Oh good, more debt.
As if we didn’t have enough of a looming problem in the world of automobile loans, Bank of America is now starting a new trend: tucking more items into their auto loans. In this case, they are starting to bundle at-home electric-vehicle chargers as part of their auto loans, according to a new report from Bloomberg this week.
The bank says it is “anticipating demand for the products will increase as buyers turn away from gas-powered cars”. And while the bank may be right, the chargers will add to the amount financed by borrowers when they take on their auto loan – at a time when auto loans are teetering on the brink.
Fabien Thierry, head of consumer vehicle products, told Bloomberg: “Bank of America has been supporting the electrification, and we’ve been saying that we want to be one of the EV financing leaders.”
He said he believes the bank is the first to offer the service. The charging stations can range from $200 to $2,000 generally, while the average price for an electric vehicle in the U.S. is about $65,000.
Thierry said that more EV-centered initiatives are on their way for the year ahead….