Ford Options. What Paperwork do I need to redeem tax credit

[jwhamlin244]

Ok, so I'm being paranoid because my dealer was less than knowledgable about what Ford Options was to begin with, and the only reason I'm doing it is to get the tax credit.
Was there a specific piece of paperwork I am supposed to receive in order to redeem the credit when the time comes.

I thought the reason we can't finance or lease was because then the title is in the banks name and they would get the credit blah blah.. But I still don't have a title for my Mach-E on the options program and its been over a month..

Sponsored

 

[zvez]

Ok, so I'm being paranoid because my dealer was less than knowledgable about what Ford Options was to begin with, and the only reason I'm doing it is to get the tax credit.
Was there a specific piece of paperwork I am supposed to receive in order to redeem the credit when the time comes.

I thought the reason we can't finance or lease was because then the title is in the banks name and they would get the credit blah blah.. But I still don't have a title for my Mach-E on the options program and its been over a month..

you won't have a title but you're still the original buyer so you get the tax credit. That's for either options or standard financing. If you go with a lease the title would be in the loan companies name because they are the owners. In a lease situation they would get the tax credit. The paperwork you get at purchase , the bill of sale and the financing paperwork should reflect it's a loan with a balloon payment and that amount should be on the loan paperwork, it will say something like 47 payments at $400 and payment 48 -29000. The figures are illustrative only

 

[fayt349]

you won't have a title but you're still the original buyer so you get the tax credit. That's for either options or standard financing. If you go with a lease the title would be in the loan companies name because they are the owners. In a lease situation they would get the tax credit. The paperwork you get at purchase , the bill of sale and the financing paperwork should reflect it's a loan with a balloon payment and that amount should be on the loan paperwork, it will say something like 47 payments at $400 and payment 48 -29000. The figures are illustrative only

When filing taxes on turbo tax for example, for proof we just need the bill of sale and financing paperwork? No other documents?

 

[RonOinAZ]

When filing taxes on turbo tax for example, for proof we just need the bill of sale and financing paperwork? No other documents?

This week, for the fun of it, I used the 2020 version of TurboTax and filled it out as though I had purchased a BEV in 2020. The information it requested is VIN, purchase date, registration date (which TT auto-fills with the purchase date), battery capacity in KWH, and vehicle weight. With that information, it confirmed I'd be eligible for the $7500 tax credit and it filled out the IRS forms accordingly.

 

[timbop]

As mentioned you can do regular financing and options because the car is titled in your name. Also as mentioned, save your contract and other paperwork when you buy the car, and when you file your taxes next year you'll have to fill out a special form for the BEV allowance

 

[zvez]

When filing taxes on turbo tax for example, for proof we just need the bill of sale and financing paperwork? No other documents?

As Ron said. turbo tax will walk you thru it. You don't need any physical documents to file it, but you will need to keep them in the unlikely event of an audit.

 

[fayt349]

This week, for the fun of it, I used the 2020 version of TurboTax and filled it out as though I had purchased a BEV in 2020. The information it requested is VIN, purchase date, registration date (which TT auto-fills with the purchase date), battery capacity in KWH, and vehicle weight. With that information, it confirmed I'd be eligible for the $7500 tax credit and it filled out the IRS forms accordingly.

I wonder if I can try that, when you go through it, does it just ask if you're purchased an EV? Or do you go to some super secret menu or something

 

[physib]

I wonder if I can try that, when you go through it, does it just ask if you're purchased an EV? Or do you go to some super secret menu or something

Haven't used tt but most of them have a section for tax credits. You just find the ones that you qualify in the list.

 

[RonOinAZ]

I wonder if I can try that, when you go through it, does it just ask if you're purchased an EV? Or do you go to some super secret menu or something

Once you open your return in TurboTax, if you do a search for "Electric Vehicle Credit" it will take you to the right place. (You should make a copy of the original return you're going to fiddle with so that you don't change the real one.) Alternately, when you're completing a new return, whether or not you bought an electric vehicle will be one of the questions it asks if you allow the software to guide you through the process.

 

[ChuckA]

you won't have a title but you're still the original buyer so you get the tax credit. That's for either options or standard financing. If you go with a lease the title would be in the loan companies name because they are the owners. In a lease situation they would get the tax credit. The paperwork you get at purchase , the bill of sale and the financing paperwork should reflect it's a loan with a balloon payment and that amount should be on the loan paperwork, it will say something like 47 payments at $400 and payment 48 -29000. The figures are illustrative only

I just closed my premium AWD purchase using Ford Options. They use lease paperwork but the deal is either 35 payments with the 36th being the balloon payment (or 47 payments with the 48th being the balloon). Interest was 2.25% Dealer will issue a “Retail Sales Order” that is your proof of ownership for tax credit. Tile is issued in your name but held by Ford Credit under a lien. My dealer finance person didn’t know how to do the paperwork and needed Ford Credit to walk him through it. It was a 3 hour close, ouch.

Sponsored