Yea it’s treated as a purchase I believe. Maybe a weird workaround cause they’re so uncommon. Either way it’s perfect for my work duties and will probably end up buying it. The 36 month term was only like 15-20$ more I think per month.
It is a balloon note, so a form of financing. They just offer the option of giving it up rather than paying the final lump sum. NJ can obviously track your registration for renewal and VIN if someone else buys it. Now, if you buy the 3rd year reg and sell to someone out of state, they likely would never know. Gotta decide if that gamble is worth it, though. You’d still be buying out the note, though, so might as well keep it that 3rd year.
I am wondering if at the end of the 24 months he should try for the used car 4k rebate.
Edit : Ugh, he can’t collect on 4k as it is a loan not a lease unless he gets the dealer to structure a completely new loan in his wifes name and buy out the Hanscom loan.
Original Use commences with someone other than the Taxpayer (Party B Rule)
Must involve a Dealer - This is where it gets sticky as this isn’t a lease and the dealer would have to buy the car from Party A and Sell it Party B (leaving a nice hole for the Dealer to insert some profit in)
That last one gets rough since Party A owns the car and doesn’t lease it.
Welcome to the world of edits that occur in my mind. I was musing at the end of the Better Lease he can take the 4k Used EV rebate, and accidentally wiped out that portion