Car buyers in states without sales tax now have tax-deduction benefits, thanks to expansion of a Treasury Department program meant to bolster new-vehicle sales.
The plan is part of the American Recovery and Reinvestment Act of 2009, which enables taxpayers who buy new cars, light trucks, motor homes, and motorcycles to deduct their sales tax. In states without sales tax, buyers can deduct other fees or taxes imposed by state or local governments.
The states without sales tax are Alaska, Delaware, Hawaii, Montana, New Hampshire, and Oregon.
To qualify for the deduction, the vehicle must be purchased from Feb. 17 through yearend.
I honestly believe this is a company that will survive. Auto has made them plenty of profit, and is not the product causing them the major issues. Citi Financial has $141,696 ($ in million) cash, and $138,265 ($ in million) cash flow. Of course these numbers are per balance sheet.
I would worry if I was on their mortgage product, or even their credit card. I think that society will keep their autos, as they cannot afford their homes, and they can get another credit card later. In some of my discussions, with friends, family, etc., I hear more and more people utilizing their check card (dealing in cash), and not worring about their credit cards. This is not just in a certain FICO score range either (I would believe. I do not know everyones FICO score).