Tuesday, July 17, 2012

Chevy Volt 60-Day Return Policy is Worth a $7,500 Tax Credit

General Motors has announced a "60 day money back guarantee policy for all new Chevy models, including the Chevy Volt." The move sets up a scenario where purchasers can buy a Volt, claim the $7,500 federal tax credit (and most likely state credits) and return the vehicle for a refund within 60 days and still get the tax credit.  Did GM really not consider this glitch, or is this just another way for Government Motors to prop up politically important Volt sales leading up to November elections?  Also, sales tax on a returned item is refundable, so it's even better.  Title and registration fees would not be, but those are relatively minor compared to the $7,500 tax credit. The tax form for the credit is IRS 8936

So, if you see me driving around a Chevy Volt, you will know it is for the tax credit; and I am probably on my way back to the dealer to return it. Thank you, American taxpayer.  You are so very generous. 

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