CO-OPERATIVE BANK LAUNCHES CO2 CONSCIOUS CAR LOANS

CO-OPERATIVE BANK LAUNCHES CO2 CONSCIOUS CAR LOANS A third of British motorists are clueless about the cost of keeping their cars on the road and 35 per cent are completely oblivious to how many miles their vehicle does to the gallon, according to a new poll published today (13 May, 2003) by The Co-operative Bank. The Co-operative Bank, which is famous for its ethical and ecological stance, also discovered that six out of ten have no idea of some simple steps they can take to help reduce the impact their car has on global warming. Now for the first time the Bank is launching a Carbon Dioxide (CO²) conscious car loan, which will help offset some of the 3.1 tonnes of CO² generated each year by the average car. For each car loan taken out, The Co-operative Bank will make a donation to the environmental organisation Climate Care to help tackle global warming. Cars are one of the largest sources of carbon dioxide emissions in the UK and, by using the Bank's annual donation, Climate Care will be able to offset around 20 per cent of an average cars emissions each year for the duration of the loan. In addition the Bank is giving loan customers tips on how to become greener drivers and hints on what to consider when looking for a more fuel-efficient car. Borrowers also receive free Green Flag rescue (roadside assistance plus homecall) for the lifetime of their loan. Sheila Macdonald, the Bank's Executive Director and Chief Operating Officer, said: "We don't want to stop people using their cars but there are a few simple steps we can all take to reduce the impact our vehicles have on the environment. "By becoming CO² conscious we can do our bit for the environment and hopefully save money at the same time." Car buyers can borrow up to £25,000, with loan rates from 8.4 per cent APR with a typical rate of just 9.2 per cent APR. Loans can be repaid over one to seven years. Notes to Editors Some of the Bank's handy tips to help improve the environment which can be found on www.doingyourbit.org.uk Think before you drive Before you start out, ask yourself if you need to drive. Could you use public transport for part of the journey? The shortest journeys (those less than two miles) cause the worst pollution because the engine is cold and straining. That short journey might be ideal for walking or cycling. Drive Smartly Driving aggressively causes more pollution, will increase your risk of having an accident and will cost you more in fuel. Avoid rapid acceleration and heavy braking as smoother driving can use 30 per cent less fuel. Also, obey the speed limit. Doing 50mph can use 25per cent less fuel than 70mph. Check and maintain your car Get your car checked over regularly at the garage (follow the manufacturer's recommended schedule - usually every 12 months or 10,000 miles). Keep an eye on your fuel consumption and make sure your tyres are properly inflated. A well maintained car can use less fuel than one that is badly maintained and for every 6psi a tyre is under-inflated, fuel consumption can rise by one per cent. Don't use or carry things when you don't need them Wide-open windows, roof racks, heavy clutter in the boot and air conditioning can all add to the fuel bill. Roof racks and open windows both increase wind resistance of your car and the amount of fuel you use. Keeping unnecessary items in the boot adds to the weight of the car, which also increases the amount of fuel you use. Using your air conditioning when you don't need to can cost you one and a half kilometres for every two litres of fuel - turn up your air vents instead. Interest charged on Co-operative Bank Car Loans £1,000 - £1,950 16.4 per cent £2,000 - £2,950 15.4 per cent £3,000 - £4,950 12.4 per cent £5,000 - £9,950 9.2 per cent £10,000 - £15,000 8.9 per cent £15,050 - £25,000 8.4 per cent Ends For further information contact: 13 May, 2003 Dave Smith Co-operative Financial Services Press Office Tel: 0161 829 5397 Fax: 0161 839 4220 e-mail : dave.smith@co-operativebank.co.uk ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/05/12/20030512BIT00450/wkr0001.doc http://www.waymaker.net/bitonline/2003/05/12/20030512BIT00450/wkr0002.pdf