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Gas Certificates - Reporting

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Question: 
We want to give customers a certificate for their first tank of gas when they finance a new auto with us. We'll pay up to $70 when they go to a gas station we have already made arrangements with. What reporting is necessary and how does this affect the APR we disclose?
Answer: 

This is a bonus for their borrowing from you. But unlike Reg. DD and deposit account rules, you have few concerns here. It doesn't affect the loan terms or disclosures. It is miscellaneous income to the borrower and you'll need to track and potentially report this to the IRS (1099-MISC for $600 or more).

First published on BankersOnline.com 9/25/06

First published on 09/25/2006

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