New Vehicle, New Deduction!

At Lake Wales Chrysler Dodge Jeep Ram, the Low Payment Kings are looking out for your wallet—even when it comes to taxes!

Beginning in 2025, you could qualify to deduct up to $10,000 annually in auto loan interest when you buy a new, U.S.-assembled vehicle from our Lake Wales location.

🔧 Who Can Take Advantage?

• Vehicle must be for personal use and purchased between Jan. 1, 2025 – Dec. 31, 2028

• Must be assembled in the U.S. (VIN starts with 1, 4, or 5)

• Your income should be below $100K (single) or $200K (joint) for full benefit

• Applies to gas and electric vehicles

• You can benefit even if you don’t itemize on your taxes

💡 Bought Earlier in 2025? Let’s Check Your Eligibility!

If you purchased a qualifying vehicle earlier this year, contact us at Lake Wales CDJR—we’ll help you navigate the rules and see if you qualify for this exciting new deduction.

New Auto Loan Interest Deduction*
• Qualifying taxpayers may deduct up to $10,000 in interest annually on loans for eligible, new personal-use vehicles with final assembly in the U.S.
• Applies to EV and ICE vehicles purchased between January 1, 2025, and December 31, 2028
• VINs starting with 1, 4, or 5 indicate U.S. final assembly.

Disclaimer:

For taxable years beginning after December 31, 2024, and before January 1, 2029, Section 163(h)(4) of the Internal Revenue Code of 1986, as amended, permits qualifying taxpayers to deduct interest paid or accrued during the taxable year on indebtedness incurred by the taxpayer after December 31, 2024, for the purchase of new qualifying vehicles, for personal use, with final assembly in the United States. Limitations may apply where a dealer has previously used a vehicle as a courtesy transportation vehicle.   Personal eligibility to claim this deduction depends on the customer’s own individual circumstances, including whether modified adjusted gross income exceeds the income thresholds contained in Section 163(h)(C)(ii). If customer qualifies, this deduction may be available irrespective of whether customer chooses to itemize deductions.  Additional limitations apply, including a maximum amount of interest permitted for deduction in a given year. Customers should be directed to consult with their own tax, accounting, or legal professional or advisor to confirm eligibility for this deduction or if they have questions regarding their qualification to claim the deduction. This information does not constitute tax, accounting, or legal advice