Florida Credit Union Offers Discount on 'Green Car' Loans ~ Hybrid Car Review

Friday, June 16, 2006

Florida Credit Union Offers Discount on 'Green Car' Loans

A credit union in Florida is willing to cut their loan rates by 1 percent for those drivers who purchase a new vehicle averaging 30 mpg or better. This incentive is another given to drivers who go green.

As a side note: Drivers of hybrid electric vehicles in Florida can also get a sticker to travel in the HOV lane, regardless of the number of passengers.

Press Release:

SYNOPSIS: Drivers purchasing a new vehicle averaging 30 miles per gallon (MPG) or greater qualify for the special discounted "Green Rate."

TALLAHASSEE – Envision Credit Union today unveiled its new "Go Green,Save Green" loan program, reducing drivers’ annual percentage rate (APR) by 1 percent, saving borrowers who buy eco-friendly cars nearly $700 on a $20,000 loan over 36 months. With the summer travel season in full swing and gas prices at near record levels, lowering the cost of borrowing will surely bring relief to anyone buying a new "green" vehicle.

According to Consumer Report’s May 2006 national survey, 37 percent of consumers say gasoline prices are so high they are looking at replacing their current vehicles with a more fuel-efficient model. Of those saying they might replace their vehicles, 38 percent are considering either Hybrid-fuel or diesel vehicles. More than half planning to replace their car (55%) said they are thinking about a small economy car.

"With higher gasoline prices, motorists are becoming more conscious of fuel efficiency," says Ray E. Cromer, Jr., President/CEO of Envision Credit Union. "We want to provide assistance to our members feeling the pressure of elevated gas prices and offer rewards to those purchasing fuel-efficient vehicles."

The "Go Green, Save Green" program runs through Oct. 31, 2006. Drivers purchasing a new vehicle averaging 30 miles per gallon (MPG) or greater qualify for the special discounted "Green Rate" offered by Envision’s "Go Green, Save Green" program. Mileage is based upon Environmental Protection Agency (EPA) estimates. Final APR is dependent upon an applicant’s credit score. New vehicles must have less than 15,000 miles and be no older than the current model year, plus three prior model years.