Tax reduction for new vehicles
A new federal auto loan interest deduction allows qualifying customers to save up to $10,000 annually on new vehicle loan interest across all vehicle lines that have undergone final assembly in the United States and have a gross vehicle weight rating (GVWR) of less than 14,000 pounds.
Requirements
Vehicle lineup undergoes final assembly in the U.S Gross vehicle weight rating (GVWR) of less than 14,000 pounds. Buy an eligible vehicle.
Deduction begins to phase out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers). Eligible customers can include the deduction on their Tax Return.
Due to uncertainties surrounding how FCTP vehicles will be treated for purposes of the auto interest deduction, when purchasing a FCTP vehicle a customer should be advised to consult with their tax advisor.
To qualify for the deduction, the interest must be paid or accrued on a loan that is: 1. originated after December 31, 2024 2. used to purchase a vehicle, the original use of which starts with the taxpayer (used vehicles do not qualify) 3. for a personal use vehicle (not for business or commercial use) and 4. secured by the first lien on the vehicle(For information consult the IRS website)
Our responsibility
Promote Eligible Vehicles: Actively inform customers about the new federal auto loan interest tax deduction on eligible U.S. - assembled Ford vehicles for qualifying purchasers. See attached list of vehicles.
• Professional Consultation: It is imperative to recommend that customers consult with tax professionals for personalized advice regarding their specific eligibility and to address any tax -related inquiries. The information herein does not constitute tax or legal advice. Customers should consult with their own tax or legal professionals.
This deduction applies to new Electric Vehicles (EVs), Hybrid vehicles, and Internal Combustion Engine (ICE) vehicles with loans originating between January 1, 2025, and December 31, 2028.
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Gem City Ford
5101 Broadway
Quincy, IL 62305
- Sales: (217) 222-8700
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