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ModernCamaro.com Founder / Former Camaro Disciple
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You are one step closer to having your auto loans be tax deductible for the first time since 1986. The U.S. Senate yesterday voted to make loan interest and sales taxes on vehicle purchases deductible from federal income taxes.

The proposal was brought forward by the National Automobile Dealers Association and was added to the economic stimulus bill. Senate approved the tax break with a 71-26 vote.

When the House approved more than $800 billion of spending increases and tax cuts, the provision was not a part of the package. A conference committee will now decided whether the provision will stay in.

According to Automotive News, NADA says that the provision on letting consumers to have their auto loans interest be tax deductible will get them back into showrooms. The group said that consumers will be able to save about $1,500 on a $25,000 vehicle.

Source: eGMCarTech
 

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NICE...see our camaro's are getting cheaper!


well, not really, but maybe at least our 2010 tax return will get bigger. See, it pays to buy a Camaro!
 

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No words can express how this makes me feel, so....
:bigparty:
:yay::yay::yay:
 

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yeah I agree
 

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is this for the 2008 tax year? I just bought a used 2007 car from a dealer? does that count?
 

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is this for the 2008 tax year? I just bought a used 2007 car from a dealer? does that count?
no...from what I understand it's for cars bought this year and it'll count towards your 2009 tax return. It only counts for new cars anyway.

I haven't heard yet if it's definitely part of the stimulus package that passed last night.
 

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no...from what I understand it's for cars bought this year and it'll count towards your 2009 tax return. It only counts for new cars anyway.

I haven't heard yet if it's definitely part of the stimulus package that passed last night.
Just think, the less $s one puts down on a new car, the more tax $s one will save...is this an awesome Country or what?
:yay:

(unless :gm: offers 0% car loans on 2010 Camaros... :eek:)

P.S. It is part of the Senate stimulus package and should remain when bounced to / fro the House
 

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Just think, the less $s one puts down on a new car, the more tax $s one will save...is this an awesome Country or what?
:yay:

(unless :gm: offers 0% car loans on 2010 Camaros... :eek:)

P.S. It is part of the Senate stimulus package and should remain when bounced to / fro the House

I'm not complaining...I'll take it...being that the downpayment I had "invested" has decreased about 35% from what it was worth about a year ago. I was hoping not to have to finance any of it...but that's not happening now.
 

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While this may be good news, it is a double edged sword...

Time are tough right now, last thing most people need to be doing is taking a loan for an asset that depreciates as quickly as a new vehicle.

On the other side are the automakers that are hurting for new car sales. It is a very difficult time all the way around :(
 

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While this may be good news, it is a double edged sword...

Time are tough right now, last thing most people need to be doing is taking a loan for an asset that depreciates as quickly as a new vehicle.

On the other side are the automakers that are hurting for new car sales. It is a very difficult time all the way around :(

I agree...I hope that the recent turn of the economy has taught people that they need to at least try and live within their means. But I'm sure a lot of people with no common sense can not be taught, unfortunately.
 

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