more than a car! jeffrey e. faulkner president. overview of ways to work ® lender of last resort...
TRANSCRIPT
More than a car!
Jeffrey E. Faulkner
President
Overview of Ways to Work®
Lender of last resort for working poor families
A hand-up, not a handout
The loan is our tool, The car is the carrot
Cars as earning assets
Financial real world, but ...
Clients move on (without WtW)
Scale and Scope
Nationwide network of loan offices 55 offices in 25 states today
Gaining economic scale About 1,500 car loans worth about $5M in 2005
Significant impact over time Since ’96, nearly $21M loaned to >10,000 families with a
repayment rate exceeding 86%
Key Employment Outcomes
Car helped >90% of borrowers maintain or improve employment
Nearly 2/3 cited a reduced tardiness or days missed at work or in job training
About half link their ability to complete education programs to car ownership
Net Earnings Outcomes
Net income (take-home pay) increased by an average of 41%
About 3/4 of participants reported higher income after receiving their car loan
82% of borrowers who once received public cash assistance sustain themselves without these payments after receiving their car loan
Quality of Life Nearly 80% of parents of young children were able to
upgrade their daycare situation because of the car
Car enhanced ability of >95% of borrowers to get kids to school on time and better access to extracurricular activities and medical care
About 90% found that the car gave them more time with friends / family, for work around the home, and enhanced their ability to attend church or take a vacation