Vietnamese Carmaker Will Pay You $7,500 To Buy Its Cars

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Even if the government won't pay you, VinFast will.

  • VinFast wants its customers to get the $7,500 EV rebate before the Inflation Reduction Act becomes law
  • Reservation holders need to sign a binding contract as soon as possible
  • If owners are no longer eligible, Vinfast will foot the bill

Recently, Congress made several changes to the federal EV tax rebate program as part of the Inflation Reduction Act. In short, the bill removed the 200,000 car cap for automakers, while EV buyers will get a $7,500 tax credit on a new car and a $4,000 tax credit on a used car. Moreover, it would appear that the credits can be paid at the point of sale rather than as a rebate come tax season.

However, electric automakers are now trying to navigate the new regs, including Vietnamese automaker, VinFast. The Vietnamese brand is trying to break into the US market with SUVs to compete with the Mustang Mach-E and Tesla Model X.

It has an interesting solution to ensure buyers get their $7,500 no matter what Congress' new guidelines say.

VinFast

VinFast recently sent out an e-mail to reservation holders stating that it would pay customers $7,500 even if they no longer qualify for the rebate under the new legislation.

"VinFast is a brand that not only stands behind our vehicles with our ten-year/125,000-mile warranty but, more importantly, we stand behind our customers," stated the e-mail.

"For customers who apply for the $7,500 tax credit under current IRC 30D requirements and are denied by the IRS for reasons not attributable to the customer, VinFast will provide the customer a $7,500 purchase price rebate (or similar rebate) on their VinFast vehicle purchase. The binding agreement contains additional details on eligibility for the rebate." said the e-mail.

There is some fine print, however.

First, you'll need to convert your $200 pre-order to a binding, written contract to purchase the vehicle. If you aren't happy with your car when it arrives, you could be out of luck. Second, the above-mentioned $200 deposit now becomes non-refundable. Rivian is currently running a similar project before the Inflation Reduction Act is signed into law.

Once a binding contract between the customer and VinFast exists, they can return to the IRS and apply for the $7,500 rebate.

Should the feds still turn a customer down, VinFast will foot the $7,500 bill. Regardless of how the money gets to its buyers, VinFast is clearly making a play to draw new customers into the new and highly competitive EV space.

VinFast is also investing heavily in the USA to put consumers' minds at ease. At a time when several EV manufacturers are cutting jobs locally, the Vietnamese brand announced that it would build a $2 billion plant in North Carolina, creating 7,500 local jobs in the process.

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