Applying Colorado EV Tax Credit to Loan

[zelikor18]

Looking to purchase MYP soon. I am a Colorado resident so I am looking to apply the $5,000 EV tax credit towards the loan, which I'm pretty sure I am able to do so according to this document CO Tax Credit page 4
"A purchaser or lessee who obtains financing for the purchase or lease of a qualifying motor vehicle may, by mutual agreement with the financing entity, assign the credit to the financing entity. The assignment must be completed at the time of purchase or lease by executing the required election statement. The financing entity must compensate the motor vehicle purchaser or lessee for the assigned credit."
It goes on to say to fill out form DR 0618 to be completed at time of purchase and that starting 2024, dealers can take the credit at purchase.
Has any CO residents completed this process with your bank/Tesla? just wondering how it went...would the $5,000 get applied to MSRP and taxes calculated afterwards?

Thanks! Can't wait to get a MYP

 

[CO Y Curious]

following...fed tax credit can also be taken by tesla financing in 2024 also right?

 

[RatsFPV]

The credit is exactly that...a tax credit. You cannot put towards your loan.

 

[MOD3LR]

The credit is exactly that...a tax credit. You cannot put towards your loan.

The 7500 is also a tax credit….

 

[MOD3LR]

Looking to purchase MYP soon. I am a Colorado resident so I am looking to apply the $5,000 EV tax credit towards the loan, which I'm pretty sure I am able to do so according to this document CO Tax Credit page 4
"A purchaser or lessee who obtains financing for the purchase or lease of a qualifying motor vehicle may, by mutual agreement with the financing entity, assign the credit to the financing entity. The assignment must be completed at the time of purchase or lease by executing the required election statement. The financing entity must compensate the motor vehicle purchaser or lessee for the assigned credit."
It goes on to say to fill out form DR 0618 to be completed at time of purchase and that starting 2024, dealers can take the credit at purchase.
Has any CO residents completed this process with your bank/Tesla? just wondering how it went...would the $5,000 get applied to MSRP and taxes calculated afterwards?

Thanks! Can't wait to get a MYP

i am understanding it that way too… so i will be calling to ask.

A purchaser or
lessee of a qualifying motor vehicle can assign the credit to
the financing entity or, for purchases or leases on or after
January 1, 2024, to the motor vehicle dealer.