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| Rob The Government, Help Government Motors! in forum [Market-Ticker]
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Digitlman
Posts: 335
Incept: 2011-03-04
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Well, first, isn't the MSRP ~$41K for one of these? So, unless you are paying up front, most people will have to get an auto loan or lease, right? How easy is it to get out of one of those? I recall signing reams and reams of paper and basically getting the feeling the whole thing was a nightmare to back out of....
So...is this really a huge deal? It's dumb, for sure.
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Sean
Posts: 1766
Incept: 2009-04-21
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Opps gotta go now - the Volt salesman is available to talk now ... 
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* I think Ann Barnhardt is more and more right. God help us!
* Progressives / Marxists / Communists are many things, STUPID and IMPATIENT are not two of them.
* A hot civil war is coming.
* And people wonder why I prep!
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Ishmael
Posts: 4731
Incept: 2008-02-25
Los Angeles to Oklahoma, at least temporarily for now!
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Probably GM finances. Hey, if that is how it is written into the tax code, it is not scam but a loophole. The code is full of such measures and if someone takes advantage of it, it is called tax planning.
Now some people might be outraged by that, but hey people that supposedly own houses with mortgages deduct the interest but people who rent properties with mortgages do not get any deduction. I know you say that is fair. Well that is the law and that is how it works.
Do I like it no, but something to think about as we move towards year end.
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Hope is neither a good strategy or birth control methodology!
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Trades50
Posts: 4218
Incept: 2007-10-30
Land of Tax and Spend
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Not bad for an 18% return. It will make the sales look real good for November and December. Loads of volts sitting in dealer lots afterwards. I seems like another government bailout will be requested next year.
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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
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Eli
Posts: 7215
Incept: 2007-09-10
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Well, I think anyone with a huge tax liability should look into this, I am. The fed is already ripping the ass out of me on my taxes. Meanwhile they are letting everyone and their dog get on disability and handing out free cell phones because people are poor, **** that. Not to mention the abuses found on medicaid, avoiding paying taxes is an act of civil disobedience.
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If you want a vision of the future, imagine a boot stamping on a human face - forever.
George Orwell
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Gamma
Posts: 5592
Incept: 2008-01-20
Northern CA
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My best friend, a staunch conservative and by far the funniest pal I've ever had, bought a Nissan Leaf. He is incredibly smart and relentlessly entertaining. He has this way of being at the center of incredible **** that he somehow invokes and it is just remarkable how he pulls this stuff off.
He goes to these "user meetings" they have for Nissan Leafs, and when it's his turn to speak, he says he bought the car because it's his entitlement, to get the tax credit he needs from kids making minimum wage at Jack in the Box. There is usually this stunned silence after he comes out with stuff like that.
Once I went with him to a Big Lots store. He pulls up to the front of the store, unplugs the 25 cent rocking-horse machine, and plugs in his Leaf. Goes inside. Comes out, there are three store staff staring at his car with puzzled looks on their faces. The manager, a middle-aged Hispanic gal, asks him if this is his car. He says "yeah", I just figured you made an accomodation for renewable energy vehicles. "I figure it's just like asking to use your bathroom while I'm inside your store, shopping". The lady goes "But you're using our power, this is costing us money". Him: "And?" By the way, can I get a copy of your renewable energy vehicle accomodation policy?"
I am a combination of melting into the pavement and rolling on the ground laughing.
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This stuff we're going through, this is nothing compared to the Middle Ages.
They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough...
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Mannfm11
Posts: 3557
Incept: 2009-02-28
DFW, Tx
Online
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What kind of haircut would GM take on a returned Volt? Sounds like another bailout coming soon.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Mistermagoo
Posts: 48
Incept: 2012-04-04
Banned
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Gamma wrote: 'Once I went with him to a Big Lots store. He pulls up to the front of the store, unplugs the 25 cent rocking-horse machine, and plugs in his Leaf. Goes inside. Comes out, there are three store staff staring at his car with puzzled looks on their faces. The manager, a middle-aged Hispanic gal, asks him if this is his car. He says "yeah", I just figured you made an accomodation for renewable energy vehicles. "I figure it's just like asking to use your bathroom while I'm inside your store, shopping". The lady goes "But you're using our power, this is costing us money". Him: "And?" By the way, can I get a copy of your renewable energy vehicle accomodation policy?"
I am a combination of melting into the pavement and rolling on the ground laughing.'
Gamma, your friend might just be my new personal hero.
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Debtpie
Posts: 534
Incept: 2009-12-17
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I won't be rushing to get my "free" $7500 for the reasons above and more...look at the fine print for the returns! >If there is more than $300 in damage to any part (inside or out) of the vehicle (examined/estimated by the dealer), you cannot return it. $300?...holy cow, one tiny rock chip repair at the dealer is more than $300! When you go to pick it up, I'd bring a truck load of bubble wrap and a trailer...wrap it up and tow it home, park it in the garage and wait the required 30 days...and pray the wife doesn't ding it with her car...or the kids don't run the handlebars down the side of it! Now on to the other million "requirements"...love the last one...if you die, you can't return it!...crap!...better wrap yourself in bubble wrap too and wait it out with the car! http://www.chevrolet.com/confidence/cond....
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A Leader, or an Opportunist? "A leader has the capacity of vision, the ability to see where things are headed before people in general see those things." Mitt Romney --- DebtPie's definition: a leader decides where "things" should head and "leads" us there.
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Imajester
Posts: 238
Incept: 2007-08-23
Dallas, TX
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couldn't be happier about this policy...anything that will make the end come sooner is good news to me.
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Ishmael
Posts: 4731
Incept: 2008-02-25
Los Angeles to Oklahoma, at least temporarily for now!
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By the way, I am a CPA and I was taught a long long time ago, do not let your personal feelings get in way of evaluating a deal or a tax deduction. If someone enters into a bad deal it is your job to account for the transaction in accordance with how the contract/partnership is written and if the Federal govt throws out a tax deduction that you personally think sucks do not let that get in the way of helping your clients or yourself save money.
There is crap like that in the code all over the place. I personally might check into this. Hey who knows I might like the car so much I will keep it. Since most of my driving is in town I might never have to buy gas again.
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Hope is neither a good strategy or birth control methodology!
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Eli
Posts: 7215
Incept: 2007-09-10
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I really like the Chevy volt I think I will try one out.
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If you want a vision of the future, imagine a boot stamping on a human face - forever.
George Orwell
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Wakeupcall
Posts: 4234
Incept: 2009-06-08
Hampton Roads, VA
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What would it take to close this loophole? Can it be closed retroactively? For example, I buy now & return; then loophole is closed in November. Would I still get to take the tax credit when I file the following year? Seriously, I'm thinking of sending dh to buy a Volt tonight & park it in our garage for a month.
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“Nothing travels faster than the speed of light, with the possible exception of bad news, which obeys its own special laws.”
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Ishmael
Posts: 4731
Incept: 2008-02-25
Los Angeles to Oklahoma, at least temporarily for now!
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Debtpie -- maybe I will purchase it on December 29th and not pick it up until January 3 because I am out of town on vacation on a big tax credit and guess what on the third when I show up to pick it up, I have changed my mind and return it!
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Hope is neither a good strategy or birth control methodology!
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Ishmael
Posts: 4731
Incept: 2008-02-25
Los Angeles to Oklahoma, at least temporarily for now!
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Listen, this advice is worth what you personally paying for it. Do not take any action until it is closer to the end of December. Because of this fiscal cliff situation there will probably be tons of changed in the tax code pushed through between now and the end of the year.
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Hope is neither a good strategy or birth control methodology!
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Wakeupcall
Posts: 4234
Incept: 2009-06-08
Hampton Roads, VA
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Thanks Ish. I have a feeling that when word gets out, there won't be a Volt left on a lot to buy-lol! Who wouldn't take advantage of this offer? But, I'll hold off.
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“Nothing travels faster than the speed of light, with the possible exception of bad news, which obeys its own special laws.”
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Sean
Posts: 1766
Incept: 2009-04-21
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So the price of the Volt is actually $x + $7,500!
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* I think Ann Barnhardt is more and more right. God help us!
* Progressives / Marxists / Communists are many things, STUPID and IMPATIENT are not two of them.
* A hot civil war is coming.
* And people wonder why I prep!
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Flaps10
Posts: 5174
Incept: 2008-10-17
seattle
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Quote:What kind of haircut would GM take on a returned Volt? Sounds like another bailout coming soon. Looks to me like the haircut would take place at the dealer level. If I was stupid enough to buy a GM car and wanted a Volt and they had a row of them with 4 miles on them the first thing I would do in negotiating is deduct $7500 from the price. Someone else got it, I'll be damned if I will pay it.
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"Better to die on your feet than live on your knees"
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Crzymorse
Posts: 1195
Incept: 2010-06-25
Maryland
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Can you imagine a loophole for the little people. GM better start a second shift for the ObamaMobile.
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Eli
Posts: 7215
Incept: 2007-09-10
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Yeah, I have called my accountant and he is so uptight. He says that it has to have a holding period to claim the credit. I told him there was none that I knew of and the form does not contain one. He then went on to say the IRS is doing more audits and that this might be a red flag for them. He warned me that I don't want to make myself a target. I replied that the gov. is desperate for cash and that they are going to audit everyone they can to get cash. Further research here http://www.fueleconomy.gov/feg/taxphevb.....Does not show a holding period. Regardless, I don't think I will do this even though it is a total scam, by the gov.
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If you want a vision of the future, imagine a boot stamping on a human face - forever.
George Orwell
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Standby
Posts: 1005
Incept: 2009-08-06
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I'm sure they'll include it as a sale for the year so they can phoney up the numbers.
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Bertdilbert
Posts: 2666
Incept: 2008-12-22
CA
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Is there a state you can buy it in that has no sales tax? There is no IRS requirement that you actually register the car right, just that you made a purchase? Just trying to figure out if we can do it with no strings attached. And as long as the car stays on the lot it is "new" right? If you buy multiple Volts do we get multiple deductions?
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Dear Euroland: Relax, Germany has a plan for your money!
Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
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Cobra2411
Posts: 10352
Incept: 2007-06-26
Philly P.a.
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Funny, I just realized I can dump my ira for 60 days without penalty as long as I pay it back...
Off to buy a Volt I go...
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To err is human. To really **** things up takes government.
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Flaps10
Posts: 5174
Incept: 2008-10-17
seattle
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Bert, Oregon.
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"Better to die on your feet than live on your knees"
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