Electric vehicle shoppers who receive lower monthly payments for agreeing to send the lender a delayed down payment — such as money received from an EV tax credit — are making good on that promise, two companies facilitating that financing model say.
Startups Tenet and EV Life offer customers a deferred payment structure, with EV Life incorporating it into loans it writes itself and Tenet serving as the matchmaker between customers and financial institutions supportive of the concept.
Tenet also participates in indirect loans involving dealerships, and EV Life is interested in that space.
Both companies have other EV financing businesses as well. EV Life has created tax credit and rebate calculation software and licensed it to Nissan and Toyota; Tenet pairs customers with climate-mindful lenders willing to offer cheaper loans and provides lenders EV depreciation models and automated loan application decisions.