Planning to purchase your next vehicle? Recent federal tax legislation offers qualified buyers significant savings when financing American-assembled Hyundai models. The Fred Beans Hyundai of Abington team is ready to help you navigate this valuable tax benefit opportunity.
This federal incentive allows eligible buyers to deduct auto loan interest payments for qualifying vehicles built in the United States. With several Hyundai models assembled domestically, this program creates substantial financial advantages for Pennsylvania Hyundai drivers looking to upgrade their transportation.
Understanding the Federal Auto Loan Interest Deduction Program
The federal auto loan interest deduction enables qualifying purchasers to deduct up to $10,000 annually in loan interest payments. This tax benefit remains active through December 31, 2028, providing meaningful financial relief regardless of whether you choose standard or itemized deductions.1
Our Willow Grove finance specialists strongly encourage maintaining comprehensive documentation of your vehicle purchase and loan details for tax preparation purposes. We'll provide all necessary paperwork and program information to ensure you maximize this opportunity.
Verifying Your Hyundai Model's American Assembly Status
Confirming domestic assembly is essential for deduction eligibility. Check your vehicle's VIN (Vehicle Identification Number) -- the initial digit typically indicates manufacturing location. Vehicles beginning with "1", "4", "5", or "7" are generally assembled in the United States.
You can also utilize the NHTSA VIN verification tool or contact us for assistance confirming your vehicle's origin and deduction qualification status.
Qualifying American-Built Hyundai Models
To receive this federal tax deduction, your new Hyundai must be assembled in the United States. Currently, these Hyundai models meet eligibility requirements:1
- IONIQ 5 (assembled in Ellabell, GA)
- Santa Cruz (assembled in Montgomery, AL)
- Santa Fe (assembled in Montgomery, AL)
- Santa Fe Hybrid (assembled in Huntsville, AL)
- Tucson (assembled in Montgomery, AL)
Program Requirements and Eligibility Guidelines
01What are the income limits?
To receive the complete deduction benefit, individual taxpayers must maintain a modified adjusted gross income up to $100,000. Joint filing couples can earn up to $200,000.1 Higher income levels result in reduced benefits.
02Do the deductions apply to vehicles used for business or commercial purposes?
This deduction covers personal vehicle purchases only. Business or commercial vehicles follow different tax regulations and deduction structures. Consult a tax advisor regarding specific business vehicle situations.
03Do used vehicles qualify?
Only new vehicles assembled in the United States qualify for personal use deductions. Previously owned vehicles don't meet program eligibility standards.
04Do lease payments qualify?
Lease payments don't qualify for this deduction since it applies specifically to loan interest payments. Leasing arrangements may offer different tax benefits -- discuss options with your tax professional.
Buy Hyundai Vehicles Built in the USA
Ready to explore your options? Contact us to review federal auto loan deduction eligibility and discover the perfect American-assembled Hyundai for your lifestyle. Schedule a visit to our Willow Grove Hyundai dealer, experience these qualifying Hyundai vehicles firsthand and learn how federal tax benefits can reduce your overall ownership costs.
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¹ Eligibility requirements and program details subject to change. Consult a qualified tax professional for personalized advice.
