I used it just a couple weeks ago to purchase my gunner, just print the form off the website. and take it in to the dealer with you. They will knock 1k off the price. Just make sure to take a copy of your DD214 with you or other proof of service ie. ID card, VA card. Luckly they let me stack all the rebates. so I ended up getting about 3.5k off the bike price.
What do you mean that they let you stack rebates?
And to the OP, it's off the price. Just bought mine a couple of days ago, it's itemized so you still pay taxes on the overall cost of the bike. Also saw a flyer while I was in there that for every motorcycle purchase, Victory donates $500 to The Iraq and Afghanistan Veterans of America fund. http://www.victorymotorcycles.com/en-us/the-road-home
My dealer says that I have to pay up front and submit the rebate form for Victory to validate. Then I will get a check for the $1K a couple weeks later. But others are saying the dealer took it off the top. Not sure which is right.