The Fédération Nationale des Caisses d’Epargne (FNCE) has created a program in partnership with Renault (French car manufacturer) and Action Tank (nonprofit organization) to address mobility issues. The Action Tank is a nonprofit organization set up in 2010 under the lead of Martin Hirsch and Emmanuel Faber. The Action Tank bring together corporations, NGO’s, Academia, and the public sector to build social business projects aiming at alleviating poverty and exclusion in France.
For many, having a car is key to finding or keeping a job. But people who are unemployed, in precarious job situations, or who have bad bank records do not have access to traditional credit. These people are left with very few options when they want to buy a car: they either pay cash or resort to peer-to-peer micro-lending. The cars they buy are usually old second-hand high-mileage cars, which means their acquisition is on the whole more costly (if not more risky) – what we refer to as the “poverty penalty”.
The “Club Mobilité” project aims at easing access to brand new cars, enabling beneficiaries to reduce and better manage their mobility budget through a lease-purchase contract. The prices start at 86 €/month without any initial contribution
. The monthly payments depend on the length of the contract, the mileage and level of equipment chosen by the beneficiary. Club Mobilité clients also have access to reduced prices for repair and maintenance, insurance and gas. The loan is financed through a microcredit provided by the Caisse d’Epargne to ensure the offer is accessible to all.
In 2017, the program had been launched in 4 regional Caisses d’Epargne and is due to be launched in other regions by 2018.