Good news for drivers. A new federal tax law may allow eligible taxpayers to deduct a portion of the interest paid on certain auto loans.
The One, Big, Beautiful Bill (OBBB), signed into law on July 4, 2025, establishes a temporary tax deduction that allows taxpayers to claim up to $10,000 per year in interest paid on qualifying vehicle loans.
This deduction applies to tax years 2025 through 2028 and is limited to:
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New vehicles assembled in the United States
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Loans used for personal (non-business) purposes
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Vehicles that meet specific eligibility requirements under the law
Eligibility and how this deduction applies can vary by individual. SkyOne does not provide tax advice, so members should consult their tax advisor for guidance.
Where to Find Your Interest Amount
If you need your total interest paid for 2025, please refer to your December 2025 loan statement, which includes your full year-to-date interest amount. This statement can be downloaded and shared directly with your tax advisor.
Need Help?
If you have questions about locating your December statement or understanding the interest amount shown, our Loan Services team is here to help.
For questions about tax deduction eligibility or filing, please contact your tax advisor.
Loan Services:
LoanServices@skyone.org