Toyota Partners with Dallas-based ‘On the Road Lending’ to Extend Mobility to Underserved Communities
Provides $1 Million Grant to Help Scale On the Road Lending’s Character-based Lending Model
PLANO, Texas, May. 10, 2017 — 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.”
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.
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.