Illinois offers $1000 Hybrid Rebate if Financed Locally
This entry was posted on 8/27/2007 1:40 PM and is filed under Lending.
August 26, 2007: Illinois drivers seeking relief from soaring gas
prices are eligible for a $1,000 rebate with the purchase of a new
hybrid or other fuel efficient vehicle.
Known as the Green Rewards program, the Illinois Treasurer's Office reserved $2 million in rebates to make high-mileage hybrid vehicles, which run on gasoline and electricity, more affordable for state residents.
Participating banks and credit unions
agree to accept a discounted deposit rate from the state for one year
in exchange for providing the $1,000 rebates to their customers. The
program is open to all banks and credit unions in Illinois.
The Illinois Treasurer, Alexi Giannoulias justified Green Rewards saying the program allows car buyers to realize an immediate cost savings in purchasing the vehicle; Results in lower costs at the pump; Significantly reduces harmful emissions that pollute the environment; and Lessens America's dependence on foreign oil.
There are no income or price restrictions, but the qualifying vehicles must have less than 7,500 miles on their odometer at the time of purchase.
Eligible Vehicles:
Ford Escape (2WD and 4WD)
Mercury Mariner (2WD and 4WD)
GMC Sierra (2WD and 4WD)
Chevy Silverado (2WD and 4WD)
Saturn Aura Greenline
Saturn Vue Greenline
Honda Insight CVT
Honda Accord
Honda Civic
Nissan Altima
Toyota Prius
Toyota Highlander (2WD and 4WD)
Lexus Rx400h (2WD and 4WD)
Toyota Camry
Lexus GS 450h
Mazda Tribute (2WD and 4WD)
Compressed Natural Gas Vehicles, Hydrogen Fuel Cell and All Electric
vehicles are also eligible. (Currently, Hydrogen Fuel Cell and CNG
vehicles are not sold in Illinois, but may be in the future.)
How to apply:
Apply for a loan at a participating financial institution.
If your preferred bank or credit union is not a current participant,
ask your lender to sign up for the program by calling (217) 782-2072.
The financial institution will complete and submit the necessary forms for review by The Illinois Banking Division for approval.
The financial institution will provide the $1,000 rebate at point of sale.
