Toyota Provides US$1 Million/£773,400 Grant to “Help On the Road Lending” Scale
In an effort to extend mobility to underserved populations, Toyota in the U.S. partners with Dallas based On the Road Lending, an organisation 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 organisation 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 programmes 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 totalling over US$1 million/£773,400 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 maximise 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.”