“Because NEVs are low-speed vehicles with unique VINs and license plates, our lending team has developed an innovative way to offer auto loans at lower rates, making them more accessible and affordable. .”
REDONDO BEACH, CA (PRWEB)
May 12, 2022
South Bay Credit Union (SBCU) today announced a partnership with E3 Vehicles, South Bay’s Neighborhood Electric Vehicle (NEV) dealership, to provide automatic loan terms for micro-mobility electric vehicles that provide drivers an alternative to gas-powered transportation when traveling through their communities.
“Financing for street legal golf carts, better known as neighborhood electric vehicles, generally falls under the recreational vehicle category for financing, making the process much more expensive and difficult for consumers looking a greener way to get around town and a fun way to shop around the neighborhood,” said Paris Chevalier, President and CEO of SBCU and owner of NEV. “Because NEVs are low-speed vehicles with unique VINs and license plates, our lending team has developed an innovative way to offer auto loans at lower rates, making them more accessible and affordable. .”
South Bay Credit Union’s solution is to qualify NEVs, which range in price from $9,000 to $30,000, based on 17-digit VIN, year, make, model and trim levels , as an automobile purchase so that they are eligible for a traditional automobile loan which carries a lower rate than an RV loan.
The NEVs and the South Bay
A study by the South Bay City Councils of Governments (SBCCOG), funded by the South Coast Air Quality Management District (AQMD), found that residents drive most of their car journeys a few miles or less from home – local routes perfectly adapted to micro-modes of mobility. This included parents who cited dropping their children off at school, sporting events and trips to the local grocery store as frequent and primary reasons for driving. Additionally, SBCCOG supported two California bills to create a micro-mobility rebate (AB-2432) and to allow South Bay cities to create NEV infrastructure plans (AB-2074).
“Neighborhood electric vehicles reflect the South Bay lifestyle as much as they are a solution to today’s sky-high gas prices,” said Amy Errett, E3 vehicle owner and South Bay member. Credit Union since 2019. “That’s what makes partnering with South Bay Credit Union such a natural fit. Like us, they are vibrant members of the community, listening to the needs of residents and working to make South Bay a place where life is good.
NEVs travel at a top speed of 25 miles per hour and have a gross curb weight of less than 3,000 pounds. Each vehicle has a VIN, is certified to meet Federal Motor Vehicle Safety Standards, and must be driven by a California licensed driver while adhering to local driving laws. Charging an NEV requires a 110 amp outlet, which can be found in a typical home, and takes about five to eight hours from zero to full charge.
About South Bay Credit Union
Since 1953, South Bay Credit Union (SBCU) has served residents of the South Bay area of Los Angeles County and currently operates two branches in Redondo Beach and one in Lomita. SBCU offers a wide range of financial products and services, including checking and savings accounts, mortgage, auto, credit card and personal loans, overdraft protection, payroll deductions and direct deposits, notary services, etc. Members also have access at no additional cost to a nationwide network of 28,000 credit union ATMs. SBCU exists to uplift communities by enabling members to live better and do better. To learn more, visit http://www.southbaycu.com
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