Bundle Your EV Charger Build Cost Into Your Car Loan? BofA sez, sure!

[AbleGuy]

Hopefully this will trend with other lenders. It does seems to be a useful strategy for cash strapped, new EV owners…buy your new rig and also cover the costs of setting up your home charging station by bundling these both into your auto loan!

But if you default on your car loan, will the repo guys also come to your house and rip the charging equipment out of your garage ??

“As electric vehicles gain traction in the U.S., more and more companies are looking to make the consumer transition to electrification easier. Some companies are making some surprising moves, like Bank of America. The bank has announced that it will allow customers to bundle financing of EVs and chargers to make EV ownership easier. That makes BofA the first national bank to offer such a program.

Under the plan, customers looking for auto financing for their EVs can go to Bank of America and finance both their EV and their charger together. Fabien Thierry, head of Consumer Vehicle Products for the bank, said it’s all about making EV ownership easier and making the transition to EVs more appealing. “We aim to help people ‘go electric’ by providing financing for this critical accessory, which allows clients to charge their vehicles in their own homes and at convenient times,” he said.”

Bank of America Becomes First National Bank to Let Customers Finance Chargers With Their EVs

While there are state programs and smaller banks across the country that offer charger financing, Bank of America is the first national bank to do so.

jalopnik.com

 

[grindmonkey]

Great another way for people to buy things they cant afford. Absolutely crazy.

 

[jeepers29]

I don't do business with big banks. Only credit unions.

 

[tacollie]

I'll find it fascinating. Use a car loan to get housework done. Use a HELOC to buy a camper ?.

 

[crazysccrmd]

I didn’t see anywhere that said they would finance the installation of the charger. That’s the potentially expensive part, the chargers themselves are cheap.

 

[crazysccrmd]

I highly doubt there will be a lien against the house for this, especially if it just covers the charger and not installation. An installed charger can be removed in about ten minutes and repo’d.

 

[crazysccrmd]

But thats just the inexpensive part. ( which is relative... a wallcharger can be anywhere from 500-1700$ plus. Which is not the same thing as the portable charger what comes with the car, albeit lots of people simply use their portable plugging hooking up to what thehellever they can. )
Labor and materials to installer a wallcharger can easily run into a couple thousand plus. Which many building codes wont allow its removal without permit and Electrical License to do it.
I speculate the Loan would actually be two separate agreements. Car loan and home improvement.
Perhaps bundled somehow into one payment.
Btw,
It would not surprise me if the Bank specifies what charging solution they will allow.

Agreed, but I couldn’t find anywhere on BofA’s website that said the installation was covered by the loan, just the physical charger itself. The removal of just the charger is quite simple.