Neighborhood electric vehicles from E3 Vehicles are now eligible for traditional auto loans
REDONDO BEACH, Calif., May 12, 2022 /PRNewswire-PRWeb/ -- South Bay Credit Union (SBCU) today announced a partnership with E3 Vehicles, the South Bay's neighborhood electric vehicle (NEV) dealership, to provide auto lending terms for electric micro-mobility vehicles which offer drivers an alternative to gas-powered transportation while traveling in their communities.
"Financing of street legal golf carts, better known as neighborhood electric vehicles, typically falls under the recreational vehicle category for financing, which makes the process much more expensive and challenging for consumers looking for a greener way to get around town and a fun way to run errands in the neighborhood," said Paris Chevalier, SBCU's President and Chief Executive Officer and NEV owner. "With NEVs being low speed vehicles with VINs and license plates, our lending team has come up with an innovative way to offer auto loans with lower rates which makes 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 the 17 digit VIN, year, make, model and trim levels, as an auto purchase so they're eligible for a traditional auto loan which carries a lower rate than a recreational vehicle loan.
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 do most of their driving a few miles or less from home—local trips suited perfectly for micro-mobility modes. This included parents who cited dropping off children at school, sporting events and traveling to the local grocery store as frequent and primary reasons to drive. Additionally, the SBCCOG has backed two California bills to create a micro-mobility rebate (AB-2432) and allow South Bay cities to create NEV infrastructure plans (AB-2074).
"Neighborhood electric vehicles are a reflection of the South Bay lifestyle as much as they are a solution to today's sky-high gas prices," said Amy Errett, E3 Vehicles Owner and South Bay Credit Union member since 2019. "That's what makes partnering with South Bay Credit Union such a natural fit. Like us, they're vibrant members of the community, in touch with the needs of residents and working to keep the South Bay a great place to live."
NEVs travel at a top speed of 25 miles per hour and have a gross curb weight of under 3,000 lbs. Each vehicle has a VIN, is certified to meet Federal Motor Vehicle Safety Standards and must be operated by a California licensed driver while following local driving laws. Charging a NEV requires a 110 amp outlet, what can be found in a typical home and takes about five to eight hours for charging from zero to full.
About South Bay Credit Union
Since 1953, South Bay Credit Union (SBCU) has served residents in Los Angeles County's South Bay area 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 deduction and direct deposit, notary services, and more. Members also have surcharge-free access to a nationwide network of 28,000 credit union ATMs. SBCU exists to uplift communities by empowering members to live better and do better. To learn more, visit http://www.southbaycu.com
Kyle Reuter, South Bay Credit Union, (424) 903-3657, email@example.com
SOURCE South Bay Credit Union