The whole "$7500 off" with a lease is a bit of a scam, because Subaru sets the lease terms to recover that $7500 AND MORE over the life of the lease.Subie dealer here. The $7500 comes off cap cost and is ONLY available on Leases. Finance and cash not available.
The only reason I wanted to do a lease (or anything other than cash) was because Subaru said they could pass on the $7500 credit that way. I don't think the vehicle is worth $50,000 to me, but at $42,500 I would buy it. That was the equation before the new EV credit went into effect, and that's the amount I would have ended up paying if Subaru had delivered my vehicle last summer when promised.
Subaru, and almost every other manufacturer, promised a way to get around the new EV credit restrictions by offering a lease. With a lease, the lessor (Subaru) can take a business tax credit of $7500 because they are the owners of the vehicle. They promised to pass on that savings to the lessee (me). In theory then, I would be able to get the vehicle for $7500 off the MSRP, but I would have to pay some fees associated with the lease.
Specifically, for my Solterra, this is what the dealer tried to sell me:
Down payment $2000
"Discount" of $7500
Various fees ~$1300
Net cap $44,143
Payments $996/mo for 36 months = $35,856
So if I lease a Solterra in order to get the $7500 discount, then immediately buy out the lease, I end up paying ~$65,000+ in order to acquire a ~$50,000 vehicle. That's not MY math, that's the written terms I got directly from the dealer. BTW, my credit score is well over 800, so these represent their best terms. I went back and forth with the dealer for more than a week over this - their numbers never added up completely and they didn't seem too interested in getting my business. I guess they would rather sell this vehicle at well over MSRP to someone walking in off the street than to me, so they weren't trying too hard.
The money factor I was quoted was .00414 which translates to an "interest rate" of 9.9%. (For comparison my credit union offered me 5.49% if I had wanted to finance the purchase.)
I canceled my order and got my deposit back, a year after I made the reservation. My daughter did the same after getting a similarly bad deal from her dealer. Maybe the second-generation Solterra will be a better value, but there's a lot of competition coming on the market so who knows what I will end up with. Fortunately, I don't need the vehicle immediately so I can take my time and buy for value rather than simply accept the bad terms offered by the dealer.