As Ford Authority reported last July, Ford Credit is in the midst of opening its own online bank in the U.S., one that would enable new vehicle buyers to bundle things like parts, accessories, and EV chargers in with their financing terms. It’s an interesting concept – albeit one that makes a ton of sense as the sales of those items continue to grow, while EVs become more and more prevalent as well. However, Ford Credit won’t be the only bank allowing customers to bundle EVs and EV chargers into one loan – it will be joined by Bank of America in that regard, too.
Bank of America has announced that it too will offer consumers the option of financing their residential electric vehicle chargers alongside their auto loans, a move that it’s making based on increased demand for such products, as well as calls for a more convenient, streamlined finance product.
As BoFA points out, demand for at-home EV chargers in the U.S. is expected to grow to roughly 27.5 million by 2030, up from 1.3 million in 2021, but those units can cost anywhere from $200 to $2,000. At the same time, the number of electric vehicles on the road in the U.S. is expected to grow from 2.4 million at the end of 2021 to 26.4 million by 2030, partially fueled by new tax incentives designed to make EVs more financially appealing to new vehicle shoppers.
“We aim to help people ‘go electric’ by providing financing for this critical accessory, which allows clients to charge their vehicles in their own homes and at convenient times,” said Fabien Thierry, head of Consumer Vehicle Products for Bank of America. “The Inflation Reduction Act, signed into law in August 2022, provided a significant investment in clean energy and transportation technologies, including a broad array of EV incentives, and is expected to accelerate consumer demand.”
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Comments
wonder if this includes the installation part?
Would be kinda clever for the loaning entity to contract w local contractors to control cost and quality.
I would agree.
Business is business and any business is good business… if you can do it. I still remain skeptical… if we could snap our fingers and make the world ‘all electric’… how much better would we be? Humankind seems destined to destroy everything in its reach at so many levels….. or put another way, ‘lipstick on a pig is still a pig’…. for your benefit RWFA, and just sayin too….
Not every business is good business even if you can do it (or do it still, as in Big Oil).
Significantly better. That you can’t see that already makes it not worth explaining to you.
Human rapacity argument ignored as a strawman.
The rest of your comment is somewhat incoherent but your reference to porcine cosmetics reminds me of this: “never argue with an idiot*, because he will drag you down to his level and beat you with experience.”
*often characterized by folk who end statements with “so…” or “just sayin’.”
You really do hate “Big Oil”, don’t you? Even though petroleum is used in the making
of thousands of consumer goods.
You seem to be hooked on the “green new deal” as many of your liberal ilk are.
Perhaps it’s because of the necessary use of lithium for BEV batteries…the same
mineral used by the pharmaceutical industry to make your mental health meds?
Could you write an comment any more idiotic? Sadly, probably yes, because it seems like a talent.
I’ve never said we can, or should try, to eliminate all oil usage. That is a strawman narrative you nonsensically try to inject here.
That said, I am greatly in favor of moving off century old ICE technologies now at their terminal development stage and putting our brains and resources into renewable and clean generation and the tech that uses it.
And speaking of terminally obsolete, as a ex Republican of 36 years, I take it as a great compliment that you mock me as liberal. I see it as a badge honoring decency.
And yes, the green new deal would have been a great long term thing for the economy and environment if it had been passed into law.
“Prices could range from $200.00 to $2K.” OK, It would be quite silly to roll the $200 into the loan paying that portion of interest over the life of the loan for example. The charger installment cost suddenly goes up. The financing company makes more money off the buyer. Either use common sense or pay that charge up front to save on the unnecessary interest charges. Banks might prey on customers if you are not careful.
Agreed. Wise advice.
Roll more negative equity into those loans, great idea.