Ford, GM extend $7,500 EV lease savings despite federal tax credit expiration

Ford and GM have made arrangements for intending customers to still be able to access up to $7,500 in savings when leasing EVs. This comes as the 17-year-old federal tax credit scheme is set to expire on September 30.

The American automakers’ programs would essentially see them initiating the purchase of dealer inventory by making down payments. As such, the lending arms of the two companies will qualify for the $7,500 federal incentives, and the dealers will then offer leases as business as usual with the savings factored in. In this way, customers will be able to take advantage of the rebate for several months after September.

According to Ford, lease savings will be available through Ford Credit until the end of 2025.

Reuters reported that Ford and GM developed the package after due consultations with the Internal Revenue Service (IRS). It is unclear whether other carmakers have struck similar deals.

Meanwhile, the IRS had earlier clarified that drivers could still be eligible for the incentive by simply making a commitment, such as paying a deposit, even if they completed the transaction after the September 30 cut-off date.

The federal tax credit met its demise after US President Donald Trump signed the July tax bill into law. It was designed to boost EV adoption nationwide.