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Reflexx Franchise Player
Joined: 25 Jun 2005 Posts: 11163
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Posted: Fri Mar 20, 2015 2:34 pm Post subject: |
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How does that $7500 income tax credit work? It's applied to the down?
Is it really like getting $7500 back on your taxes? |
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jonnybravo Retired Number
Joined: 21 Sep 2007 Posts: 30619
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Posted: Fri Mar 20, 2015 2:43 pm Post subject: |
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Reflexx wrote: | How does that $7500 income tax credit work? It's applied to the down?
Is it really like getting $7500 back on your taxes? |
Nah, it just lowers your taxable income by $7500.
*edit* - The $7500 inc. tax credit goes to the dealer to subsidize the down payment. The $2500 CA credit (it's not a tax credit, it's a staight up cash money) goes directly to you a few months later. You fill out the paperwork like you would any ole' MIR (except I doubt there's a need for a cutout of the UPC to mail in ).
It's $3500 up front, $2500 CA credit back in a few months. Glendale Fiat seems to be advertising this price. There's an additional $1000 rebate from Fiat if you've previously owned one of their cars I believe (Chrysler vehicle might be included?).
Fyi on charging, it takes 3 hours to charge a 9-10 mile range on a normal outlet, while a Level 2 will take 4 hours to full charge. Be mindful of that if your commute is say 30 miles or so. It's not as simple as charging it over night at home and thinking you'll be at 100% in the morning.
@Mike - http://slickdeals.net/f/7738237-fiat-500e-lease-deal-ca-or-only-82-mon-with-as-low-as-0-down?v=1&page=16&rpid=74956451&rp=15
That's the big thread on a deal website discussing this deal. User 'Gfurio' has already been to Glendale and confirmed. He's starting up a group buy to see if they can lower the down payment. Send him a PM with your email to see if you can get in for you guys really interested.
Here's a Google group to get in on this deal:
https://groups.google.com/forum/#!forum/socalfiat500e
Good luck guys. Sent my buddy that way. If you were fam I'd negotiate it for you . |
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Reflexx Franchise Player
Joined: 25 Jun 2005 Posts: 11163
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Posted: Fri Mar 20, 2015 6:04 pm Post subject: |
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Thanks for the info. I keep going back and forth about doing this. LoL
So, a typical wall charger will take a full day or more to reach full charge?
I guess I need to read up on this more. |
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dont_be_a_wuss Franchise Player
Joined: 29 Mar 2012 Posts: 21415
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Posted: Fri Mar 20, 2015 6:12 pm Post subject: |
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jonnybravo wrote: | Reflexx wrote: | How does that $7500 income tax credit work? It's applied to the down?
Is it really like getting $7500 back on your taxes? |
Nah, it just lowers your taxable income by $7500.
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No I don't think so. It reduces your payment $7,500 |
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jonnybravo Retired Number
Joined: 21 Sep 2007 Posts: 30619
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Posted: Fri Mar 20, 2015 6:37 pm Post subject: |
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dont_be_a_wuss wrote: | jonnybravo wrote: | Reflexx wrote: | How does that $7500 income tax credit work? It's applied to the down?
Is it really like getting $7500 back on your taxes? |
Nah, it just lowers your taxable income by $7500.
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No I don't think so. It reduces your payment $7,500 |
Correct. Iv edited already to denote how it applies to the lease. The leasing company claims it on a lease vs the consumer in a purchase.
Last edited by jonnybravo on Fri Mar 20, 2015 8:12 pm; edited 2 times in total |
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Mike@LG Moderator
Joined: 10 Apr 2001 Posts: 65135 Location: Orange County, CA
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Posted: Fri Mar 20, 2015 7:27 pm Post subject: |
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Reflexx wrote: | Thanks for the info. I keep going back and forth about doing this. LoL
So, a typical wall charger will take a full day or more to reach full charge?
I guess I need to read up on this more. |
For 120V, yes. For me, it's perfect for alternating days and keeping the mileage within lease parameters. _________________ Resident Car Nut.
https://lakersdraft.substack.com/
I am not an economic advisor nor do I advise economic strategies or plans. |
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