Reservation + payment by 2 family members at same address?

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tzeweiu

Member
Joined
Aug 30, 2010
Messages
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This is post #1 and I'd like to first thank everyone for the daily discussion. MyNissanLeaf is THE place for Leaf news and updates.

Question:
What if the reservation and payment are placed by two family members living at the same address? I reserved the car in my name but my father is the one who will finance it in order to take advantage of the $7,500 federal tax credit (I will pay him back eventually...). He pays enough taxes to definitely qualify for the credit whereas I am borderline at the moment.

Ideally I would be able to change the name on the reservation but I understand that Nissan prohibits transferring the reservation.

If the names have to be consistent, then I will probably lease the car but I would prefer to buy it.

Thanks in advance for your thoughts!
 
tzeweiu said:
This is post #1 and I'd like to first thank everyone for the daily discussion. MyNissanLeaf is THE place for Leaf news and updates.

Question:
What if the reservation and payment are placed by two family members living at the same address? I reserved the car in my name but my father is the one who will finance it in order to take advantage of the $7,500 federal tax credit (I will pay him back eventually...). He pays enough taxes to definitely qualify for the credit whereas I am borderline at the moment.

Ideally I would be able to change the name on the reservation but I understand that Nissan prohibits transferring the reservation.

If the names have to be consistent, then I will probably lease the car but I would prefer to buy it.

Thanks in advance for your thoughts!
Click to expand...

Have your father write you a check for the total amount, you buy the car under your name, and pay him back. That seems like the easiest way.

If your father is borrowing the money from a bank, perhaps he can cosign for you and you can still buy the car under your name.
 
cdub said:
If they won't let him buy it then you could always lease it since the 7500 credit is built into the lease.
Click to expand...
I agree. If you're borderline on the $7500 tax credit, like me with lots of deductions, lease it in your own name, and Nissan will credit the $7500 up front to the lease. You can buy it out when the lease ends.

But, if you have to own, then do a joint ownership so your dad can take the tax credit.
 
Thanks for the responses!

Joint ownership definitely sounds feasible so I'll probably take that route when I order and then change the registration later on. If not, then leasing isn't bad at all considering that Nissan will apply the $7,500 for me.
 
tzeweiu said:
Joint ownership definitely sounds feasible ...
Click to expand...
Thinking out loud here ... If you purchase with joint ownership, but those two names are on two separate tax returns and not husband/wife) ... does that cause a problem with the IRS ?
 
Your father can write the check you sign the paperwork. That makes U the owner. As far as taxes Go the only requirement Only 1 tax rebate Per car Can be applied 4.

Also many tax rebates Candy applied over several tax years. Does anyone know Is this tax credit Do the same?.iow, you get 3000 this year, 4500 for TY2011?
 
Yeah i saw thatYeah i saw tha. Just finished reading Through the tax thread. That is a bummer.

I think i'll take the suggestion then convert my 401 to a Roth
 

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