Auto Loan Interest & Tax Information

Men's hand holding car key calculate monthly installments and reviewing personal loan contract and car accident insurance before making an agreement about contract to apply for a car loan

If you purchased a new auto after December 31, 2024, you may have questions about interest paid and potential tax implications. Here’s what you need to know:

Interest Paid

See your December 2025 statement for interest paid on your auto loan.

Eligibility Requirements

  • Auto must have been purchase new after Dec 31, 2024 and be used for personal use.
  • The vehicle VIN must start with 1, 4, or 5.
  • Income requirements apply.

Important Disclaimer: This information is provided for general informational purposes only and is not intended as tax advice. eligibility for any tax deduction depends on individual circumstances and applicable tax laws. Members should consult a qualified tax advisor or tax professional to determine whether they may qualify and how this deduction may apply to their specific situation.