As if we didn't have enough of a looming problem in the world of automobile loans, Bank of America is now starting a new trend: tucking more items into their auto loans. In this case, they are starting to bundle at-home electric-vehicle chargers as part of their auto loans, according to a new report from Bloomberg this week.
The bank says it is "anticipating demand for the products will increase as buyers turn away from gas-powered cars". And while the bank may be right, the chargers will add to the amount financed by borrowers when they take on their auto loan - at a time when auto loans are teetering on the brink.
Fabien Thierry, head of consumer vehicle products, told Bloomberg: "Bank of America has been supporting the electrification, and we've been saying that we want to be one of the EV financing leaders."