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Financing Tools to Increase Electric Vehicle Access by Jenifer Bosco

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Jenifer Bosco, Staff Attorney at National Consumer Law Center gave this presentation at the Forth Financing Tools to Increase Electric Vehicle Access webinar on October 18, 2022.

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©National Consumer Law Center
Financing Tools to Increase
Electric Vehicle Access
Jenifer Bosco, Staff Attorney
(jbosco@nclc.org)
National Consumer Law Center
The National Consumer Law Center
2
 Since 1969, the nonprofit National
Consumer Law Center (NCLC) has used
its expertise in consumer law and energy
policy to work for consumer justice and
economic security for low-income and
other disadvantaged people in the United
States through policy analysis and
advocacy, publications, litigation, and
training.
EV ownership challenges
 Current interest rates for sub-prime used auto
loans = 20% and up
 History of racism in auto purchasing
 NCLC report -Time to Stop Racing Cars: The
Role of Race and Ethnicity in Buying and using a
Car
 increased prices for the same add-ons
 increased interest rates at the same credit worthiness
 increased prices for the cars themselves
 CFPB Consent Order - In the Matter of American
Honda Finance Corp., No. 2015-CFPB-0014
3
EV ownership challenges
 People of color pay more for car insurance
 CFA report - High Price of Mandatory Auto
Insurance in Predominantly African American
Communities
 Disproportionate fines and fees for minor
traffic violations
 Stopped, Fined, Arrested: Racial Bias in
Policing and Traffic Courts in California
4
Expanding access to vehicles
 Non-profit car ownership programs
 Non-profit and public financing products
tailored to low-income consumers, examples:
 KEYS Auto Loan Program in Contra Costa
County, CA - $5,000 for employed + CalWorks
 Hand Up Cars (JFFD of San Diego) - $10,000,
12% interest, 5 year term, car payments no more
than $250/month
 EV discounts
 Express Credit Union, Seattle – discount of 0.5%
off APR for EV loan
5
Consumer protections –
vehicle sales
 Need protections for all auto purchasing
 a car purchase is a complex financial transaction, dealers
have the upper hand
 About 75% of light duty vehicle sales in the US are through
a retail installment sales transaction which address both
the vehicle sale and the financing in one document
 EVs - IRA tax credits
 Advance payments
 Treasury Dept.: Ideally vetting dealers, clear definition of
sales price (ensuring price includes add-ons, doc prep
fees, etc.)
 EVs - state, municipal or utility incentives
 Protections to prevent dealer “capture” of incentives
6

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Financing Tools to Increase Electric Vehicle Access by Jenifer Bosco

  • 1. ©National Consumer Law Center Financing Tools to Increase Electric Vehicle Access Jenifer Bosco, Staff Attorney (jbosco@nclc.org) National Consumer Law Center
  • 2. The National Consumer Law Center 2  Since 1969, the nonprofit National Consumer Law Center (NCLC) has used its expertise in consumer law and energy policy to work for consumer justice and economic security for low-income and other disadvantaged people in the United States through policy analysis and advocacy, publications, litigation, and training.
  • 3. EV ownership challenges  Current interest rates for sub-prime used auto loans = 20% and up  History of racism in auto purchasing  NCLC report -Time to Stop Racing Cars: The Role of Race and Ethnicity in Buying and using a Car  increased prices for the same add-ons  increased interest rates at the same credit worthiness  increased prices for the cars themselves  CFPB Consent Order - In the Matter of American Honda Finance Corp., No. 2015-CFPB-0014 3
  • 4. EV ownership challenges  People of color pay more for car insurance  CFA report - High Price of Mandatory Auto Insurance in Predominantly African American Communities  Disproportionate fines and fees for minor traffic violations  Stopped, Fined, Arrested: Racial Bias in Policing and Traffic Courts in California 4
  • 5. Expanding access to vehicles  Non-profit car ownership programs  Non-profit and public financing products tailored to low-income consumers, examples:  KEYS Auto Loan Program in Contra Costa County, CA - $5,000 for employed + CalWorks  Hand Up Cars (JFFD of San Diego) - $10,000, 12% interest, 5 year term, car payments no more than $250/month  EV discounts  Express Credit Union, Seattle – discount of 0.5% off APR for EV loan 5
  • 6. Consumer protections – vehicle sales  Need protections for all auto purchasing  a car purchase is a complex financial transaction, dealers have the upper hand  About 75% of light duty vehicle sales in the US are through a retail installment sales transaction which address both the vehicle sale and the financing in one document  EVs - IRA tax credits  Advance payments  Treasury Dept.: Ideally vetting dealers, clear definition of sales price (ensuring price includes add-ons, doc prep fees, etc.)  EVs - state, municipal or utility incentives  Protections to prevent dealer “capture” of incentives 6
  • 7. Since 1969, the nonprofit National Consumer Law Center® (NCLC®) has worked for consumer justice and economic security for low-income and other disadvantaged people in the U.S. through its expertise in policy analysis and advocacy, publications, litigation, expert witness services, and training. www.nclc.org