Our long-standing DriveForward program provides affordable interest rates on vehicle loans for those who qualify. By combining professional financial counseling and assistance with thoughtful budgeting, we help participants end the cycle of financial instability and rebuild credit.
In March, Peninsula Family Service (PFS) and Peninsula Clean Energy (PCE) partnered to form the DriveForward Electric program, an incentive for DriveForward auto loan participants to receive $4,000 if they choose to purchase a used plug-in hybrid electric vehicle (PHEV).
The DriveForward Electric program was launched publicly in May at our Thought Leader Series event, The Future of Transportation, Clean Energy & Transformation. Over 150 people gathered to watch presentations from local transportation and climate experts including Dr. Stephen Zoepf and Associate Professor Jenny Suckale of Stanford University; Jan Pepper, CEO, of Peninsula Clean Energy; Ariane Erickson of Acterra; and San Mateo County Supervisor, Dave Pine.
The new PFS-PCE partnership has already gained traction and several DriveForward Electric loans have been approved and processed. To obtain their vehicles, these proud new PHEV owners worked with PFS loan officers to evaluate their finances and to gain approval for the loan. Program eligibility is based on total household income, ranging from up to $48,560 for one person to $169,520 for a family of eight. Successful loan applicants must live in San Mateo County, have a valid driver’s license, and the income to cover the vehicle loan, maintenance, and fueling expenses. PCE’s incentive make these clean transportation cars much more accessible in price. Ana, one of the first participants of the new DriveForward Electric program, purchased a high_quality used Chevy Volt (PHEV). As a full-time preschool teacher and mother of a six-year old, it was very important for Ana to make the right choice when it came to purchasing a vehicle. She commented “I don’t have to worry about the gas, it also helps the environment, and my pocket at the end of the day.”
Thank you to all our DriveForward Electric partners: Peninsula Clean Energy, Self-Help Federal Credit Union, and Upward Credit Union.