Financing and Tax Credit

Just purchased a new 2013 leaf and financed through nissan mac. I was reading IRS info regarding Tax credit. IRC 30d and it states that "For purposes of the 30D credit, a vehicle is not considered acquired prior to the time when title to the vehicle passes to the taxpayer under state law"

This suggests to me that I must have the title in hand in order to get the credit. Meaning if I finance, I cannot get it. When looking at the tax form 8936, there is no mention of a requirement to have the title. Any insight would be useful.

Purchase financing doesn't matter...you can take the credit.

mwalsh said:

Purchase financing doesn't matter...you can take the credit.

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Correct. You have the title, but the finance company has a lien on it. When you pay the car off they send you a replacement title that shows you own it outright.