CU Offers Lower Loan Rates For `Green' Vehicles

TALLAHASSEE, Fla. – The $195 million Envision Credit Union is offering members a reduced rate on their auto loans if they buy a car that gets at least an average of 30 miles to the gallon. The “Go Green, Save Green” loan program, reducing drivers’ annual percentage rate by 1%, will save consumers nearly $700 on a $20,000 loan over 36 months, the CU said. According to Consumer Report’s May 2006 national survey, 37% of consumers say gasoline prices are so high they are looking at replacing their current vehicles with a more fuel-efficient model. Of those saying they might replace their vehicles, 38% are considering either hybrid-fuel or diesel vehicles. More than half planning to replace their car (55%) said they are thinking about a small economy car. “With higher gasoline prices, motorists are becoming more conscious of vehicle fuel efficiency,” says Ray Cromer Jr., CEO of Envision. “We want to provide assistance to our members feeling the pressure of elevated gas prices and offer rewards to those purchasing fuel-efficient vehicles.” The “Go Green, Save Green” program runs through Oct. 31, 2006, the CU said.