Trying to see if the following works. Please let me know if anyone has tried this before.
Region: Southern California
Purchasing a Model 3: $38k
CVRP (increased rebate): $7,500
CVAP: $7,500 + $1,000 charging card
Federal Tax Credit: $7,500
With my 2022 tax return I qualify for both the increased CVRP rebate and CVAP. However, I would not be able to realize the full $7,500 federal ev tax credit. If I have my sister co-sign and have BOTH our names on the title would she be able to claim the federal ev tax credit since she will have more than $7,500 tax liability? Will this disqualify me from any of the rebates mentioned above (she does not live with me).
If this works I would essentially be paying
$38,000 - 7,500 (cvrp) - 7,500 (CVAP) - 7,500 fed tax credit = $15,500 (before taxes, fee, $1,000 charging card)
CVAP will be accepted beforehand but I am concerned I will run into issues with CVRP/Fed Tax credit.
Regardless of the federal tax credit I recommend you still get it after you fulfill the 30 months you can probably sell it and have a minimal loss or possibly come out ahead
Did you already get approved for CVAP? There’s like new rules now besides the income limit, you have to live in a disadvantaged community and cap of 45,000 for the car.
I need an SUV and if I want and can qualify for all 3 (tax credit , CVAP and CVRP = about $ 22,000 off) I need to lease an ID4
I’m in the same boat, but seems risky. CVRP and CVAP both want to know everyone in household, and being another party on the title to be eligible for $7500 fed credit can muddy this. What is CVAP reviews the contract and doesn’t send the deferred downpayment? What if CVRP rejects application out right?
Probably going to consider a car that has the $7500 passed through in a lease so that I can get the full $22500 off.
Don’t believe this is correct, at least not for the CVRP rebate-- roommates are counted towards your household income UNLESS they have their own separate signed lease agreement.
CVA’s guidance is pretty much whatever you did on last years 1040, you have to abide by here. if they were part of your household when you filed the 1040, they’re part of your household now unless you can show otherwise. If you didn’t file taxes, it depends on whether its a house or apartment building. Only for the latter may you, “exclude any occupant(s) living in the same unit that are not a part of your family and/or do not contribute economically.”
For sure its open to some interpretation, and so I’ll just provide the sourced info and let you and others draw your own conclusions:
CVAP: If you did not file taxes or are not listed on someone’s federal tax return, household members are defined as those individuals who would typically be considered a claimant, spouse, and/or dependent(s), or group of individuals who are living together at the same address as one economic unit. In multi-family units, exclude any occupant(s) living in the same unit that are not a part of your family and/or do not contribute economically.
For the purposes of CVRP, a household includes all family members or other unrelated persons, including the rebate applicant, who reside together and/or share common living expenses. Income verification is completed for all members of the household ages 18 years and older. Note: Roommates who do not have a lease separate from the applicant are considered part of the applicant’s household.
This is by no means aimed at anyone in particular, but if part of the argument is "but they don’t verify’ I’d urge you to reconsider whether that’s really a valid consideration. not a legal or moral argument really against bilking dear old uncle sam; i mean who hasn’t fudged a figure or two on their taxes, right? But keep in mind that this is a program with limited funding available and this is really designed for low-income residents in low-income neighborhoods. Feels a little too Brett Favrey to go for those CVAP funds unless you really qualify.
Question regarding CVRP, can I get this on a Kia ev6? I see that their website updated and includes it now. If so, would I be able to stack it along with the lease credits from the dealer?