OKLAHOMA CITY, Okla.-Communications FCU says its loan program for compressed natural gas (CNG) fueled vehicles continues to grow.
In October, (Credit Union Journal, Oct. 8) Stephen Lark, VP of marketing and corporate development, told Credit Union Journal the $830-million CU had made five CNG loans in the first month of the program. Since then it has made at least 10 more.
"We feel the program is gaining momentum each month," said Lark. "Our business lending department is working on two financing arrangements for small fleets. Our indirect lending department is also working with dealerships to finance new vehicles with CNG conversions. We expect the program to gain significant ground in 2013 since we've focused most of our efforts on building relationships with the auto and CNG industries."
A natural gas vehicle is an alternative fuel vehicle that uses CNG as a clean alternative to other fossil fuels. Virtually all of the vehicles using CNG, largely commercial trucks and cargo vans, have been converted via aftermarket kits-adding a fuel tank and altering how fuel is injected into the engine. Honda is the only automaker offering a production CNG-fueled vehicle, a version of the Civic. Cars are refueled much like gasoline is pumped into a car.
Lark said CFCU's program has received coverage from The Daily Oklahoman, The Journal Record, and USGasVehicles.com.