June 07, 2006
Bank of America is Banking on Hybrids
Posted by Christine Hurt

Bank of America has unveiled a pilot program to offer employees in Boston, L.A. and Charlotte $3000 toward the purchase of a hybrid car.  This type of "corporate social responsibility" is the kind that is actually aimed toward maximizing profits as the company states that the program hopes to boost employmee recruitment efforts and build customer loyalty.  Does this program make you want to open an account at Bank of America?  Maybe if they gave me a lower interest rate on a hybrid car loan?

According to the WSJ, Google already offers employees $5000 to purchase any car with an mpg of 45 or more.  Also, Massachusetts has a bill pending that would give residents a $2000 tax credit for purchasing a hybrid, in addition to the $3000 federal tax credit.  So, if you worked for BoA in Boston, you could effectively get a $8000 discount on a hybrid vehicle.  That's starting to get to be a real incentive.

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