MAHWAH, N.J. – Polestar, the electric performance car brand from Sweden, announced today the establishment of Polestar Financial Services, which will provide a variety of consumer finance and lease offerings for customers purchasing Polestar vehicles. Via Polestar Financial Services and additional consumer support directly from Polestar, lessee customers can also benefit from the entire $7,500 U.S. Federal electric vehicle tax credit currently available to qualifying purchasers of the Polestar 2 electric fastback.
“The road to market has been an exciting journey, and we look forward to working with Polestar on the future of automotive retail,” said Dan Romagnoli, CFO of Polestar Financial Services. “We are pleased to have both lease and finance options with broad consumer appeal at launch, and will continue to develop our offerings over time.”
As part of the launch, Polestar Financial Services and Bank of America established an innovative program for Polestar leased vehicles. The program enables Polestar to provide the value of the U.S. federal EV tax credit to qualifying lease customers via reductions in monthly payments to as low as $549 per month for 39 months* on a well-equipped 2021 Polestar 2, with an MSRP of $59,900 plus destination charge, and $5,544 due at signing.
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Polestar Financial Services offers retail financing and lease options for new and pre-owned Polestar vehicles, including the electric performance hybrid GT, Polestar 1, and all-electric fastback, Polestar 2. The programs offer financing at competitive rates as well as promotional offers supported by Polestar, a current example of which is financing of 0% APR up to 60 months** on a Polestar 2.
Polestar Automotive USA Inc., Polestar Financial Services and Bank of America have executed an agreement to support the funding of Polestar lease and loan offerings, which are now available to consumers.
“We are delighted to be working with Polestar to provide innovative financing solutions for its electric vehicle customers,” said Fabien Thierry, Head of Vehicle Lending at Bank of America. “We have a long-standing commitment to sustainable finance and to developing solutions that help expand the adoption of electric vehicles and advance the transition to a low-carbon economy.”
Additional information about these financing options is available at www.polestarfinancialservices.com.
*Offer available to qualified customers that meet Polestar Financial Services (PFS) credit standards at authorized Polestar Spaces. Not everyone will qualify. Advertised lease payment does not include taxes, title, registration, license, acquisition fee, insurance, maintenance, and other dealer fees. Lessee is responsible for excess wear and mileage over 10,000 miles/year at $0.25 / mile. All offers are subject to vehicle availability. Must take delivery of new vehicle by May 1st, 2021. All offers are subject to vehicle availability. Contact your Polestar Retailer for details.
**0% APR applies to a new 2021 Polestar 2 vehicle. This offer is not combinable with any other Polestar offers. Offer available to qualified customers that meet Polestar Financial Services (PFS) credit standards at authorized Polestar Retailers. 0% APR Financing for 60 months at $16.67 per month per $1,000 financed. Down payment will vary with APR and credit qualifications. Not everyone will qualify for credit approval or advertised APR. Advertised financing does not include taxes, title, registration, and license fees. All offers are subject to vehicle availability. Offer available from April 1, 2021 through April 30th, 2021. See your participating Polestar Retailer for details.
Polestar is the independent Swedish premium electric performance car brand founded by Volvo Cars and Geely Holding. Established in 2017, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result. The company is headquartered in Gothenburg, Sweden, and retails its vehicles in ten global markets across Europe and North America, and in China.
Polestar produces two electric performance cars. Polestar 1 is a low-volume electric performance hybrid GT with a carbon fiber body, 609 hp, 738 ft.-lb. and an electric-only range of 60 miles – the longest of any hybrid car in the world. The Polestar 2 electric performance fastback is the company’s first fully electric, high volume car. Polestar 2 launched in 2020 with an all-wheel drive electric powertrain that produces 408 hp and 487 ft.-lb., with a maximum range of 233 miles EPA (292 miles WLTP).
In the future, the Polestar 3 electric performance SUV will join the portfolio, as well as the Precept – a design study vehicle released in 2020 that is slated for future production. Precept showcases the brand’s future vision in terms of sustainability, digital technology and design.