Car ownership program founder honored with Purpose Prize

Robert Chambers, founder of the Bonnie CLAC transportation-to-work program in New England, has been honored with a 2006 Purpose Prize. Bonnie CLAC is one of a growing number of low income car ownership (LICO) programs across the country that help low wage workers buy the cars they need to get to work.

LICO program clients are usually single mothers whose credit is too poor to qualify for standard car loans. Desperate for a ride to work, many find themselves buying unreliable used cars at usurious interest rates. Bonnie CLAC works with clients for up to a year, providing financial management training while helping them clean up their credit and save for a downpayment. Once the client is ready, Bonnie CLAC negotiates the car price and loan terms with a local car dealership. The client buys a new car with a bank loan, so she ends up not just with transportation that meets work and family needs, she has access to all the things good credit provides, including the potential down the road for home ownership.

Comments

[Van Sales]

I visited this blog first time and found it very interesting and informative.. Keep up the good work thanks..