1098-VLI Vehicle Loan Interest Statement
(1098-VLI)
File Current Year 1098-VLI
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Before you get started filing, here is some basic information:
What Is a 1098-VLI?
Form 1098-VLI is an information return used by lenders to report the amount of qualified vehicle loan interest they receive from an individual borrower during the calendar year.
What it covers: Interest received on a Specified Passenger Vehicle Loan (SPVL). This is a first-lien loan used to acquire a brand-new passenger vehicle (car, SUV, light truck, van, or motorcycle) that was finally assembled in the United States, has a gross vehicle weight rating (GVWR) of 14,000 pounds or less, and is intended for personal use.
Do I Need To Issue A 1098-VLI?
Lenders must issue this form when a specific interest threshold is met on a qualified loan.
Who must file: Any person or entity engaged in a trade or business (including banks, credit unions, auto finance companies, and dealerships with in-house financing) who, during that trade or business, receives interest on a qualified vehicle loan.
The Threshold: You must file Form 1098-VLI if you receive $600 or more of interest from an individual on a single qualified vehicle loan during the calendar year. The $600 threshold applies strictly on a per-loan basis.
Key Deadlines: Lenders must furnish Copy B of the statement to the borrower by January 31 of the year following the calendar year in which the interest was received.
Official publication link – IRS 1098-VLI Draft Form
Past Year Forms & Transition Timelines
The formal Form 1098-VLI was not required to be filed with the IRS for the 2025 transition year. For 2025, lenders were permitted to provide interest information via regular substitute statements or annual statements.
Mandatory Electronic Filing: Beginning with the 2026 tax year and onward, formal 1098-VLI reporting is fully active. Under the general information return rules, if a lender is filing 10 or more returns of any type across the calendar year, they are required to e-file Form 1098-VLI electronically with the IRS rather than submitting paper forms.
1098-VLI Form
WageFiling provides easy solutions for creating and filing corrections for 1098-VLI Forms. If your company needs to make any corrections, we have you covered!
Take a look at the common errors below to identify which type of error was made, and how to correct. You can file corrections through us even if you filed in the past or with another company.
There Are 2 Common Error Types
Type 1 and Type 2 as defined by the IRS. Let’s determine what type of correction you need to file.
Type 1 Errors (Incorrect Money Amounts or Wrong Box Checked): If an error was made regarding the amount of interest received, the outstanding principal balance, or vehicle details (such as an incorrect VIN or model year), only one corrected form is required. Prepare a new Form 1098-VLI, place an “X” in the CORRECTED checkbox at the top of the form, enter the completely accurate information, and file it. This entirely replaces the original incorrect filing.
Type 2 Errors (Incorrect Borrower Name, TIN, or Account Number): If the error involves misidentifying the borrower or entering an incorrect TIN/SSN, a two-step process must be followed.
Step 1: File a Form 1098-VLI checking the CORRECTED box. Enter the exact incorrect name and TIN originally submitted but enter $0.00 in Box 1 (Vehicle loan interest received) to completely void the incorrect original record.
Step 2: File a separate, brand-new Form 1098-VLI as an original submission (do not check the corrected box) containing the fully accurate borrower name, correct TIN, and actual interest and vehicle information.
Once you know what type of error you need to correct, our program makes it easy!
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– The Payee is the person, estate, trust, or other entity who received the money. The payee is also sometimes called the recipient or employee.
– e-Filing or electronic filing, means sending a copy of Form 1099 or W-2 to the IRS in a formless way using electronic transfer. Transmittal Forms 1096 or W-3 is never needed when e-Filing.