When the federal government canceled the EV tax credit, both Ford and General Motors got creative to keep the buyer incentive alive for at least a few more months. Is their creative financing cheating, or just a way to get you the best deal possible? Read the details and decide for yourself.

The tax credit deadline

The deadline to buy an EV and write off up to $7,500 of its cost on your federal taxes was Sept. 30, 2025. This led to surging sales in September but likely will cause a drop-off in October. So what did Ford and GM do? Call around their dealerships and plunk down a deposit on EVs left stranded on the lot.

The result is that these automakers’ financing divisions now “own” these EVs. If any drivers want to lease them, the company is handing them out at a discount. A discount of $7,500, to be precise.

“The old adage of ‘if you’re not cheating, you’re not trying’ comes to mind. But, gotta give GM and Ford credit for taking advantage of the tax loophole and pushing it to the next level with a bit of creativity more so than actual cheating.” — Ivan Drury, director of insights for Edmunds.com

Loopholes and leasing

This honestly isn’t too far from business as usual. For years, dealerships have been “buying” their EVs and banking that $7,500 tax credit for the end of the year. Then, when a customer wants to purchase the car, the dealership hands them a $7,500 check. No waiting for tax season required.

This should be a popular incentive. In fact, the percentage of EV drivers opting for a lease has tripled in two years. EVs are cheaper to fuel up, which is a win for already cash-strapped drivers seeking a cheap lease. A lease also minimizes the risk of mechanical problems and depreciation—both fears for EV converts.