City, Ford launch vehicle down-payment assistance program
Panattoni to buy shuttered Ford plant [St. Louis] San Antonio city leaders are working to make it easier for more working individuals and families to buy a new or used car, thanks to a partnership between the city and Ford Motor Co. Through it, working families who save up $1,000 will receive $2,000 in matched funds from the city s Department of Community Initiatives and Dearborn, Mich.-based Ford (NYSE: F).
The money can be used toward the purchase of a vehicle from any one of eight participating Ford or Mercury dealers. After they secure financing for their vehicle, they continue to make payments. City officials say applications are being taken in the Working Family Vehicle Purchase Program. There are currently 39 local residents enrolled in the program and saving money toward their vehicle purchase.
The Department of Community Initiatives reports that 73 percent of individuals with a reliable car or truck get better jobs or promotions by not having to deal with vehicle issues. And, as a result, boost their income by an average of $4,558 annually. That study was conducted in 2003 by the nonprofit organization Vehicles for Change. To qualify, an individual must be a San Antonio resident, an insurable driver and must be able to qualify for financing.
Applicants must not have declared bankruptcy within the last seven years and must be current with all creditors. Also, a person s household income may not exceed 300 percent of the federal poverty level.