Claim Auto Loan Interest Deductions in Haverhill, MA
As a valued customer of Bill DeLuca Chevrolet GMC, you can take advantage of the Chevy Drives America program, which offers a federal auto loan interest deduction. This benefit allows eligible consumers to deduct up to $10,000 in annual interest paid on loans for U.S.-assembled qualifying vehicles.1 This deduction applies whether you itemize your deductions or opt for the standard deduction, making it a versatile option for many MA Chevy drivers.
How the Auto Loan Interest Deduction Works
Understanding how the auto loan interest deduction works can help you maximize your savings when financing a new Chevy SUV or truck. The Chevy Drives America program provides a tax deduction for the interest paid on qualifying auto loans, making vehicle ownership more affordable.
This deduction applies to interest paid during tax years 2025 through 2028 and is available for new debt contracted after December 31, 2024.1 It's important to note that this deduction is only applicable to individuals financing a new or used Chevy, not for commercial or fleet purchases or leased vehicles.
Federal Auto Loan Interest Eligibility Requirements
To qualify for the federal auto loan interest deduction, there are specific eligibility requirements to keep in mind:
- Income Limits: The deduction is available for individuals with a modified adjusted gross income of up to $100,000 (or $200,000 for those married filing jointly). It begins to phase out for incomes exceeding these amounts and is fully phased out for those with incomes above $150,000 ($250,000 for married filing jointly).1
- Vehicle Requirements: The vehicle must be assembled in the U.S. and financed with new debt after December 31, 2024. Refinancing of debt incurred before this date is excluded.1
- Consultation: It's always a good idea to consult a tax, legal or accounting professional for personalized advice, as this information does not constitute tax, accounting or legal advice.
Why Choose Bill DeLuca Chevrolet GMC in Haverhill, MA?
At our Haverhill Chevy dealer, we're committed to helping our customers navigate the complexities of vehicle financing and tax deductions. Our knowledgeable team is here to assist you in finding a qualifying vehicle that meets your needs and fits within the guidelines of the Chevy Drives America program. With our extensive selection of Chevy vehicles made in the U.S., you're sure to find the perfect new Chevy truck or SUV to take advantage of this valuable tax deduction.
Visit Our Chevy Dealership in Haverhill, MA
Ready to explore your options and learn more about the federal auto loan interest deduction? Visit Bill DeLuca Chevrolet GMC in Haverhill today. Our friendly staff is eager to assist you in selecting a vehicle that qualifies for the Chevy Drives America program, ensuring you make the most of this unique opportunity.
Contact us or stop by our dealership to get started on your journey toward owning a new Chevrolet with potential tax savings.
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1 See dealer for details. Eligibility and requirements are subject to change. We recommend speaking with a tax professional.