REDONDO BEACH, Calif. –South Bay Credit Union said it has entered into a partnership with E3 Vehicles to provide auto lending terms for electric micro-mobility vehicles, which offer drivers an alternative to gas-powered transportation while traveling in their communities.
South Bay Credit Union said its 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 that carries a lower rate than a recreational vehicle loan.
“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 President/CEO Paris Chevalier, who is also an 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.”
NEVs and the South Bay
The credit union cited a study by the South Bay City Councils of Governments (SBCCOG), funded by the South Coast Air Quality Management District (AQMD), which 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, South Bay added.
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, SBCU said.
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