December 11, 2012
Vancity’s Clean Air Auto Loan has been enhanced to better fulfill member needs for environmentally friendly vehicles.
Under the previous Clean Air Auto Loan, members could have only qualified for financing if they purchased a new energy efficient car. However, under this new Clean Air Vehicle loan members can purchase new or used low-CO2 energy efficient autos, plus they can finance:
1. Purchase of a vehicle for the purpose of installing an alternative fuel conversion system.
o Fuel conversion system for: propane, electric, or straight vegetable oil (SVO) (bio-fuel).
2. Purchase and installation of an alternative fuel conversion system in a members existing vehicle.
3. Purchase of motorized or non-motorized bikes, including electric bikes, non-motorized bicycles and scooters.
The new Clean Air Vehicle Loan rewards members who choose vehicles that emit less carbon by offering preferential loan rates. The member pricing for this loan is Vancity Prime + 1% for new automobiles, and Vancity Prime+2% for other Clean Air Vehicle loan choices.
Member and Staff Led Innovation
The loan product enhancements have been driven through member and staff led innovation. With the rise in popularity in alternate fuels and fuel conversion systems, members have been requesting financing for various green transportation options. This new loan also fulfills staff requests for enhancements as illustrated in a Clean Air Vehicle Loan v-check submission.
Also, competitively none of the major banks or credit unions offers such a loan for environmentally friendly vehicles and vehicle conversions.
The Clean Air Vehicle Loan positions Vancity as an environmental leader, and aligns with Vancity’s goal of working toward climate change solutions by reducing carbon dioxide (CO2) emissions.