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Before locking in $2500, do they provide you all final terms, financing, etc?

Hi all --

Before the $2500 becomes non-refundable, does the Tesla staff provide you with (or can you request) the sample closing documents that show all of your financing terms, charges, fees, inclusions, etc? I would like to get an idea of the complete costs before forking over the $ irreversibly.

The down payment is completely refundable.
Financing is your responsibility as you have many choices.
Except for state sales tax and document fees everything is on the website.

@jtodtman
Are you sure about "completely refundable"? Only within first 2 weeks, right?

After you finalize, you have a 2 week refundable time period. If you wave your 2 weeks or go past 2 weeks, it is not refundable.

phat;
Right. If you waive it you can wave refund bye-bye!

Soma--it may be that Tesla is arranging your financing as they did for me. At a certain point they sent a doc that showed total costs for the purchase--excluding the finance charges. Separately I received an email confirmation of the loan term and interest rate. But I didn't actually see and sign for the finance document until the day I picked up the car. I think this is pretty standard for car purchases but I never asked for the loan docs in advance. If Tesla is handling the financing and you want to see them in advance I would ask for them. Can't hurt. FYI, everything turned out beautifully and was very accurately represented. No glitches in the docs or delivery.

When we put down our $5000 deposit 2 years ago, we did not know the price, options or schedule. It is so simple now

thank you, blisSfullee. The website definitely doesn't give you all the details about things like taxes, delivery charge, extended warranty purchase, loan terms, so that is helpful.

After I ordered, they sent me an email and of course I can see my order on the "My Tesla" screen.

The only charge they had in addition to the things I ordered was:

"Destination and Regulatory Doc Fee $1,170" and of course they backed out the $7,500 federal tax credit which they subtract on the order screen (which I feel is a bit gimmicky).

Obviously you have to add in TTL (tax, title and license) in your local area.

Most States have websites that can estimate TTL. My TTL came out to almost $9,000 more.

CA's - http://www.dmv.ca.gov/FeeCalculatorWeb/index.jsp

earlyretirement,

What do you mean "backed out the $7500 federal tax credit"? Do they take it off the price of the car before the loan amount? How dose the credit work?

@Anthony, the price you pay is $7500 higher than advertised because you claim it on your next income tax. This also means taxes are calculated against the extra $7500 as well. Assuming 10% tax, get ready to shell-out an extra 15k - 20k above the list price. Several $1000 more when you add service plans, insurance, electrician, floor mats, 2nd UMC, etc...

For my "$82,000" car, I've spent well over $100,000 already. I plan to get $10,000 back from the government.

@ AnthonyJ - What I mean is on their website when you price out a car they have the price already subtracting that $7,500 federal tax credit. You have to remember that you still have to pay that $7,500 tax credit NOW and then get it back next year when you do your taxes. But the prices on the "Buy" section subtract that $7,500 credit.

So when you buy it, you have to add that $7,500 back on. It's a bit of marketing on their end to make the car sound cheaper on the front end. But don't forget that you have to pay that up front.

Oops. @ir already answered it. I didn't see his post but he is spot on target. The tax is figured on that "real" price. Yep, you will shell out much more than whatever amount you think you will. It's important to really see what your "real" and final price will be after ALL TTL.

@earlyretirement, no problem. I think we posted at the same time. :)

Thank you. That helped.

Folks, let me add my two bits worth on this tax credit thing.
(Please let me be wrong!)

Unless your income tax bill is in excess of $7,500 you will lose that portion that is greater than the tax you owe. The $7,500 isn't a tax bill credit, it is like a charitable donation. It lowers the taxable income amount, a taxable income amouont credit. For instance, if your taxable income is $100,000, you would pay the taxes on $92,500. Lets call it a 30% rate; instead of owing $30,000 you would owe $27,750 a savings of $2,250 instead of the $7,500.

This whole $7,500 talk sounds a bit like bait and switch, but come February 1, 2014, ol Donato is going over to our local Tesla store in Washington Square, Portland OR and say, "lets do the paper work on a MS 85 with most all the goodies!! (A 100K CD matures!)

P.S. My test drive is tomorrow!

Ciao,

dschmidt@iinet.com

@ Donato,

I'm not an accountant, but I believe what you are describing is a tax deduction, not a tax credit. A tax deduction, as you have shown, reduces your taxable income. However, a tax credit works differently. It is a credit against your tax bill and has no effect on taxable income. For instance, if your taxable income is $100,000 and you are in a 28% tax bracket, you would normally owe $28,000 in taxes. Your tax obligation of $28,000 is then reduced by $7,500 (a tax credit), so you owe the federal government $20,500.

However, if you owe less than $7,500 in federal taxes before taking the tax credit, you will not receive a refund and the unused credits disappear. So as long as you owe more than $7,500 in federal taxes, there is a 1:1 real dollar benefit to using the credit because it reduces the federal taxes that you owe by the amount of the credit.

AmpedRealtor,

'reviewed my calulations on form 8936 "Qualified Plug-in Electric Drive Motor Vehicle Credit" and its application on Form 1040, I stand corrected, it is truely a Tax Credit. Thanks for correcting me.

My only regret is, my total taxes don't get near the $7,500 amount. :-( Maybe I'll sell off some stock and use the benefit toward Capital Gains.

But being a Washingtonian, I will get the benefit of no sales tax ~$8,000.

Ciao

@Donato - You get the best of both world in WA. It's the same in NJ. Not sales taxes for EV to speak of in NJ. It's actually better than the extra 2.5k rebate in Cali.

There may be opportunities to carry your tax credit forward if you can't use it in the current year. Your accountant will know better (IANAA).

The fed tax credit has NO carryover provision -- use it or lose it.

If you can afford and MS without owing any taxes (from a paying job), then you really don't need the Fed credit, do you?


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