When u lease an electric car in nys, who is entitled to the federal tax credit- the dealership or the person who leases the car? How about who gets the New York STATE rebate?
Everything goes to the financial institution , (to the owner of the car, you are jusr renting)
some state/local credits go to the lessee
In NY state the electric car rebate is a POS (point of Sale) rebate which means that the value of rebate is given to you as a credit at the time of purchase or leasing the vehicle. However the car has to be purchased only from dealers in NY state who are registered with the state to give this rebate. Also if leasing the minimum term to lease is 30 months (verify that). The car needs to be registered in NY needless to say.
The value of the rebate depends on the battery capacity of the vehicle and changes depending on various models.
https://www.nyserda.ny.gov/All-Programs/Programs/Drive-Clean-Rebate/How-it-Works
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Thx. Yes in NYS I get rebate !
Thx. So I don’t get $500 in mail. It can just be taken off amount of lease…?
You get $500 deducted from your adjusted cap cost (selling price) just like a rebate from BMW and than your lease is calculated. No mailing anything or getting any checks back.
Thank you. And how does the federal credit work for the electric cars?
You can easily google that.
For leasing it says leasing company gets the credit. Does this mean the dealer or financial company… not sure…
Leasing co = finance co