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Financing Tools to Increase Electric Vehicle Access, Tegan Molloy

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Tegan Molloy, Program Manager at Forth, gave this presentation at Forth's networking event on March 21, 2019.

Published in: Automotive
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Financing Tools to Increase Electric Vehicle Access, Tegan Molloy

  1. 1. Financing Tools to Increase Electric Vehicle Access Tegan Molloy, Program Manager March 21, 2019
  2. 2. 2nd highest expense 86% of Americans use a car to get to work Many low-income families have cars that are unreliable and expensive to maintain Challenge #1: Equitable Transportation
  3. 3. Lack of access to financial products (underbanked) Price discrimination Limited selection at dealerships Challenge #2: Financial Access to EVs
  4. 4. What if you’re not eligible for low financing on a new car?
  5. 5. Subprime Auto Loans 1 in every 5 auto loans is to a borrower with poor credit (600 FICO or lower) Average cost of a subprime loan for Q4 of 2018 was 12.71% Some rates may be as high as 29%; folks may owe more than car is worth
  6. 6. Short-Term Rental Market A temporary solution (weekly/monthly) Expensive: up to 4x cost of traditional lease Short-term rentals of electric cars are rare but could help inform a next purchase Rent-to-earn models for ride-hailing drivers
  7. 7. Designed for ride-hailing drivers Builds upon electrifying shared mobility program Begin by financing purchase of used EVs Car is a revenue generating asset Forth’s “Charge Your Ride” Pilot Program
  8. 8. #DriverGoals Campaign
  9. 9. #DriverGoals Campaign
  10. 10. Goal: 50+ participants by the end of 2019 1. Driver support & education 2. Develop financing product(s) with a partner 3. Market products & recruit drivers 4. Financial education 5. Evaluate results 6. Make adjustments & scale Pilot Program Design
  11. 11. How might driving & owning a used EV affect net income? Navigate needs of unique set of drivers Ability to get out of a loan if life-situation suddenly changes Ensure access to residential & public charging Setting Participants up for Success
  12. 12. Increase driver net income Financial health improved New economic opportunities Air quality benefits & reduced CO2 Increased access to electric car adoption Desired Outcomes
  13. 13. Thank you! Write: TeganM@forthmobility.org
  14. 14. Four U.S. cities have joined together to demonstrate the potential for electric shared mobility services. With funding from the U.S. Department of Energy and a team of valuable partners, “Making the Business Case for Smart, Shared, and Sustainable Mobility Services” aims to accelerate the adoption of electric vehicles in shared mobility applications and to establish best practices that can be used by others around the United States. The project, led by the City of Seattle and Atlas Public Policy, brings together the U.S. Department of Energy’s Energy Efficient Mobility Systems program and major industry stakeholders with the cities of Seattle, New York, Portland, and Denver to test different electric, shared mobility interventions. More information is available at www.evsharedmobility.org. This material is based upon work supported by the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy (EERE) under the Vehicles Technologies Office (VTO) Deployment Award Number DE-EE0008261.

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