United Way Teams With GE to Develop Lease-to-Own Program
September 26, 2006
• by Staff
– United Way recently completed a pilot program that targets the lack of reliable transportation problem for families that do not qualify for a car loan. Using 73 cars donated by 3M, United Way developed a Lease-to-Own program to place the cars with families selected by eight Twin Cities agencies in the national Ways to Work program. After completing courses in financial management and the two- to three-year lease, the families purchased the cars for $1. The result: In addition to keeping jobs (or finding better jobs) and getting their children to daycare, doctor’s appointments and school conferences — they also improved their credit ratings.
GE Commercial Finance Fleet Services serves as the United Way Lease to Own Rally sponsor, raising awareness in the corporate community about the need to develop a pipeline of reliable vehicles and affordable maintenance solutions for very low-income working families. GE is making an initial gift of 10 cars to the program and providing support to the families via its Maintenance Solutions Center.
In addition to GE, new Lease to Own partners and other sponsors include:
Thrivent Financial for Lutherans.
ABC Minneapolis LLC, a commercial auto auction company.
The Goodyear Gemini Auto Service Centers at Brookdale, Maplewood, Southdale, and St. Anthony.
(L-R) Jay Fahrendorff, of ABC Minneapolis, a commercial auto auction company, stands in front of a rally car alongside NASCAR Craftsman Truck Series Driver Joey Miller and three-time American Speed Association National Champion Kevin Cywinski during the United Way Lease to Own Rally. The car represents ABC's commitment to help find reliable transportation for low-income families through its auction houses.
GE Commercial Finance Fleet Services' employees show their support as vehicles cross the finish line during the United Way Lease to Own Rally concluding at Fleet Services' Eden Prairie headquarters. Vehicles are representative of the type of vehicles used in the program. GE is the sponsor of the Lease to Own program to raise awareness to the need for reliable and affordable transportation to low-income working families. GE has made an initial gift of 10 cars to the program and is providing support to the families via its Maintenance Control Center.
Originally posted on Fleet Financials