11/29/2023 – We are currently out of funding and can no longer assist with any purchases. Please check back for updates if/when funding becomes available again.
AFFORDABLE CAR LOAN PROGRAM
West CAP launched the JumpStart program in 2000 to help low-income working families acquire late-model, fuel-efficient cars. Transportation continues to be a significant barrier for low-income individuals and families to get to work, see a doctor, or pick up groceries, especially in our largely rural service area.
The JumpStart program continues today in the form of helping eligible drivers get an affordable car loan from WESTconsin Credit Union to purchase a reliable car that meets their transportation needs.
You may be eligible for JumpStart if:
- You are a resident of West CAP’s 7 county service area: Barron, Chippewa, Dunn, Pepin, Pierce, Polk, St. Croix.
- You must have an income that supports a car loan payment, full coverage insurance & $40 per month toward your Repair Savings Account. Zero income households are not eligible for this program.
- You are able to get full coverage car insurance.
- Your household income is at or below 80% of County Median Income by household size (see attached chart to find out)
- You provide preliminary household budget showing that you can afford a car payment and insurance with an estimate of a car payment amount you could afford including $40/mo payment to your maintenance savings account
- You can come up with 5% down payment and a $500 program participation fee at loan closing
Through JumpStart, West CAP Provides:
- $1,000 toward the purchase price of the car
- Access to a low interest, 60-month car Loan through WestConsin Credit Union (WCU)
- A “Vehicle Maintenance Savings Account” managed by WCU for ongoing maintenance and minor repairs over the life of the car loan, with any unspent funds at the end of the loan period returned to the JumpStart customer
- Access to a West CAP’s “Major Repair” fund for expensive repairs if needed during the 60-month loan period and approved by West CAP for well-maintained vehicles
- Possible financial or other assistance during the life of the loan to help JumpStart customers keep their cars through temporary periods of financial difficulty
What’s the Process?
- Fill out a JumpStart Program Application by following the link below, which is also your loan application for WESTconsin Credit Union. Mail your completed application to WestCAP at PO Box 308, Glenwood City, WI, or email the completed PDF to email@example.com.
- If approved by WCU, go out and find a car you like that meets the following affordability criteria:
- EPA rated at 30 mpg+ hwy
- 100,000 miles or less on the odometer
- Dealership must have a 30 day+ warranty and (if available) a clean CARFAX report
- Vehicle is 12 years old or newer
- Independent/privately owned vehicle must be pre-approved by West CAP and pass an ASE Certified inspection
- West CAP approves the car, as we also stand behind it
- Pick up the loan check at WCU as you pay your down payment to WCU and provide your $500 program participation fee that WCU puts in West CAP’s account.
- Go pick up your new car!