@smorgan103 - two things
first, the income limit is based on this years income OR last year's income. Do you qualify using last year's income?
second, the loan has nothing to do with it. it is the owner of the vehicle that gets the credit.
look at Q11.... only owners are eligible to take the credit and it can only be ONE owner. So even if your parents were on the title and they claimed it on their taxes, they are limited by their tax liability (if it happens to be less than $7500)
https://www.irs.gov/newsroom/topic-a-frequently-asked-questions-about-the-eligibility-rules-for-the-...
