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Leasing and federal tax credit

leasing tax

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8 replies to this topic

#1 OFFLINE   jeffjb

jeffjb

    New Member

  • Fusion Energi Member
  • 2 posts
  • My Region:U.S. Northern Plains Region
  • LocationUnited States
  • Current Vehicle:2009 Chevy Silverado

Posted 18 July 2013 - 06:18 AM

I know that if I lease a Fusion Energi I cannot claim the tax credit since I do not own the vehicle. I would expect that I would still benefit from the tax credit by applying it towards the down payment on the lease (ok, they should do that). When I look at the offers from Ford they all state that they are purchase OR lease. To me this implies that for a lease I should get the current incentives plus the tax credit. The sales rep that I am dealing with is trying to tell me that the rebate on the lease is the tax credit but since the offers are for a lease OR a purchase I am not buying it. But I am not sure if that tax credit may be buried somewhere else. Since I cannot make heads or tails reading the fine print I was wondering if anybody who recently leased got a better explanation. 

 

Thanks!

 


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#2 OFFLINE   apm

apm

    New Member

  • Fusion Energi Member
  • 150 posts
  • My Region:U.S. Southern Atlantic Region
  • LocationMiami, FL
  • Current Vehicle:2013 Ford Fusion Energi

Posted 18 July 2013 - 07:48 AM

Hi Jeffjb,

 

When I bought my car in April the incentives were $1500 for purchase or $3750 for lease.

 

If you purchase the car then you have the option to claim the $3750 Tax Rebate on your 2013 Tax Return. If you lease the car, the leasing company takes the tax credit and gives you the $3750 incentive. Basically you miss out on the $1500 if you lease.

 

Hope this helps.

Regards,
APM


Model: Sterling Grey 2013 Fusion Energi Titanium Plug-In (P0S, 800A, 13B, 18C, 53B, 55M, 90A, 60N, 96B)
Date Ordered: 2/4/13
Promised Delivery time: 8-16 weeks
VIN Available: 3/1/13

VIN #: 3FA6P0SU9DR282477

Window Sticker Available: TBD
Scheduled Build Week: 3/25/13

Scheduled Build Date: 3/27/13 (missed)

Actual Build Date: 4/1/13
Released from Factory for Shipping: TBD

Rail car ID available: TBD
Estimated Delivery Date: TBD
Actual Delivery Date: Bought one from stock on 4/5/13
State: FL


#3 ONLINE   Eric4539

Eric4539

    New Member

  • Fusion Energi Member
  • 298 posts
  • My Region:U.S. Pacific Coast Region
  • LocationCentral Valley
  • Current Vehicle:2013 Fusion Energi Titanium

Posted 18 July 2013 - 10:04 AM

When I purchased my Energi Titanium I knew I would qualify for $3750 Federal Tax credit.  Living in the San Joaquin Valley there is another $1500 rebate that I will also apply for.

 

The rules for the $3750 Fed Tax credit state:

 

The following requirements must also be met for a certified vehicle to qualify:

  • The original use of the vehicle commences with the taxpayer—it must be a new vehicle.
  • The vehicle is acquired for use or lease by the taxpayer, and not for resale. (The credit is only available to the original purchaser of a new, qualifying vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit.)
  • The vehicle is used mostly in the United States.
  • The vehicle must be placed in service by the taxpayer during or after the 2010 calendar year.

So it seems that it is up to the leasing company to let you take the $3750 credit or not.  Is that what you all understand?


Ginger Ale Energi Titanium

Purchased 6/29/13 from dealer inventory

Moonroof

Driver Assist Package

Adaptive Cruise Control

Navigation

Active Park Assist

All Weather Floor Mats

Cargo Net


#4 OFFLINE   jeffjb

jeffjb

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  • My Region:U.S. Northern Plains Region
  • LocationUnited States
  • Current Vehicle:2009 Chevy Silverado

Posted 18 July 2013 - 12:15 PM

With the term 'may' in that sentence I would have to agree with you. The sales person told me that the $3750 lease rebate was to offset the tax credit that I would not get by leasing. So if you purchase you get to double the rebate, once through Ford and a second (up to the $3750) when you file you taxes.



#5 OFFLINE   surfandswim

surfandswim

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  • LocationHuntington Beach
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Posted 18 July 2013 - 08:13 PM

Exactly....except the purchase manufacturer rebate is 1500. I bought my Energi in June, took the dealer sale price, the 1500 manufacturer discount and will get the 3750 tax credit on my taxes. In CA you can also get a 1500 rebate from a state renewable energy program but you have to apply for it online. I did a few weeks back have my 1500 CA rebate reserved filled the paperwork but have not received the check yet

#6 OFFLINE   ChuckJ

ChuckJ

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  • Fusion Energi Member
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  • My Region:Decline
  • LocationTX
  • Current Vehicle:2013 Energi Titanium

Posted 24 August 2013 - 05:34 PM

I just leased one and today :)  :)  :) and I was amazed to see that the $3750 is not claimed as a tax incentive, rather it is sub-divided into two incentives.  The finance guy said you may be eligible for the tax credit and more importantly, a very experienced senior manager told me that Ford gives a tax credit on the lease of the next one.  I didn't get into that in any depth.

 

This car is amazing......smooth and quite!!!!

 

ChuckJ



#7 ONLINE   Eric4539

Eric4539

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  • LocationCentral Valley
  • Current Vehicle:2013 Fusion Energi Titanium

Posted 24 August 2013 - 08:39 PM

Congratulations on the Fusion lease ChuckJ!  Did you lease an SE or a Titanium?

 

surfandswim, I received my $1500 check from the California Center for Sustainable Energy today.  My dealer put my name on the waiting list while I was at the dealer on 6/29, and then I had to submit all the paperwork once I got home.  I received the confirmation email from this organization on 7/22 so it took about a month for my check to arrive.  The email said it could take up to 60 days for me to receive the check.  Sounds like you bought your car before I did so you should have received your check already.  I hope that is so.

 

Now I'm waiting on a $2000 check from the San Joaquin Valley Electric Vehicle Program!!


Ginger Ale Energi Titanium

Purchased 6/29/13 from dealer inventory

Moonroof

Driver Assist Package

Adaptive Cruise Control

Navigation

Active Park Assist

All Weather Floor Mats

Cargo Net


#8 OFFLINE   ChuckJ

ChuckJ

    New Member

  • Fusion Energi Member
  • 202 posts
  • My Region:Decline
  • LocationTX
  • Current Vehicle:2013 Energi Titanium

Posted 28 August 2013 - 03:44 AM

Congratulations on the Fusion lease ChuckJ!  Did you lease an SE or a Titanium?

 

surfandswim, I received my $1500 check from the California Center for Sustainable Energy today.  My dealer put my name on the waiting list while I was at the dealer on 6/29, and then I had to submit all the paperwork once I got home.  I received the confirmation email from this organization on 7/22 so it took about a month for my check to arrive.  The email said it could take up to 60 days for me to receive the check.  Sounds like you bought your car before I did so you should have received your check already.  I hope that is so.

 

Now I'm waiting on a $2000 check from the San Joaquin Valley Electric Vehicle Program!!

Eric:

I leased a silver 2013 Titanium heavily equipped similar to yours with almost everything except ACC.  Though it wasn't the optimum equipped vehicle for me, that limited my downside risk and enabled me to order the exact one I would want (dune interior, air conditioned seats and ACC) near the end of the lease.  The residual value was competitive and the interest rate was 0% vs 5% for a 2014.

 

ChuckJ



#9 ONLINE   Eric4539

Eric4539

    New Member

  • Fusion Energi Member
  • 298 posts
  • My Region:U.S. Pacific Coast Region
  • LocationCentral Valley
  • Current Vehicle:2013 Fusion Energi Titanium

Posted 28 August 2013 - 07:51 PM

Sounds like a great lease deal ChuckJ!  Once all the dust settles and you're grinning ear to ear every time you're behind the wheel nothing else matters.  I just love this car!


Ginger Ale Energi Titanium

Purchased 6/29/13 from dealer inventory

Moonroof

Driver Assist Package

Adaptive Cruise Control

Navigation

Active Park Assist

All Weather Floor Mats

Cargo Net






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