BofA Adds EV Charger Financing
Offered through dealers, manufacturers as consumer demand grows.
Bank of America works with more than 10,000 auto dealers and various EV makers.
IMAGE: Pexels/dcbel
Bank of America is now offering financing for home electric-vehicle chargers along with customers’ vehicle loans.
The second-largest U.S. bank said it added the offering due to customer demand for options that make owning an EV easier. It cited Statista-McKinsey data that show U.S. demand for home chargers will increase to almost 27.5 million by 2030.
The North Carolina-based lender is offering the financing add-on through dealers and carmakers. It says charger prices in the U.S. range from $200 to $2,000.
Bank of America works with more than 10,000 auto dealers and various EV makers.
EV demand here could increase in the U.S. with the recent availability of up to $7,500 federal tax credits for models that meet certain sourcing parameters.
Originally posted on Auto Dealer Today
More F&I
The F&I Manager's Report Card
The best managers take the time and attention to measure the behaviors behind the numbers.
Read More →
AI: Facilitator, Not Fixer, in F&I
The dealerships that thrive in the years ahead will be those that embrace technology while continuing to invest in the people who make customer interactions count.
Read More →
Modern Technology Objection Handling
In this video, Trent White shares how to confidently handle technology-based objections by helping customers understand the value of protection, even with modern vehicle technology.
Read More →
Consistency at Scale: Driving F&I Performance
With 75 rooftops across the Sunshine State, Morgan Auto Group has proven to Floridians that it knows a thing or two about driving performance in a competitive market. But it didn’t start at the top.
Read More →
Gitty Up on GAP
The foundational finance-and-insurance product hasn’t kept up with the latest conditions for auto dealers. Is the time ripe?
Read More →
How AI-Powered Coaching Is Transforming F&I Performance
See how AI-powered coaching can turn F&I customer conversations into actionable insights that support compliance, performance and profitability
Read More →
Sell Value, Build Trust
In this video, Trent White explains why selling on value, not fear, builds lasting customer trust, reduces cancellations, and drives long-term success.
Read More →
F&I Sales Give Dealers First-Half Lift
Product business shored up total profits to avoid an overall revenue tanking as product penetrations held steady, StoneEagle reported.
Read More →
Targeted Training Drives Results
Today’s technology, instead of threatening F&I managers, can actually make them better, according to an industry veteran who’s watched market setbacks roil the unprepared.
Read More →
Double the Change, Double the Chance
When an F&I manager gets a customer refusal, it’s a wise move to tweak more than one thing in the product offering.
Read More →