Auto Equity
Advantage Option
Our Auto Equity Advantage option may allow you to deduct the interest you pay on your new or existing auto loan from your taxable income.* To be eligible for this feature, you must:
- Own a home in California (A lien will be placed on the property.)
- Have a new or existing SchoolsFirst FCU Auto Loan or refinance an auto loan from another financial institution
If you meet these requirements, you may save a few hundred dollars in the first year and potentially thousands over the term of your auto loan by deducting the interest you pay on your auto loan from your taxable income.*
To apply:
Include the following with your application:
- A copy of the page in your grant deed or deed of trust that lists the property owners and the legal description of the property (not required if SchoolsFirst FCU is the lender)
- A check for the $100 processing fee (payable to SchoolsFirst FCU)
Application processing and recording of the lien may take up to 30 days.
Once your application has been processed, we will mail the final loan documents to your home address.
All parties on the deed of trust are required to sign the final loan documents and have their signatures notarized. You may do this at any of our
branch locations. Or, you may mail the signed and notarized documents to the above address.
If you have any questions or need additional information, please call us at 714/258-4000 or 800/462-8328, extension 8205.
* Please consult your tax advisor to determine whether the interest will be tax-deductible in your particular circumstances. The credit union does not make any promises, nor does it give any guarantees, as to the tax-deductibility of interest paid.
