Colorado Tax Credit and Financing

[manitou820]

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!

 

[TallPaulS]

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!

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.

 

[TallPaulS]

I should clarify that while they are not doing the 5k up front (yet) you can still receive it when you file for taxes.

 

[Weezer Fan]

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.

 

[dgpcolorado]

Income 69: Innovative Motor Vehicle and Innovative Truck Credits for Tax Years 2017-2021

Although Tesla could claim the credit on behalf of the buyer and apply it to the purchase, my understanding is that they don't do that, at present. That means that the buyer would have to claim the credit when filing taxes the following year.

 

[voip-ninja]

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.

 

[AlanSqB]

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.

 

[MoEZY]

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.

 

[MoEZY]

AlanSqB: That is exactly how I understand it. Not through the manufacturer but through the lending institution.

http://www.leg.state.co.us/clics/cl...9D6D5987257F2400642E3F?Open&file=1332_rer.pdf