Bank of America claims to be one of the US‘ largest automotive lenders, offering visionary programs to promote the shift to electric vehicles rather than just traditional loans and leases.
According to The Financial Brand, one of BofA’s innovative schemes is home charging station financing.
Home charging station financing
BofA annually holds its online event EVolution to discuss critical matters with industry experts concerning EVs, including market share economic forecasts, national grid outlook, and lack of charging infrastructures.
Electrek reported that BofA enabled dealers and automakers to let electric vehicle buyers finance charging equipment through their automotive loans.
“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.”
Fabien Thierry, Head of consumer vehicle products at Bank of America
Thierry encouraged interested customers to inquire with their dealers to determine if the financing scheme is available.
Online EV resource center
Apart from the home charger financing, BofA also has an online resource center for electric vehicles it launched last April 26. It primarily adheres to customers’ concerns and inquiries regarding the new vehicle technology.
The EV Resource Center site offers interactive tools and information about various EV-related matters such as types, driving ranges, maintenance costs, and tax credits. It also includes links to aid drivers in navigating the nearest charging stations and auto loan applications.
The banking giant strongly believes that education is crucial in aiding the US’ shift to e-mobility. It claims this approach is “something that not only ties into its auto lending, but also aligns with its corporate environmental goals.”
Forecasts
Bank of America Institute’s July analysis revealed researchers’ forecasts that the US EV adoption rate will surge by 21% by 2025. It represents a four-fold growth from the records in 2022.
It further expects 2024-2027 model year EVs to overthrow new conventional car models owing to the Inflation Reduction Act’s boost to the sector, marking a first in the automotive industry’s history.
On the other hand, S&P Global Commodity Insight anticipates BEV and PHEV sales in the country to reach 1.3 million this year, up 52% YoY.
“EVs are a strategic direction for us, as part of our overall sustainability goals at the bank. Years ago, we identified that the market will eventually move to EVs and that this was an area where we wanted to have solutions for our clients.”
Fabien Thierry, Head of consumer vehicle products at Bank of America
BofA aims to invest a total of $1.5 trillion in sustainable finance by 2030 as it seeks to contribute to the country’s shift to sustainable mobility. It also set a target of achieving net zero across its financing operations and supply chain before 2050.
