VERNON HILLS, Ill.-Baxter Credit Union (BCU) recently expanded its "Green Auto Loan" program, whereby borrowers who purchase a hybrid or alternative fuel vehicle receive the benefit of reduced interest rates.
Now offering interest rates just over a third of a percentage point (35 basis points) lower than regular auto loans, BCU's reduced finance charges help offset the higher cost of the vehicles while rewarding its members for being environmentally conscious.
The CU is also trying to keep its marketing of the program green, primarily promoting the product through e-mail to reduce waste from traditional mailings. BCU is also working directly with its SEGs to promote the program. Additionally, BCU has designated "green" parking spots for hybrid and alternative fuel vehicles.
The Green Auto Loan program was modeled after the Illinois State Treasurer's Office's "Green Rewards" Program, which BCU participated in from August 2007 through May 2008.
During that period, BCU issued $28,000 in rebates to Illinois members who purchased hybrid vehicles. BCU's own Green Auto Loan program is available to its members nationwide.
