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.
2. The National Consumer Law Center
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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
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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
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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
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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
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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