Ford and GM are using a loophole to extend the $7,500 EV tax credit, helping customers save money on leases. This comes just before the tax credit’s expiration date of September 30. Ford is offering competitive lease payments through Ford Credit until December 31. Ford develops and services Ford trucks, SUVs, commercial vans, and Lincoln luxury vehicles globally, while GM designs, builds, and sells trucks, crossovers, and cars worldwide.

Experts predicted a drop in EV sales after the tax credit ends, prompting Ford and GM to take action. The automakers’ financing arms are making down payments on EVs in dealer inventory to secure the credit. This enables dealers to offer leases with the full $7,500 subsidy factored in. Ford and GM aim to keep EV leases competitive for the next few months.

Read more at Yahoo Finance: Ford, GM Use Leasing ‘Loophole’ to Extend $7,500 EV Tax Credit