EV tax credit on purchases

Ask the Hackrs Buy/Finance
1

I understand for leases, it’s up to the captive to pass on the credit as lease credit, but for purchases how does it work? i see the form 8936, that specifically says to qualify, you are the owner of the vehicle. for a financed car, how does this work if you arent technically the owner?

2

You are the legal owner of a financed vehicle, the car is just collateral for the loan you have with your financial institution and they hold a lien on the title. This is in contrast to a lease, where the financial institution owns the vehicle and rents it back to you for a predetermined period of time.

4 Likes
3

There are already bunch of thread(s) on this.

Use the search function you’ll find your answer

4

thanks for the helpful response.

5

You are the owner.

Having a loan or a lien doesn’t make your creditor (the bank or CU) the owner of the asset. It just entitles them to be repaid on their loan

6

thanks, just didn’t want any weird shenanigans. appreciate the response