I think this is a great move. There should be little reason, if any, to back out of purchasing one of these. So the full-on binding contact shouldn't be a problem for many folks.
VinFast Offers its EV Customers a $7,500 Discount if They Can't Get The Federal Tax Credit
VinFast will offer VF8 and VF9 customers a $7500 rebate if they can't get the federal tax credit.
The only catch is that you have to change your non-binding preorder into a full-on binding contract and the $200 refundable deposit becomes nonrefundable.
If you’re one of the lucky few who has a preorder for a VF8 or VF9 EV crossover and you can’t get the tax credit, they’ll give you a $7,500 rebate. An email sent to pre-order customers says, “VinFast is a brand that not only stands behind our vehicles with our 10-year/125,000-mile warranty but more importantly, we stand behind our customers!” Vinfast also notes, “For customers who apply for the $7,500 tax credit under current IRC 30D requirements and are denied by the IRS for reasons not attributable to the customer, VinFast will provide the customer a $7,500 purchase price rebate (or similar rebate) on their VinFast vehicle purchase. The binding agreement contains additional details on eligibility for the rebate” a company spokesperson told Autoblog.
That $7,500 rebate is available to you, if you agree to sign a few things. Vinfast customers will first have to change their non-binding preorder into a full-on binding contract. That $200 refundable deposit, then becomes nonrefundable. The contract you sign has an option that allows the customer to attempt to get the tax credit from the Feds. If that attempt fails, you receive Vinfast’s rebate.
But what if you are able to get the credit? You likely won’t be receiving a rebate from Vinfast. But what about the contract you originally signed, for the $7,500? Does it become void? Or what if the car doesn’t come through?
I reached out to Vinfast for further clarification and will update this post if/when they reply.
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Credits for New Electric Vehicles Purchased in 2022 or Before | Internal Revenue Service
If you bought or leased a new, qualified plug-in electric vehicle (EV) in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500 under IRC 30D.
This makes me think fisker and vinfast will not qualify as they were not at least 5% deposits. For fisker Ocean One will qualify.
Maybe now I wish I had converted because looks like vinfast will do 7500 rebate which I would have used to upgrade to the plus model lol.
I would love it if they gave me a $7500 rebate voucher on top of my $7500 IRS tax credit. yeah!
The contract mentioned that you'd need to provide your IRS return without the tax credit and without it being your fault (enough tax liability, under income limit, etc probably). So don't think it will be possible to get both (unless you fake it maybe).I would love it if they gave me a $7500 rebate voucher on top of my $7500 IRS tax credit. yeah!
Yes I probably would have done it just to see. But only if I had the liability to have a $7500 rebate anyways which I do not and know way of making a liability that high so I did not even bother. I can hold off until 2024 when they start making and selling the US made Vinfast.I would love it if they gave me a $7500 rebate voucher on top of my $7500 IRS tax credit. yeah!
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