Here’s Every EV that Gets A $7,500 Lease Credit (Updated April 2024)
Above: Hyundai IONIQ 5, now with a $7,500 lease incentive. (Photo credit: Hyundai USA)
The Inflation Reduction Act of 2022 made electric vehicles assembled outside of North America ineligible for the $7,500 consumer federal tax credit. Additionally, the legislation set income caps for consumers: individuals with incomes over $150,000, or households with incomes over $300,000, are no longer eligible for the EV tax credit.
However, as we covered previously, there is a way of getting around these eligibility restrictions: lease the EV instead of purchasing it.
Under Section 45W of the legislation, commercial buyers of a qualifying clean vehicle are eligible for the federal tax credit — but without the same vehicle assembly, income, and other restrictions of the consumer EV tax credit.
The commercial vehicle tax credit is available to businesses that lease out vehicles to consumers. As a result, many manufacturer-affiliated lenders are now passing on the $7,500 commercial vehicle tax credit as a $7,500 lease incentive to support sales.
Eligible Leased Vehicles (Updated April 6, 2024)
Below is a list of every electrified 2023 and 2024 car, truck, and SUV that offers a $7,500 or higher lease incentive from the manufacturer’s affiliated lender:
Audi Financial Services
Audi Q4 e-tron
Audi Q5 55 e (PHEV)
Audi Q8 e-tron
Audi e-tron GT
BMW Financial Services
BMW i4
BMW i5
BMW i7
BMW iX
Chrysler Capital and/or Stellantis Financial Services
Alfa Romeo Tonale
Chrysler Pacifica Hybrid
Dodge Hornet R/T
Jeep Grand Cherokee 4xe
Jeep Wrangler 4xe
Ford Credit
Ford Mustang Mach-E
Ford F-150 Lightning (select trims and VINs)
Genesis Finance
Genesis GV60
Genesis Electrified GV70
Genesis Electrified G80
Hyundai Motor Finance
Hyundai IONIQ 5
Hyundai IONIQ 6
Hyundai Kona Electric
Jaguar Financial Group
Jaguar I-PACE
Kia Finance
Kia EV6
Kia EV9
Kia Niro EV
Lexus Financial Services
Lexus NX 450h+
Lexus RX 450h+
Lexus RZ 450e
Lucid Financial Services
Lucid Air
Mazda Financial Services
CX-90 PHEV
Mercedes-Benz Financial Services
Mercedes-Benz EQB
Mercedes-Benz EQE Sedan
Mercedes-Benz EQE SUV
Mercedes-Benz EQS Sedan
Mercedes-Benz EQS SUV
MINI Financial Services
MINI Cooper SE
Nissan Finance (NMAC)
Nissan ARIYA
Polestar Financial Services
Polestar 2
Porsche Financial Services
Porsche Cayenne E-Hybrid
Porsche Panamera E-Hybrid
Porsche Taycan
Rivian Financial Services
Rivian R1T
Rivian R1S
Subaru Motors Finance
Subaru Solterra
Toyota Financial Services
Toyota bZ4x
Volkswagen Credit
Volkswagen ID.4
Volvo Car Financial Services
Volvo C40 Recharge
Volvo XC40 Recharge
Volvo XC60 Recharge
Volvo XC90 Recharge
Above: BMW i4 eDrive35, now with a $7,500 lease incentive. (Photo credit: BMW Group)
EVs Without a $7,500 Lease Cash Incentive
Not every car company passes on the $7,500 commercial clean vehicle tax credit to lessees. Notably, some Ford and GM models do not currently offer a $7,500 lease cash incentive for EVs.
One possible explanation is that most, but not all, electric vehicles sold by Ford and GM in the U.S. are assembled in North America and already are eligible for the full $7,500 consumer EV tax credit. As a result, those companies may have less of a need to incentivize leases this moment.
Another explanation is that the lender may choose to pass on the commercial vehicle tax credit in other ways, such as by inflating the residual value or subsidizing the money factor (i.e., the interest rate for a lease) to lower lease payments.
Below is a list of every 2023 and 2024 BEV car, truck, and SUV that does not get a $7,500 lease cash incentive or greater from the manufacturer’s affiliated lender:
Cadillac LYRIQ (offers a $7,500 residual value support instead)
Chevrolet Bolt EV and Bolt EUV
Chevrolet Blazer EV (offers a $7,500 residual value support instead)
Ford F-150 Lightning (incentive amount varies by model and VIN, may exceed $7,500 on some trims)
GMC HUMMER EV
Mazda MX-30
Nissan LEAF ($3,750 lease cash)
How does the lease incentive work?
If offered by the manufacturer’s affiliated lender, the $7,500 lease cash incentive is applied as a capitalized cost reduction, similar to a down payment, towards the lease of a vehicle.
Note that the lease incentive does not guarantee a good deal. Some lenders lowered the lease residual value and increased the money factor (the interest rate for a lease) upon offering the $7,500 lease incentive, resulting in minimal changes to the monthly payment.
If you were planning on purchasing the vehicle to begin with, we suggest first leasing the car to take advantage of the newly available $7,500 lease incentive, and then buying out the vehicle immediately to avoid paying the high interest charges.
For incentive data on all cars, be sure to check out Rate Findr — the only place where consumers can look up both lease and finance rates and rebates on demand.