CIBC first of six big banks to offer residential EV charger financing

The automotive industry is increasingly moving towards electric vehicles. As a bank serving both consumers and the automotive industry, CIBC is showing its support for the transition towards the electrification of vehicles, by introducing new programs to spark further EV adoption.

According to experts, many early adopters have already bought their EVs and the next wave of consumers will be harder to convince. This may be a challenge for the industry, as the Canadian government has set a target of 100 per cent for new vehicles being zero-emission or plug-in hybrids by 2035.

CIBC says it’s trying to help close this gap by being the first of the big six banks in Canada to partner with a residential EV charging station provider to offer a discount to its clients, and by offering its clients the ability to include a residential EV charging station in their auto loans. This could ultimately benefit the dealerships through higher EV sales, while making it easier for drivers to charge at home.

“With the transportation network accounting for 22 per cent of Canada’s greenhouse gas emissions, and the government betting on full electrification, being part of the movement and being a key player is essential,” said Alexandra Goslar, Senior Director at CIBC Auto Finance.

She said CIBC wants to provide its customers with a way to help them enter the era of electrified transportation. “Since 80 per cent of charging takes place at home, we now offer customers the option of including the costs of a residential charging station in their CIBC car loan. We want to help consumers and provide them with more convenient and sustainable financing options,” said Goslar.

At the dealership 

CIBC has set up partnerships with more than 3,400 new and used car dealers across Canada, and new programs are still being rolled out to expand the program. 

In partnership with Quebec-based FLO, a North American provider of smart charging solutions for EVs, CIBC clients are now eligible for a 10% discount on the purchase of a new Residential Charger FLO Home™ X5. Plus, with eligible CIBC credit cards, there will be an opportunity to earn bonus points or cash back on the purchase of a FLO Home™ charger or when charging in public on the FLO Network, said Goslar.

“CIBC Auto Finance launched its first ever Green Vehicle Program aimed at financing electric, hybrid or fuel cell vehicles in 2021, by offering a preferred  rate to customers. And today, we’ve enhanced this offering by adding charging station financing,” she said.

Also, for each eligible vehicle financed through this program, CIBC Auto Finance donates $25 to their long-time partner, the Nature Conservancy of Canada (NCC). NCC is a non-profit organization dedicated to the long-term protection and restoration of Canada’s natural areas. Since the program was launched, CIBC Auto Finance has exceeded a cumulative total of $80,000 in donations to NCC.

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