PLANO, Texas, May 10, 2017 /PRNewswire/ -- In an effort to
extend mobility to underserved populations, Toyota is pleased to
announce a partnership with Dallas-based On the Road Lending, an
organization that provides vehicle selection assistance,
low-interest auto loans and long-term financial mentoring to
low-income individuals.
Through a character-based lending model, On the Road Lending
works with clients to build financial capability before providing
an affordable loan for a fuel-efficient, under warranty vehicle,
through its affiliated lending entity. The organization then stays
with those clients for the life of the loan—usually five or more
years—providing financial mentorship and support.
"The ability to move freely and easily opens up a world of
possibilities, and On the Road Lending is an excellent example of
helping people overcome transportation barriers so that they can
access jobs and improve their quality of life," said Al Smith, group vice president, Toyota Social
Innovation. "It is also representative of the types of social
innovation programs we aim to implement, helping solve societal
issues by sharing our resources and know-how."
To help On the Road Lending scale, Toyota provided three grants
totaling over $1 million to improve
processes, build IT infrastructure and expand services. Through the
ongoing relationship, Toyota will also be sharing principles of
Toyota know-how to help improve productivity and maximize resources
at the non-profit.
"We truly believe that a better car leads to a better life, and
are pleased to partner with Toyota to help improve quality of life
in our communities through mobility," said Michelle Corson, founder and CEO of On The Road
Lending. "Through our model, we helped single parents, domestic
violence survivors, veterans, working families, and many others
improve their credit and purchase fuel-efficient, reliable
cars."
Click here to listen to Corson discuss On the Road Lending and
how they help their clients.
About On the Road Lending
On the Road Lending is a 501(c)3 nonprofit organization founded in
2013 that provides vehicle selection assistance and long-term
financial mentoring to address a little understood, but substantial
problem—providing a way for low-income individuals to overcome
transportation barriers so they can get to work, lead a healthier
life, and avoid predatory lending. On the Road Lending helps people
improve their credit and purchase fuel-efficient, reliable cars,
financing them through a low-cost loan. A portion of the interest
income from the loan fund provides a recurring source of revenue
for the financial education and credit coaching clients receive.
For more information, visit: http://ontheroadlending.org.
About Toyota
Toyota (NYSE:TM) has been a part of the cultural fabric in the U.S.
and North America for 60 years,
and is committed to advancing sustainable, next-generation mobility
through our Toyota and Lexus brands. During that time, Toyota
has created a tremendous value chain as our teams have contributed
to world-class design, engineering, and assembly of more than 33
million cars and trucks in North
America, where we operate 14 manufacturing plants (10 in the
U.S.) and directly employ more than 46,000 people (more than 36,000
in the U.S.). Our 1,800 North American dealerships (nearly
1,500 in the U.S.) sold almost 2.7 million cars and trucks (2.45
million in the U.S.) in 2016 – and about 85 percent of all Toyota
vehicles sold over the past 15 years are still on the road
today.
Toyota partners with community, civic, academic, and
governmental organizations to address our society's most pressing
mobility challenges. We share company resources and extensive
know-how to support non-profits to help expand their ability to
assist more people move more places. For more information about
Toyota, visit www.toyotanewsroom.com
Media Contacts
Aaron Fowles
Toyota Motor North America
469-292-1097
Aaron.Fowles@toyota.com
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SOURCE Toyota Motor North America