You will do deduction in similar way - but will deduct on the S-corporation tax return - 2008 Form 1120S
S-corporation will pay 85% (according to the business use) and you will pay 15%.
If S-corporation pays 100% - it should account for 15% as wages paid to you.
If you pay 100% - you should account 85% as your loan to S-corporation that would be paid back.
If you pay business related expenses for S-corporation - that should be accounted as you give a loan to your corporation and then the corporation pay you the loan back.
On your personal tax return - the loan is not a deductible expense and the repayment is not a taxable income - you do not need to report it.
You deduct all car related expense on the S-corporation tax return - not on your personal return.