Thank you. I was not aware of that thread.Check out the dedicated thread for that here:
Credit Unions with good rates that accept applicants anywhere within the US?
Currently looking at financing options and wanted to compare rates from different credit unions around the country. Would you be able to recommend any CU's that don't have a restriction on location?teslamotorsclub.com
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Discussion: Model Y General Waiting room for orders placed After January 2023
- Thread starter acpd
- Start date
Guys,
I placed order or 1/31 and changed color from gray to blue on 2/1 and at that point it was showing my delivery date to be Feb-March but now i checked the date and it is showing March - May. Meaning i may not get federal credit. I was in the process to filling out all paperwork today.
I am not sure how to processed with it. I really want to get the Tesla Y with federal and state credit (NJ).
Should I just fill out all the loan forms and see how it plays out ? I don't want to loose federal credit and buy the car......
Let me know your thoughts
I placed order or 1/31 and changed color from gray to blue on 2/1 and at that point it was showing my delivery date to be Feb-March but now i checked the date and it is showing March - May. Meaning i may not get federal credit. I was in the process to filling out all paperwork today.
I am not sure how to processed with it. I really want to get the Tesla Y with federal and state credit (NJ).
Should I just fill out all the loan forms and see how it plays out ? I don't want to loose federal credit and buy the car......
Let me know your thoughts
You should not start the financing process unless you get a VIN assigned or your EDD is narrowed down to a 2 week period. Usually credit approvals are for 30 days. If you get an approval now but your delivery is late, then you will have to get a fresh approval and they will hard query your credit. Hard queries reduce your credit score so its better to utilize the first approval.
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Sorry My question was not clear
When I booked my car delivery date was Feb-march (ordered on 1/31). Today date is changed to March-May. My problem is loosing federal rebate after march. Has this happen to anyone else?
It’s a gamble. No one knows for sure what’s going to happen. You’ll likely still qualify for at least a $3750 federal tax credit if your car is delivered later.
My EDD is also in March and am also worried about loosing half of the federal tax credit. The thing is no one knows when they will announce the new guidelines and what date they will be applicable from. But the change in EDD that you see is drastic and there is high chance you will miss half of the federal tax credit. I would keep an eye on the local inventory and buy something within this month if possible. Upgrading the vehicle by paying $3750 more and getting the full $7500 credit is better than not upgrading the options and loosing $3750 in credits.
Managed to place an order yesterday soon after the ruling that raised the 55K ceiling (eligibility for the federal tax credit) and luckily ahead of the price increase. Ordered a MYP, Midnight Silver Metallic and currently show a February - March Estimate for delivery. Browsing through the thread, I noticed that several members received a date range for their EDD soon after placing an order. I'm confused in terms of the next steps. Should I expect my ED which is presently Feb - march to first flip to a date range before I receive a VIN? Or is the date range somewhere in there and I just haven't managed to find it on the app or the website/account.
Everyone ordering now is in the same predicament. We all are waiting for the IRS to give guidance on the battery components and assembly requirements which will occur sometime in March. Lots of speculation regarding the effective date of that ruling - whether it is the date of the guidance announcement or some other date. This is a tax credit against income that is due for 2023. Therefore, no on has 'lost' it yet.
I'm wondering why everyone is thinking that magic date is 3/1. Couldn't they make it retroactive to 1/1/2023, when the law went into affect? Or did the Treasury department categorically state that they would not make the effective date retroactive?
EDD will update soon in the app showing specific dates e.g. Feb 20 to March 18. Then later on you will get a VIN assigned and the EDD will narrow down further.
You won't lose all of the rebate, just could lose half. $3750. I see what you are saying, it will stink to lose the $3750, but not all is lost. You can also cancel your order later on if you dont like your circumstance and you will only be out the $250. There is speculation that the feds might delay the battery requirement but as of today that is not how it is written:
Until the day after the Treasury Department and the IRS issue proposed guidance on the critical mineral and battery component requirements of the new clean vehicle credit under....
Once the Treasury Department and the IRS issue the proposed critical mineral and battery component guidance later in 2023, additional requirements will change the amount of the credit (that is, an eligible vehicle may qualify for more or less credit than before). The credit amount will depend on the vehicle meeting the critical minerals requirement ($3,750) and/or the battery components requirement ($3,750). A vehicle meeting neither requirement will not receive a credit, a vehicle meeting only one requirement may be eligible for a $3,750 credit, and a vehicle meeting both requirements may be eligible for the full $7,500 credit. The Treasury Department and the IRS anticipate issuing the proposed guidance in March.
Topic A — Frequently asked questions about the eligibility rules for the New Clean Vehicle Credit under §30D effective Jan. 1, 2023 | Internal Revenue Service
New Clean Vehicle Credit, Previously Owned Clean Vehicle Credit and Credit for Qualified Commercial Clean Vehicles frequently asked questions Topic A — Eligibility rules for the New Clean Vehicle Credit
If you look into the law making process, it specifies 'benefit the public'. That is why they cannot backdate the new rulings that they will announce in March. Yesterday's regulations of making all Model Ys bought since 1st Jan was implemented from the back date because it benefits the public.
THis is creating a confusing situation for all of us who are waiting for the car. Basically they can change the date any time. Till yesterday it was Feb-March and now I see March-May.
Makes it very hard to plan
It clearly states "the day after" they issue the guidance on batteries and the IRS also says they expect to in March:
Topic A — Frequently asked questions about the eligibility rules for the New Clean Vehicle Credit under §30D effective Jan. 1, 2023 | Internal Revenue Service
New Clean Vehicle Credit, Previously Owned Clean Vehicle Credit and Credit for Qualified Commercial Clean Vehicles frequently asked questions Topic A — Eligibility rules for the New Clean Vehicle Credit
Still, they could delay issuing the guidance.
Exactly. I ordered on 1/20 because I spent 4 days researching how the tax credits will work. Wish I had ordered earlier but for now just look at the bright side and sit tight. We ordered before the price increase
pwrdbykimchi
Member
Correct. And for those who have asked about or responded on the battery component requirements, this is according to the IRS IRA FAQ:
Q4. Do the new critical mineral and battery components requirements apply? (added December 29, 2022)
A4. Not yet. The critical mineral and battery component requirements under § 30D(e) will apply for vehicles placed in service after proposed guidance on these requirements is issued. The publication of these FAQs is not the issuance of proposed guidance with respect to the critical mineral and battery component requirements under § 30D(e) and does not trigger the applicability of those requirements. The Treasury Department and the IRS will explicitly identify when they have issued proposed guidance with respect to the critical mineral and battery component requirements under § 30D(e). However, vehicles ordered or purchased prior to but placed in service after Treasury and the IRS issue this proposed guidance will be subject to the critical mineral and battery component requirements. This proposed guidance is expected to be issued in March 2023.
In other words, if you take delivery of the vehicle before the proposed guidelines are issued some time in March 2023, you will receive the full Federal tax credit as long as you meet the other requirements (e.g. MAGI, vehicle eligibility, etc.).
SO you ordered on 1/20 and now your delivery date changed to March-May..... wow... now I am not feeling that badExactly. I ordered on 1/20 because I spent 4 days researching how the tax credits will work. Wish I had ordered earlier but for now just look at the bright side and sit tight. We ordered before the price increase
No. Mine is in March only. Yours is too late. Maybe it was the change of color that caused it. I would switch back to the grey if I were u lolSO you ordered on 1/20 and now your delivery date changed to March-May..... wow... now I am not feeling that bad
If i change the color, does it make it a updated date order or do I keep the same date when I first placed the order?
I changed my color and it did not affect the EDD per se (also added a tow hitch a different day and the EDD didn't even blink an eye). Cars are made in batches based on configuration, not on a first come first serve basis. So you could change the color and it could affect your EDD in your favor or not, depending on the batch cycle. Same with MYP vs MYLR vs MY Standard Range. It's about the batches. I dont think you will lose your place in line, due to the two changes I made and not affecting EDD once.
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