"The automakers themselves are making the initial down payments on available EVs, then leased out to customers with the $7,500 subsidy factored into the price. Ford's program will be available until Dec. 31; GM says it exists "while supplies last." The federal EV tax credit ends today, but automakers don't want their electric models stuck on dealer lots at inflated pricesor force dealers to shoulder the cost of deep discounts to move them."
"The program works like this: Each automaker's financing arm has purchased the EVs in their dealers' inventory and made the initial down payments on them. "Those down payments will qualify the lending arms for the federal $7,500 tax credit on those vehicles, according to the documents and dealers," Reuters' report said. "From there, dealers would offer leases on those cars to retail customers as usual for several more months, with the $7,500 subsidy factored into the lease rate.""
The federal $7,500 EV tax credit is ending today for many automakers. Ford and General Motors have their financing arms buy dealer inventory and make initial down payments that qualify for the credit. The lending arms claim the credit and the subsidy is incorporated into lower lease rates offered to customers. Ford's discounted leases require use of Ford Credit and run through Dec. 31. GM's offers are available at participating dealers while supplies last. The programs aim to avoid overstocked EV lots and large dealer discounts caused by the tax credit expiration created under the Inflation Reduction Act.
Read at insideevs.com
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