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Bonnie CLAC

Entrepreneur: Robert Chambers

Address:

2 Whipple Place
Lebanon, NH 03766

Telephone: (603) 443-9701
FAX: (603) 448-0589

Email: robertchambers@bonnieclac.org
Web Site: http://www.bonnieclac.org

Grant Amount: $50,000 (2002); $60,000 (2004); $10,000 (2004); $60,0,00 (2005), $140,000 (2006)

Mission Statement

To make the ownership of cars more available and more affordable for people of low to moderate income in the United States.

Purpose of Grant

$50,000 (2002) to help establish Bonnie CLAC – the low-income borrower automobile financing project

$60,000 (2004) to further establish Bonnie CLAC and to open a second site in Keene, NH

$10,000 (2004) matching grant.

$60,000 (2005) to further establish and expand the low-income borrower automobile financing and financial literacy project.

$140,000 (2006) to further expand the program and to fund a full-time marketing person for one year, including a budget to support his or her efforts.

Additional Information

One example of the service Bonnie CLAC provides:

"Bonnie CLAC worked with a couple who live in Dorchester NH, one of the poorest communities in all New Hampshire. Both the mother and father work at a local retail grocery and have been employed there for almost two years. They live in a hunting camp on a back road with their two teenage children. The last vehicle that they purchased was a used 7-year-old Jeep that is now 12 years old.

They paid 23% interest to purchase this vehicle. The Jeep now has almost 180,000 miles on it. They made their last payment last month and the inspection renewal was coming due. The vehicle needs more than $3000 in work to pass inspection. They have been paying $260 per month for gasoline because of the long commute, an inefficient out of tune vehicle.

A new vehicle financed at a reasonable interest rate with a Bonnie CLAC guarantee costs only slightly more than the payment for the old jeep. After figuring the savings in fuel and maintenance, their monthly transportation budget actually went down. This will leave them some small amount for savings toward a home that they have dreamed about. The best part is once this new car is paid for they will have a good vehicle that will be useful for an additional 6 or 7 years."