Just last month the National Economic Development and Law Center (NEDLC) issued the findings of what must be the most comprehensive survey to date of low income car ownership (LICO) programs. The study gathered information from 110 different LICO programs across the country working to "improve access to cars for low-wage workers and their families."
Some of these programs buy and sell cars, others just provide financing. Some work with used cars, others with new cars. Some partner with banks and credit unions. Some utilize Individual Development Accounts (IDAs) as part of their programs. The NEDLC report outlines all the different strategies and programs they found. They look at how the programs are structured, how they set eligibility requirements, and where they get their funding from.
This is a tremendous resource for any organization thinking about how to help their clients improve their transportation to work options. Perhaps you'll find an agency listed here that you could partner with. Perhaps you'll get ideas about a new program you could develop. For more info, check out the report, and NEDLC's Low Income Car Ownership Clearinghouse.
It's really a great effort in helping the clients with transportation to their work place.
Posted by: Car Auctions | September 03, 2008 at 12:09 PM
Loans again becomes the key issue here. Low income families are not welcomed by banks I'm afraid.
Posted by: Used cars by owner | September 13, 2008 at 10:55 PM
Although valuable input on low income loans. However its hard to get them by low income people!
Posted by: Jamal | August 12, 2011 at 04:09 AM
These car ownership programs provide great benefits for low-incomers. But financing companies should earn the trust of customers in light of the the trauma caused by the global financial crisis. It may be difficult to earn their confidence, but presenting all the terms and conditions of the programs would help them earn customer trust.
Posted by: Patrick Gauer | November 28, 2011 at 02:00 PM
This program which allows car ownership to people of lower income is such a generous idea. Families will be able to save and build their assets too, while enjoying the comforts of own a car. Financing companies should work fairly in releasing and accepting the right people for this program.
Posted by: Ivo Beutler | January 25, 2012 at 11:23 AM
Your contents are wonderful and advisory.
Posted by: san diego car transport | July 09, 2012 at 03:01 AM