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 Illinois State Treasurer, Alexi Giannoulias created Green Rewards, a $1,000 rebate program which encourages consumers to purchase a new hybrid or other fuel efficient vehicle. Under this program, the Treasurer's Office has committed $2 million in rebates to make high-mileage hybrid vehicles, which run on gasoline and electricity, more affordable.
Participating banks and credit unions agree to accept a discounted deposit rate from the state for one year in exchange for providing the $1,000 rebates to Illinois residents. The program is open to all banks and credit unions in Illinois.
When a consumer finances a qualifying vehicle through a participating credit union, the Treasurer's office will deposit $25,000 in state funds with the credit union. The Treasurer's office will accept four percent less in interest earnings in exchange for the credit union passing on that savings to its borrowers in the form of $1,000 rebates.
For consumers, there is no income limit or purchase price restrictions. The program also allows municipalities or small businesses to purchase a number of vehicles for their fleets.
To start the process, consumers bring a description of the car to be purchased to the participating credit union. Next, the credit union certifies a loan for the amount needed, approves the loan using its regular criteria, and the borrower is given a check which can be turned over to the dealer to purchase the car.For more information about Green Rewards or to enroll your credit union in it, contact the State Treasurer's office by emailing cultivateillinois@treasurer.state.il.us or calling (217) 557-6436.
Complete Program Details:
Green Rewards:
- Allows car buyers to realize an immediate cost savings in purchasing the vehicle.
- Results in lower costs at the pump.
- Significantly reduces harmful emissions that pollute the environment.
- Lessens America's dependence on foreign oil.
Amounts and Terms:
- Buyers can receive one $1,000 rebate per eligible vehicle per calendar year.
- Original purchase date must be on or after July 15, 2007.
Program Eligibility:
- Buyers must be Illinois residents.
- Buyers must purchase a new, eligible hybrid, electric or fuel cell vehicle with less than 7,500 miles.
- Buyers must receive financing from a participating financial institution on or after July 15, 2007.
- There are no income or price restrictions.
Eligible Vehicles:
- Ford Escape (2WD and 4WD)
- Mercury Mariner (2WD and 4WD)
- GMC Sierra (2WD and 4WD)
- Chevy Silverado (2WD and 4WD)
- Saturn Aura Greenline
- Saturn Vue Greenline
- Honda Insight CVT
- Honda Accord
- Honda Civic
- Nissan Altima
- Toyota Prius
- Toyota Highlander (2WD and 4WD)
- Lexus Rx400h (2WD and 4WD)
- Toyota Camry
- Lexus GS 450h
- Mazda Tribute (2WD and 4WD)
Compressed Natural Gas Vehicles, Hydrogen Fuel Cell and All Electric vehicles are also eligible. (Currently, Hydrogen Fuel Cell and CNG vehicles are not sold in Illinois, but may be in the future.)
How members apply:
- Apply for a loan at a participating credit union. If the member’s preferred credit union is not a current participant, the credit union may sign up for the program by calling (217) 782-2072.
- The credit union completes and submits an application for deposit, acknowledgement form, and other forms.
- The application is reviewed by the Banking Division of the Illinois State Treasurer's Office for approval.
- The credit union provides the $1,000 rebate at the point of sale.
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