Taxpayers could hit a dead end with car loan interest deduction [USA TODAY]
Toyota Motor Corporation (TM)
US:NYSE Investor Relations:
toyota-global.com/investors
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Source: USA TODAY
The so-called "no tax on car loan interest" promise has enough dents and dings to leave plenty of car buyers upset when they discover they won't qualify for the much-publicized tax break on their 2025 income tax returns. Who is being left on the side of the road? Lower-income households that don't have much cash to buy a more affordable used car — many use their tax refund cash for a down payment — cannot get a federal income tax deduction on interest paid in 2025 for higher-rate used car loans taken out last year. Yep, used car loans don't count. And if you lease? Forget it. The new deduction for car loan interest that went into place under the One Big Beautiful Bill Act does not apply to leases, either. Leasing is a big deal in some states, including Michigan, New Jersey, New York, and California — where a large percentage of new car sales involve leases, not new car loans. In Michigan, nearly 53% of new vehicles sold in the third quarter of 2025 involved a lease, not a
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