Go Green and Save: Green Auto Incentives and Rebates from Canada and Federal Government
1. CITIZENS BANK CLEAN AIR AUTO LOAN
Quick Facts
Jurisdiction: Canada and federal government
Action area: Vehicle purchase/scrappage
Status: Available
Dollar value: Up to about $3,000 per vehicle in reduced interest payments
Description: The Citizens Bank offers its members prime rate loans for the purchase of gasoline–electric hybrid and dedicated natural gas vehicles. The loan term is up to five years.
How to obtain this incentive: Contact Citizens Bank at the branch closest to you.
Clean Air Auto Loan Program Details
Clean Air Auto Loan is a personal loan for up to $35,000 with Prime and Prime+1 rate. Here is the list of eligible vehicles that are split in to two tiers based on CO2 emissions. Tier 1 contains only vehicles that have been specifically designed for superior environmental performance and have been positioned in the market as such. Tier 2 contains vehicles that are not necessarily positioned in the market as environmentally superior, but which do actually emit significantly less CO2 than the average vehicle.
Eligible Vehicles
| Make and Model | Loan interest rate** |
|
Tier 1 |
|
| Honda Civic Hybrid |
Prime |
| Smart Fortwo | |
| Toyota Prius | |
|
Tier 2 |
|
| Ford Escape Hybrid |
Prime +1% |
| Ford Focus | |
| Honda Fit | |
| Hyundai Accent | |
| Hyundai Elantra | |
| Kia Rio | |
| Mini Cooper | |
| Nissan Altima Hybrid | |
| Nissan Versa | |
| Pontiac Vibe | |
| Saturn Vue Hybrid | |
| Toyota Camry Hybrid | |
| Toyota Corolla | |
| Toyota Corolla Matrix | |
| Toyota Yaris | |
| (All variations of the models are included) | |
More benefits
• Choose a term from 6 months to 5 years.
• Repay all or part of your loan at any time, without penalty.
• Cut your gas bill by $1,500 and reduce CO2 emissions by as much as 6,000kgs over five years.
* Saving based on 3% interest discount on a $35,000 loan
** The Annual Percentage Rate (APR) is based on a loan of $35,000 with monthly payments and a 5 year term. APR assumes no fees apply. Rates subject to change without notice
For more information: Clean Air Auto Loan
2. DESJARDINS 10% DISCOUNT ON INSURANCE OF HYBRID VEHICLES
Quick Facts
Jurisdiction: Canada and federal government
Action area: Vehicle purchase/scrappage
Status: Available
Dollar value: 10% of the cost of vehicle insurance premiums (e.g., $50 for an annual insurance premium of $500)
Description: Desjardins General Insurance offers an additional 10% discount on the automobile insurance premium for gasoline-electric hybrid vehicles.
For more information: Green AUTO Insurance
If you purchased or leased (12 months or more) eligible 2006, 2007 and 2008 model-year fuel-efficient vehicles between March 20, 2007 and December 31, 2008, you might get the ecoAUTO rebate. If you still did not send an application form, make sure to do it prior to March 31, 2009. Check Green Car Rebate
With 2009 model year vehicles Canadian drivers are not any more able to lower their fuel bills with the ecoAUTO Rebate Program. As part of the Government of Canada’s plan to protect the environment, the ecoAUTORebate Program encouraged Canadians to buy new fuel-efficient vehicles.
Helpful link: Environment Canada
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