AFFORDABLE CAR LOAN PROGRAM:

JUMPSTART

West CAP launched the JumpStart program in 2000 to help low-income working families acquire late-model, fuel-efficient cars to meet transportation needs. Transportation continues to be a significant barrier for low-income individuals and families to get to work, see a doctor, or pick up groceries.

 

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.

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

You may be eligible for JumpStart if:

  1. You are a resident of West CAP’s 7 county service area: St. Croix, Pierce, Pepin, Dunn, Chippewa, Barron or Polk Counties
  2. Your household income is at or below 80% of County Median Income by household size (see attached chart to find out)
  3. You have not defaulted on a loan with WCU in the past
  4. 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
  5. You can come up with 5% down payment and a $500 program participation fee at loan closing
  6. You are able to get full coverage car insurance, then get it.
  7. You are willing to sign a West CAP JumpStart Program Agreement (Preview the agreement)

How the JumpStart Program works:

  1. Look carefully at the section above to make sure you are eligible
  2. Fill out a JumpStart Program Application by following the link below, which also is your loan application for WCU.  Mail to WestCAP at PO Box 308, Glenwood City, WI, or email the completed PDF to westcap@wcap.org
  3. If approved by WCU, go out and find a car you like that meets the following affordability criteria:
    1. EPA rated at 30 mpg+ hwy
    2. 100,000 miles or less on the odometer
    3. A clean CARFAX report (if available)
    4. 12 years old or newer
    5. Dealership 30 day+ warranty
    6. Independent/privately owned vehicle must be pre-approved by West CAP and pass an ASE Certified inspection
    7. West CAP approves the car, as we also stand behind it
  4. 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.
  5. Go and pick up your new car!