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More Than Wheels
Founded in the Upper Valley of NH in 2001, More than Wheels (MTW) uses the enticement of a new, energy efficient car as the catalyst to provide vulnerable populations -- front-line health and community workers, victims of intimate-partner violence, immigrants and refugees, young adults, military families, single mothers, and individuals in recovery, among others -- the skills they need to improve their financial stability, as well as their overall health and well-being.
More Than Wheels provides behavioral counseling and credit repair guidance, conducts financial literacy classes, provides car selection expertise, and partially guarantees car loans at reasonable rates with financial institution partners for consumers who would not otherwise qualify for them.
MTW is the second largest Low Income Car Ownership Program in the U.S and has helped more than 1600 families to date, saving those families over $19.5m in transportation costs and 270,000 metric tons of CO2 emissions. Clients have increased their access to traditional banking and credit services, while reporting reduced mental and physical health issues, greater access to health care, and improved access to nutritious and affordable food
Impact and Outcomes
#1 for lowest default rates and long term behavioral change among Low Income Car Ownership Programs
66% increase in savings for clients
55% increase between pre- and post- financial literacy quizes
88% of all subprime and deep subprime clients making on time car payments
Average of 30% increase in credit score annually
75% of clients one year after the car loan have three or fewer negative items on their credit report, all of which have been addressed by them
81% of graduates comfortable doing business with a bank or credit union
93.5% of graduates report paying their bills on time