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      10-14-2018, 03:54 PM   #1
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State Rebate as a down or in your pocket?

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Currently working on leasing a new i3. On top of the $7500 fed, $2000 loyalty, and $1000 UDE rebates, I was planning on using the $2500 state rebate as a down payment as well as the BMWCCA and SCE rebates. Usually I don't put anything down on a lease, but since this is basically "free money" the risk of losing money is very very low should the car get totaled. I figured I'd rather just enjoy a super low monthly payment.

What are your thoughts? Did most of you put the $2500 state rebate as a down payment?
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      10-15-2018, 07:15 PM   #2
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Quote:
Originally Posted by jmg View Post
Currently working on leasing a new i3. On top of the $7500 fed, $2000 loyalty, and $1000 UDE rebates, I was planning on using the $2500 state rebate as a down payment as well as the BMWCCA and SCE rebates. Usually I don't put anything down on a lease, but since this is basically "free money" the risk of losing money is very very low should the car get totaled. I figured I'd rather just enjoy a super low monthly payment.

What are your thoughts? Did most of you put the $2500 state rebate as a down payment?
Why not apply all rebates (state and otherwise) to capital cost (sales price) reduction?
That way you achieve lower monthly payments, and avoid risking down payment $$ in case of total vehicle loss.

I don't live in Cali, but that's what I do with all other rebates and credits I can claim in NJ.

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      10-15-2018, 07:48 PM   #3
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Quote:
Originally Posted by afadeev View Post
Quote:
Originally Posted by jmg View Post
Currently working on leasing a new i3. On top of the $7500 fed, $2000 loyalty, and $1000 UDE rebates, I was planning on using the $2500 state rebate as a down payment as well as the BMWCCA and SCE rebates. Usually I don't put anything down on a lease, but since this is basically "free money" the risk of losing money is very very low should the car get totaled. I figured I'd rather just enjoy a super low monthly payment.

What are your thoughts? Did most of you put the $2500 state rebate as a down payment?
Why not apply all rebates (state and otherwise) to capital cost (sales price) reduction?
That way you achieve lower monthly payments, and avoid risking down payment $$ in case of total vehicle loss.

I don't live in Cali, but that's what I do with all other rebates and credits I can claim in NJ.

a
That's my logic exactly. Some posters on the leasehackr boards couldn't wrap their heads around it.
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      10-17-2018, 12:13 PM   #4
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Quote:
Originally Posted by jmg View Post
That's my logic exactly. Some posters on the leasehackr boards couldn't wrap their heads around it.
The $2,500 from the state of California takes 2-3 months to receive, BMW Car Club is three months, so if you have an extra $3,500 you don't need until 2019 then go for it.
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      10-17-2018, 01:37 PM   #5
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Quote:
Originally Posted by jmg View Post
What are your thoughts? Did most of you put the $2500 state rebate as a down payment?
Just something to double check before you decide. Check your eligibility to get the CA state rebate. I think the rules changed since I got my last i3 in 2017. I was reading the rules for the new HOV stickers and noticed there are now seemingly stricter rules on max income and limits if you've got other rebates before.

"For a vehicle purchased on or after January 1, 2018, the DMV cannot issue a CAV decal to an applicant who has received a consumer rebate through the Clean Vehicle Rebate Project (CVRP). An applicant whose gross annual income is above specified thresholds must choose between a CAV decal or a CVRP rebate"

Last edited by TimeFor; 10-17-2018 at 01:43 PM..
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      10-23-2018, 02:19 PM   #6
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I did exactly this on my i3. I put $3950 ($2500 CVRP, $450 SCE, $1000 CCA) in down payment and immediately filed for the rebates after delivery (SCE after I got my plates). Timeline below:

8/25: Delivery
8/26: Filed for CCA and CVRP rebates
9/12: CCA rebate approved, submitted to BMWNA
9/13: SCE rebate submitted
9/17: SCE rebate approved
10/20: SCE rebate arrived in mail
10/31: CVRP rebate approved
11/17: CCA rebate arrived in mail

That said, turnaround times for the CVRP rebate has been getting longer and longer, probably due to the increasing amount of Model 3 deliveries.
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Last edited by capt_slow; 11-19-2018 at 09:35 PM.. Reason: Added more dates
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