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Can I receive the Federal EV Tax Credit at the point of sale starting January 1, 2024?
Can I receive the Federal EV Tax Credit at the point of sale starting January 1, 2024?

Understand the electric vehicle tax credit at the point of sale

Kevin Egolf avatar
Written by Kevin Egolf
Updated over a week ago

The short answer is yes, but the longer answer is more intricate. We encourage you to review this FAQ to gain a better understanding of the details.

Determining EV Tax Credit Eligibility

Starting January 1, 2024, the Federal EV Tax Credit is available to consumers at the point of sale (POS) for eligible borrowers purchasing qualifying vehicles. How do you determine if the vehicle or you are eligible? While one can check the vehicle eligibility on and learn about income qualifications from the IRS, we developed a much simpler process.

Use our EV Saving Calculator for a detailed breakdown of eligible vehicles and your personal perks, rebates, and tax credits, including hard-to-find and understand state, local, and utility company incentives. Our systems are designed to eliminate the guesswork from electric vehicle incentives.

Tax Credits Transition Challenges

Now, let's delve into more nuances. For the dealer to provide the tax credit at the POS, they must register with the IRS and submit documents through a portal. Currently, this registration process is backlogged, such that not all dealers may be able to offer the credit at the point of sale due to registration delays or declining to participate. Additionally the system is having technical issues on submission for those trying to obtain the credit at the point of sale.

How EV Life Can Help

Fortunately, EV Life can provide the benefits of your tax credits upfront while dealers and the IRS address the portal/registration issues.

EV Life can defer tax credits and rebates at the time of financing, reducing your monthly payment similarly to if the incentives were available at the point of sale. Prequalify now with no impact on your credit score to check your rate.

If you know the dealer is able to provide the credit at the POS, use our free eligibility verification tool to confirm personal / household eligibility. The dealer will require you to provide affirmation that you are eligible.

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