where after only 1 day of having it you want to return it? I have to imagine you had some hesitation buying it?
1 Like
If we choose to sell it would I need to pay back the $7,500 back to the IRS?
No.
4 Likes
You won’t as you didn’t get the $7500, the OEM might, but I doubt it.
Sell it and hopefully you can make a profit (aka Flipping it)
Theres nothing to pay back since you didnt get a tax credit
1 Like
Also You need to wait until the deal will be founded by the bank.
It may take 2 to 3 weeks in the worse case scenario.
Can you tell us this Mystery car and your reasons why you hate it?
1 Like
My money is on a EQS… 
2 Likes
I want to know too. Volvo C40?
1 Like
You do not have to pay the 7500 back
what’s the ar and why do you hate it?
This sounds like an excuse would use @anon65069371 about 14 times a year as an official explanation to the IRS. 
I would agree EXCEPT he is going to talk to the IRS about Undeclared Profittiering.
The $7500 Went to the OEM, the OEM gave an incentive of $7500, no direct relation other than it’s the same number. So who would get audited? the OEM.
i sold my cars for losses idk what you 2 are talking about
What would they get audited for? They purchased the vehicle for the purpose of leasing it. There’s no holding period requirement, etc.
Nothing, absolutely nothing. More trying to show that the OP will not get audited for the $7500. And you have confirmed the OEM won’t get audited either.
Fellas, fellas… It was a joke… No need for the Leasehackr audit 