{"id":36368,"date":"2022-11-17T16:35:02","date_gmt":"2022-11-17T21:35:02","guid":{"rendered":"http:\/\/autosector.com\/?p=36368"},"modified":"2022-11-17T16:35:02","modified_gmt":"2022-11-17T21:35:02","slug":"new-york-state-is-funding-an-ev-only-consumer-loan-platform","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=36368","title":{"rendered":"New York State is funding an EV-only consumer loan platform"},"content":{"rendered":"
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EV seed-stage company Tenet<\/a>, which offers consumer loans for EVs, today announced it has secured $25 million in a first-of-its-kind warehouse facility from NY Green Bank for EV loan financing that originates in New York State.\u00a0<\/p>\n

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If you\u2019re not familiar with the term warehouse financing<\/a>, it\u2019s \u201ca\u00a0form of inventory financing\u00a0that involves a loan made by a financial institution to a company, manufacturer, or processor.\u201d<\/p>\n

NY Green Bank, a division of New York State Energy Research and Development Authority, is providing Tenet a $10 million warehouse facility with up to $15 million in additional capital available.<\/p>\n

It\u2019s the first time a prominent government financial institution is funding an EV-only warehouse, and its resulting rates should help make EV ownership more affordable for New York State residents.<\/p>\n

Andrew Kessler, president of NY Green Bank, said:<\/p>\n

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NY Green Bank is proud to support Tenet\u2019s innovative EV financing model to help more New Yorkers access electric vehicles. Tenet\u2019s model has the potential to provide substantial savings that reward individuals for adopting a climate-friendly lifestyle. <\/p>\n

Accelerating the adoption of electric vehicles supports the state\u2019s goal of reducing greenhouse gas emissions 85% by 2050.<\/p>\n<\/blockquote>\n

Just over a week ago, Tenet announced<\/a> the first-ever EV-only warehouse facility, and today marks the first time a government green bank has funded one. <\/p>\n

Electrek<\/em> asked Tenet what differentiates it from traditional lenders, and their spokesperson replied:<\/p>\n

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We offer rates that are competitive with other lenders (or in the case of Tesla\u2019s financing, 0.25% lower), but unlike other lenders, we offer loan terms as long as 84 months. <\/p>\n

We also offer a deferred payment option that lets drivers immediately lower their\u00a0monthly payments by deferring\u00a0up to 25% of their down\u00a0payment until the end of their loan term. <\/p>\n

$7,500 tax credits and federal rebates can be used to pay that final sum down, or many choose to refinance or trade in at the end of their term. <\/p>\n

Traditional lenders treat EVs and gas cars the same, not accounting for the better value retention of an EV over a gas car.\u00a0<\/p>\n<\/blockquote>\n

In September, New York State set a goal<\/a> to ensure all new passenger cars and trucks sold in the state to be zero-emission by 2035.\u00a0<\/p>\n

\n

UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it\u2019s important to shop for the best quotes.\u00a0Click here to learn more and get your quotes<\/a>. \u2014 *ad<\/em>.<\/p>\n

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FTC: We use income earning auto affiliate links.<\/em> More.<\/a><\/p>\n

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EV seed-stage company Tenet, which offers consumer loans for EVs, today announced it has secured $25 million in a first-of-its-kind warehouse facility from NY Green Bank for EV loan financing that originates in New York State.\u00a0 If you\u2019re not familiar with the term warehouse financing, it\u2019s \u201ca\u00a0form of inventory financing\u00a0that involves a loan made by […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-36368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-cars"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/36368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36368"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/36368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36368"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}