We want to make you aware of an important update resulting from the One, Big, Beautiful Bill Act, which includes the “No Tax on Car Loan Interest” provision. Under this law, certain vehicle loans may qualify for a deduction of interest paid on eligible auto loans.

Please note:

• It is each member’s responsibility to verify whether their vehicle meets the eligibility requirements outlined in the One, Big, Beautiful Bill Act. You can find more information from the IRS here: https://www.irs.gov/newsroom/one-big-beautiful-bill-act-tax-deductions-for-working-americans-and-seniors

• Our credit union cannot determine or certify vehicle eligibility on your behalf.

• For your convenience, the total amount of interest you paid during the year can be found on your December statement, which may be helpful as you review your records or consult a tax professional.

This law does not change your loan rate, payment amount, or loan terms. It simply outlines potential tax implications related to interest paid on qualifying auto loans.

If you have questions about accessing your December statement or need assistance reviewing your loan information, our team is here to help.

Thank you for your continued trust and membership!