Tegan Molloy, Program Manager at Forth, gave this presentation at Forth's networking event on March 21, 2019.

1. Financing Tools to Increase
Electric Vehicle Access
Tegan Molloy, Program Manager
March 21, 2019

2. 2nd highest expense
86% of Americans use a car
to get to work
Many low-income families
have cars that are unreliable
and expensive to maintain
Challenge #1:
Equitable
Transportation

3. Lack of access to financial
products (underbanked)
Price discrimination
Limited selection at
dealerships
Challenge #2:
Financial
Access to EVs

4. What if you’re not
eligible for low
financing on a
new car?

5. Subprime Auto Loans
1 in every 5 auto loans is to a
borrower with poor credit
(600 FICO or lower)
Average cost of a subprime loan for Q4 of
2018 was 12.71%
Some rates may be as high as 29%; folks
may owe more than car is worth

6. Short-Term Rental Market
A temporary solution
(weekly/monthly)
Expensive: up to 4x cost of traditional lease
Short-term rentals of electric cars are rare
but could help inform a next purchase
Rent-to-earn models for ride-hailing drivers

7. Designed for ride-hailing drivers
Builds upon electrifying shared mobility
program
Begin by financing purchase of used EVs
Car is a revenue generating asset
Forth’s “Charge Your Ride” Pilot Program

8. #DriverGoals Campaign

9. #DriverGoals Campaign

10. Goal: 50+ participants by the end of 2019
1. Driver support & education
2. Develop financing product(s) with a partner
3. Market products & recruit drivers
4. Financial education
5. Evaluate results
6. Make adjustments & scale
Pilot Program Design

11. How might driving & owning a
used EV affect net income?
Navigate needs of unique set of drivers
Ability to get out of a loan if life-situation
suddenly changes
Ensure access to residential & public
charging
Setting Participants up for Success

12. Increase driver net income
Financial health improved
New economic opportunities
Air quality benefits &
reduced CO2
Increased access to electric
car adoption
Desired
Outcomes

13. Thank you!
Write: TeganM@forthmobility.org

14. Four U.S. cities have joined together to demonstrate the potential for electric shared mobility services.
With funding from the U.S. Department of Energy and a team of valuable partners, “Making the Business
Case for Smart, Shared, and Sustainable Mobility Services” aims to accelerate the adoption of electric
vehicles in shared mobility applications and to establish best practices that can be used by others around
the United States. The project, led by the City of Seattle and Atlas Public Policy, brings together the U.S.
Department of Energy’s Energy Efficient Mobility Systems program and major industry stakeholders with
the cities of Seattle, New York, Portland, and Denver to test different electric, shared mobility
interventions. More information is available at www.evsharedmobility.org.
This material is based upon work supported by the
U.S. Department of Energy’s Office of Energy Efficiency
and Renewable Energy (EERE) under the Vehicles
Technologies Office (VTO) Deployment Award Number
DE-EE0008261.