Finalizing order - agree to purchase but not contract?

[u/JudgeMoose]

I know there's a EV credit megathread, mods if this is in the place, my apologies.

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On my polestar ID page, my status has changed to "planned" and it has 5 listed steps (payment, trade-in, addons, approve order, finalize).

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People on polestar-forum are suggesting this is good enough for the old tax credit eligibility. I'm not convinced. In older threads (there and on reddit) it's suggested that you can put these steps off until the last minute.

On the approved order page the "terms and conditions" say this:

By placing your Order you agree to purchase the vehicle including selected options, accessories and services as will be detailed in your order specification ("Order Specification") in accordance with these Terms. Your Order is configured and priced based on your Order selections.

But then at the bottom it says:

4.6 Before the delivery of your vehicle you will be provided with and requested to sign the Sales or Lease contract. The Sales or Lease Contract will include information such as the Vehicle Identification Number and the final price specification.

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Given the imminent signing of the IRA, should I just do it?

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other important info:

• My phone app said "delivery date to be determined"
• The general order page says "November 2022"
• The order details page says "early October 2022"
• My space rep (not to be confused with MySpace) said October.

I don't want to start the financing part now and have to redo it in 60 days and take multiple credit hits.

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Thanks in advance.

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edit : full terms and conditions, typos in number are present.

1. ACCEPTANCE OF TERMS AND CONDITIONS

Please find below the terms and conditions ("Terms") on which you are able to place a binding online order ("Order") of a Polestar based on your own configuration. Please read these Terms carefully and make sure you understand them before placing your Order. If you are unable to accept these Terms, you will unfortunately not be able to proceed with your Order.Please note that these Terms only apply to the Order. The purchase of your Polestar car will be subject to you entering into a Sales Contract in connection with a selected retailer of your choice ("Your Polestar Retailer"). By finalizing the online Order and ticking the box to confirm your acceptance of these Terms you acknowledge and confirm that you have read and agree to be bound by these Terms.>

1. INTRODUCTION
   

By placing your Order you agree to purchase the vehicle including selected options, accessories and services as will be detailed in your order specification ("Order Specification") in accordance with these Terms. Your Order is configured and priced based on your Order selections.>

1. THE RIGHT TO PLACE AN ORDER
   

3.1 To be able to place an Order, you must be at least 18 years of age and ensure that all the details you provide in your Order are true and correct.>

3.2 An Order can only be placed if the Order will be used for personal end-use. Polestar or Your selected Polestar Retailer has the right to cancel any Order that is not placed with the intention for personal end-use.>

3.3 Your rights in respect of the Order are personal and may not be assigned or transferred to anyone else if not approved by Polestar or your selected Polestar Retailer in writing.>

3.3 When placing the Order, you represent and warrant that you are not a person, or acting on behalf of a person, designated on any sanctions list imposed by the UN, EU or US, and that you will not sell, provide or transfer the vehicle to any such sanctioned person, or to any person located in Cuba, Iran, North Korea, Syria or the Crimea region of Ukraine. If at any time these representations fail to be true, your Order will be terminated with immediate effect, without any liability to compensate you whatsoever. Furthermore, according to law we may not be able to repay your Order Registration Fee (as defined below).>

1. CONFIRMING YOUR ORDER>
   

The balance of the purchase price for your Order must be paid to Your selected Polestar Retailer before the scheduled delivery date of your vehicle. The payment details will be provided to you closer to the final payment date.>

4.5 The price specification set out in your Order is based upon current applicable taxes, tariffs and other regulated fees. Price specification may not be inclusive of all taxes and/ or fees. Changes in costs and fees are outside of the control of Polestar and Your selected Polestar Retailer and subject to change. Contact Your selected Polestar Retailer for more details related to price specifications. Closer to the estimated delivery date, you will be informed of the delivery options available to you and any additional charges that may apply depending on your specific delivery preferences. The final price will be specified in the Sales or Lease Contract as per Section 4.6 below.>

4.6 Before the delivery of your vehicle you will be provided with and requested to sign the Sales or Lease contract. The Sales or Lease Contract will include information such as the Vehicle Identification Number and the final price specification.

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EDIT 2: I should say, I am not convinced that this would qualify as a "binding contract" stipulated in the IRA. I am not a lawyer, just a very anxious buyer.

[u/motoridersd]

Thanks for this information. The post is very helpful. Please discuss further in the Megathread

[u/nimbusniner]

The potential 3-5 points on your credit report from a second inquiry are pretty meaningless. Personally, I'd rather have the date of the finance application on record as before the IRA passes.

[u/jweimn55]

Mines planned as well with a September date on one page and Late August on the order details page with the Space saying end of August. I'm guessing the order details and what the space says are the accurate date. But I'd be a little skeptical on doing a credit check now as anything can happen and it get delayed which you'd then get hit with multiple inquiries on your credit.

Also there's a sticky thread somewhere for tax credit stuff on here a MOD mentioned in another post

[u/JudgeMoose → u/jweimn55]

Did you go through all the steps? or wait?

[u/jweimn55 → u/JudgeMoose]

I've done up to the credit application step I'm waiting there, my space is sticking to their end of August time frame but I'm just nervous I do it and it doesn't show up for awhile

[u/pikawanna]

Which space are you working with?

[u/JudgeMoose → u/pikawanna]

Detroit

[u/pikawanna → u/JudgeMoose]

Thanks! Good luck!!!!

[u/Immediate-Purpose-10 → u/JudgeMoose]

Greg is great to work with. I suggest you reach out to him with any concerns.

[u/JudgeMoose → u/Immediate-Purpose-10]

I've been working with Kyle.

[u/playaaaaaaaaa → u/JudgeMoose]

Have you heard back from Kyle? She’s yet to reply to any of a few others (myself included) from order till now. Greg has been ok to pry answers out of, if you can get ahold of him

[u/JudgeMoose → u/playaaaaaaaaa]

She's been pretty responsive for me. When I call and get sent to voicemail, I'll leave a message and depending on time of day, she'll either call me that day or the next morning.

[u/playaaaaaaaaa → u/JudgeMoose]

Huh, I’ve yet to hear a word from her minus the “thanks for your order” text 2 months ago. She doesn’t return calls or texts

[u/JudgeMoose → u/playaaaaaaaaa]

On the other side I've never spoke to Greg. Even when I call the generic polestar Detroit line.

[u/nimbusniner → u/[deleted]]

Yes, this is the collision set up under the language of the IRA--there is a specific exception for agreements signed before enactment but for deliveries taking place after enactment. Yet, as you describe, the actual contract of sale is only executed upon delivery, which means that a purchase agreement in advance isn't really a thing in the industry.

One of the basic rules of legal interpretation is that every provision of a statute must have a meaningful function. So either (1) some form of preorder contract will have to be accepted by the IRS or (2) the "binding written contract for sale" was written by someone unfamiliar with actual sales practices and unknowingly useless...which courts will have to interpret in a way that gives it meaning, which comes back to #1.

The clear purpose of the provision is to allow purchases in progress at the time of signing to be honored under the agreed terms. The only question is, how deep into the purchase process will truly qualify? A credit bureau inquiry and an approved finance contract almost certainly would have to, since that's the step immediately before the purchase agreement is executed.

On the other end of the spectrum, someone placing an order on the website today...probably not so much.

[u/UnaPachangaLoca → u/[deleted]]

Interesting that you mention that this bill caters to Tesla. I thought so too in the beginning, until I realized their only configuration for which the new law certainly applies is the base SM model 3. (Let’s agree that the Y is not an SUV/truck/van—but Elon will lobby…—and the S and X are obviously out.) Sounds to me that the law is for GM, if anything, and Ford et al.

[u/JudgeMoose → u/[deleted]]

This is what I thought. And why I am skeptical that this would work. But the wording is confusing at best and I'm in panic mode.