COLLINSVILLE, Ill. — Scott Credit Union is making it easier for area residents to take "green" on the road.
The rebate program is the result of a partnership with the State of Illinois Green Rewards program, which gives residents a chance to receive a $1,000 rebate with the purchase of a hybrid vehicle.
"This program is one that we are really excited about," Scott CU Vice President of Marketing Adam Koishor said. "We are always looking for ways to bring even more value to our relationships with our members. It is a win-win. We can help them with a low-rate loan and the $1,000 rebate and by driving a hybrid they save at the gas pump."
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The treasurer's office is funding the program by depositing money at local financial institutions at a below-market interest rate. The money that those institutions save in interest is passed to the consumer in the form of the $1,000 rebate when they get an auto loan to purchase a hybrid. There are 16 vehicles that are eligible for the program from new hybrids to electric or fuel cell vehicles.
So far Scott CU has financed 26 hybrid auto loans totaling more than $605,000.
According to Cultivate Illinois Program Director Mike Wakeland, nearly 400 rebates have been awarded through the program throughout the state.
Green Rewards is slated to continue through late July 2008.
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