@Michael16 - in order to be eligible for the credits in effect prior to Aug 16, you need to have a "binding contract" in place prior to August 16th. That needed to reflect at least a 5% deposit to constitute a "binding contract"
Otherwise, you would not be eligible for the tax credits because cars manufactured outside the US and placed in service after August 16 are not eligible for the EV credit.
https://rsmus.com/insights/tax-alerts/2022/irs-issues-guidance-on-transition-rules-for-ev-credits.ht...
Taxpayers who entered into written binding contracts to purchase otherwise eligible vehicles prior to Aug. 16, 2022 but take possession of the vehicle on or after Aug.16, 2022 may claim the EV credit based on rules in effect before Aug. 16, 2022. It is important to note that the North American final assembly requirement did not apply before Aug. 16, 2022. In other words, a credit for an otherwise eligible vehicle, the assembly of which takes place outside of North America, may still be claimed if a taxpayer takes possession after Aug. 16, 2022 so long as the buyer had a binding contract in place before the date of enactment. The IRS has issued guidance accordingly.
Guidance from the IRS helps clarify what will be respected as a written binding contract. Specifically, the IRS has stated they will look to see whether taxpayers have made a significant non-refundable deposit or down payment on a vehicle as an indicator of a binding contract. Generally, for tax purposes, a down payment or deposit of at least 5 percent of the total contract price is an indication of a binding contract, according to recent IRS guidance.
