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Colorado Tax Credit and Financing

Discussion in 'Model 3: Ordering, Production, Delivery' started by manitou820, Jul 30, 2017.

  1. manitou820

    manitou820 Member

    Joined:
    Apr 6, 2013
    Messages:
    48
    Location:
    Colorado
    Two questions:

    1. Does anyone know if Tesla is applying the $5000 Colorado tax credit during the purchase? I know Colorado made this an option starting in 2017, so I'm wondering if Tesla is taking advantage of that.

    2. My reservation is under my name, but I'll probably do the financing under my wife's name (I have our other car under my name currently). Is this a problem for Tesla to actually do the financing and title under my wife's name instead of mine?

    Thanks!
     
  2. TallPaulS

    TallPaulS Member

    Joined:
    Feb 28, 2017
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    45
    Location:
    Colorado Springs, CO
    1) They do not in this current calendar year. This could change but I wouldn't bet on it.

    2) Shouldn't be an issue, you could even register under both names as far as Tesla is concerned. Your finance company is the one that will dictate what they allow here.
     
  3. TallPaulS

    TallPaulS Member

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    Feb 28, 2017
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    I should clarify that while they are not doing the 5k up front (yet) you can still receive it when you file for taxes.
     
  4. Weezer Fan

    Weezer Fan Member

    Joined:
    Mar 31, 2016
    Messages:
    204
    Location:
    Denver, CO
    Hmmm. I read that the $5000 credit could be used for a downpayment for an EV. Nothing specific was said about Tesla. It was in the Denver Post, but I don't have the link handy.
     
  5. dgpcolorado

    dgpcolorado high altitude member

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    Location:
    The Western Slope, Colorado
  6. voip-ninja

    voip-ninja Member

    Joined:
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    Tesla is expanding to five stores in Colorado and adding something like 14 more supercharger stations. Clearly it's an important market for them.

    I expect eventually they will allow up front use of the Colorado tax credit.
     
  7. AlanSqB

    AlanSqB Dog Chauffeur

    Joined:
    Mar 20, 2015
    Messages:
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    Location:
    Fort Collins, CO
    The credit is claimed by the financing entity, not the manufacturer. You would have to get the third party lenders Tesla uses to go along with this and that's probably why it hasn't happened yet.

    Nissan uses NMAC for lending so that's why they are able to tack the credit on the front with no issue.
     
    • Like x 1
  8. MoEZY

    MoEZY Member

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    5
    Location:
    Colorado
    Weezer Fan,

    I read the same article in the Denver post then I read HB 1332. Based upon what I read it is with whomever you are doing the financing with. If Tesla does not directly participate then the company that finances your auto loan can. It could be Alliant or any institution that you are financing your Tesla purchase through. I hope to learn more this week, my car delivery is in September time frame. Colorado wants to increase its sales of EVs and that is why they have aggressive incentives. Not sure why Tesla would not partner with Colorado since they are getting the $5K from the state per HB 1332.
     
    • Like x 1
  9. MoEZY

    MoEZY Member

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    Aug 6, 2017
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    Location:
    Colorado
    • Informative x 1

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