Hey everyone,
I have a question, given in a particular circumstance, and hopefully you guys can give me some insight or your opinions.
I’m going to place an order for a model 3, under my account because I’m going to be driving it 99% of the time. I’m gonna put down $22.5K and the rest is going to be loaned. As you guys may have heard, there’s the regular secure auto loan, and then there’s the unsecured auto loan. I’ve read into both and the unsecured auto loan seems like the better option just to have fewer complications. In either case, my credit is not good enough to get approved for a loan with a very nice APR, so my uncle has agreed to stand for the loan for me.
Given that I’ve listed out the “conditions” I want to know how the federal tax credit will work given that it’s very important to the purchasing of this vehicle. The concerns I have deal with how my uncle can receive the full tax credit in these scenarios:
1) My uncle gets approved for the UNsecured loan, receives the money in his account and writes a check to Tesla for the whole price of the car during delivery day. Should we then have the car registered/titled under his name or mine?
OR
2) My uncle gets approved for the regular secured loan in which the lender’s name will be on the title, and the car won’t be “owned” until the loan is paid off. Should we have the car registered in his name or mine?
Moreso, if you all have other scenarios that I haven’t thought of that may be crucial or beneficial to my situation, I’d appreciate it! Thanks!
TL; DR: the most important point is the method to which we can secure the full $7500 credit. I’m I’m almost 100% that my uncle makes enough to be liable for more than $7500 annually.
I have a question, given in a particular circumstance, and hopefully you guys can give me some insight or your opinions.
I’m going to place an order for a model 3, under my account because I’m going to be driving it 99% of the time. I’m gonna put down $22.5K and the rest is going to be loaned. As you guys may have heard, there’s the regular secure auto loan, and then there’s the unsecured auto loan. I’ve read into both and the unsecured auto loan seems like the better option just to have fewer complications. In either case, my credit is not good enough to get approved for a loan with a very nice APR, so my uncle has agreed to stand for the loan for me.
Given that I’ve listed out the “conditions” I want to know how the federal tax credit will work given that it’s very important to the purchasing of this vehicle. The concerns I have deal with how my uncle can receive the full tax credit in these scenarios:
1) My uncle gets approved for the UNsecured loan, receives the money in his account and writes a check to Tesla for the whole price of the car during delivery day. Should we then have the car registered/titled under his name or mine?
OR
2) My uncle gets approved for the regular secured loan in which the lender’s name will be on the title, and the car won’t be “owned” until the loan is paid off. Should we have the car registered in his name or mine?
Moreso, if you all have other scenarios that I haven’t thought of that may be crucial or beneficial to my situation, I’d appreciate it! Thanks!
TL; DR: the most important point is the method to which we can secure the full $7500 credit. I’m I’m almost 100% that my uncle makes enough to be liable for more than $7500 annually.
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