Please review with your accountant/and or tax preparer for new car loan interest deduction on your 2025 Tax Returns. SFCU will not be generating a Car Interest 1099 for Tax Year 2025.
If you have a new auto loan that qualifies for car loan interest deduction you may find this information from the following:
- 12/31/2025 Bank Statement
Please visit irs.gov for additional guidance
Eligibility Criteria:
• Interest must come from a loan used to purchase a new passenger vehicle for personal use (used vehicles are not eligible).
• The vehicle must have been purchased on or after January 1, 2025.
• Borrowers are required to provide the vehicle’s VIN (Vehicle Identification Number) when submitting a deduction claim.
Qualifying Vehicle Types:
• Includes cars, minivans, vans, SUVs, pickup trucks, and motorcycles.
• Vehicle must be assembled in the United States.
• Vehicle must have a gross vehicle weight rating below 14,000 pounds.