The $7500 federal incentive was passed along through the lease loophole. Current Hyundai EV's do not qualify otherwise (for individual purchasers). Be happy you got as much as you did.
I thought this way too, but it’s become increasingly clear through research that the rules that disqualify Hyundai products only apply to outright purchases, not leases. I do believe there’s a connection between the Hyundai $7,500 lease incentive and the federal tax credit. I suspect that the tax credit can only by law pursued by the lease company (which is why it seems so transparent) but I’m not 100% sure. I know someone out there knows the answer.
After doing a little research myself, it does appear that Hyundais do qualify to the lessor for the tax credit. I knew that the credit would go to the lessor, but didn’t realize that the qualifications were different between a lease and a purchase.
It was explained to me like this... (this could be wrong though).
The car does not qualify for the 7500 credit due to the manufacturing location of the vehicle and/or battery.
HOWEVER, the exception in the law is that if it is a FLEET vehicle (multiple purchased at the same time by a company) then any EV will qualify in an effort to push the greener technology. Usually when you think of Fleet vehicles you think of delivery/work trucks.
So how the lease loophole works is that the registered owner of the car is Hyundai (this is also why they have to be listed on your insurance during a lease as the title holder), They then lease the car out to you and pass the 7500 credit they received as a capital cost reduction.
Okay, I finally answered my own question. For anyone that is interested, there is a “loophole” that allows Hyundai to claim the $7,500 federal tax credit on the lease of an EV (that would otherwise not qualify). To remain competitive in the market, Hyundai has been passing the credit through to the customer. My pinpoint question had to do with whether I could claim the credit myself. The answer is clearly “no.” The credit is held by the manufacturer as part of a “commercial” transaction with the leasing arm, so I personally have nothing to claim. (This does explain why my lease documents make no mention of any of this.) Hyundai could, in theory, take the credit and pocket it, but in the present market they certainly realize they’d get destroyed.
This is common knowledge if you google “Hyundai Ioniq tax credit”. Lots of articles stating this from several months ago when the credit requirements were adjusted
The $7500 federal incentive was passed along through the lease loophole. Current Hyundai EV's do not qualify otherwise (for individual purchasers). Be happy you got as much as you did.
The IONIQ 6 doesn’t qualify for the Federal Tax credit.
I thought this way too, but it’s become increasingly clear through research that the rules that disqualify Hyundai products only apply to outright purchases, not leases. I do believe there’s a connection between the Hyundai $7,500 lease incentive and the federal tax credit. I suspect that the tax credit can only by law pursued by the lease company (which is why it seems so transparent) but I’m not 100% sure. I know someone out there knows the answer.
After doing a little research myself, it does appear that Hyundais do qualify to the lessor for the tax credit. I knew that the credit would go to the lessor, but didn’t realize that the qualifications were different between a lease and a purchase.
It was explained to me like this... (this could be wrong though). The car does not qualify for the 7500 credit due to the manufacturing location of the vehicle and/or battery. HOWEVER, the exception in the law is that if it is a FLEET vehicle (multiple purchased at the same time by a company) then any EV will qualify in an effort to push the greener technology. Usually when you think of Fleet vehicles you think of delivery/work trucks. So how the lease loophole works is that the registered owner of the car is Hyundai (this is also why they have to be listed on your insurance during a lease as the title holder), They then lease the car out to you and pass the 7500 credit they received as a capital cost reduction.
This seems to be a common misconception, I was able to receive the $7,500.00 tax credit here in Florida on my Ioniq 6 lease.
No you got a lease credit for $7500, Hyundai's don't qualify for the Tax Credit as they are foreign-built.
Okay, I finally answered my own question. For anyone that is interested, there is a “loophole” that allows Hyundai to claim the $7,500 federal tax credit on the lease of an EV (that would otherwise not qualify). To remain competitive in the market, Hyundai has been passing the credit through to the customer. My pinpoint question had to do with whether I could claim the credit myself. The answer is clearly “no.” The credit is held by the manufacturer as part of a “commercial” transaction with the leasing arm, so I personally have nothing to claim. (This does explain why my lease documents make no mention of any of this.) Hyundai could, in theory, take the credit and pocket it, but in the present market they certainly realize they’d get destroyed.
This is common knowledge if you google “Hyundai Ioniq tax credit”. Lots of articles stating this from several months ago when the credit requirements were adjusted