ChoiceCash originations by year and vehicle fuel-type reflect the slowly growing importance of vehicles other than pure internal combustion engine vehicles in the vehicle stock in the United States.
The percentage of ChoiceCash loans secured by Electric Vehicles has increased from 0.04% in 2019, to 0.37% in Q1 2024.
| Vehicle Fuel Type1 | |||
| Year | Gas, diesel, and flex fuel | Hybrid and Plug-in hybrid | EV |
| 2019 | 99.38% | 0.57% | 0.04% |
| 2020 | 97.57% | 2.30% | 0.13% |
| 2021 | 98.65% | 1.24% | 0.11% |
| 2022 | 98.01% | 1.81% | 0.18% |
| 2023 | 97.94% | 1.75% | 0.30% |
| 20242 | 97.87% | 1.77% | 0.37% |
ChoiceCash Origination trends by Fuel Type and Manufacturer – 2019 through Q1 20242
ChoiceCash EV originations by manufacturer reflect Tesla’s high EV market share in the United States. 71% of EVs that were used to secure a ChoiceCash loan between 2019 and Q1 2024 were Tesla cars.
ChoiceCash originations secured with vehicles that are not purely internal-combustion engine powered (i.e. Hybrid, Plug-in Hybrid and EV) reflect Toyota’s long history of mass-producing hybrid cars for the United States. 45.0% of those loans were secured by Toyota vehicles, with the Toyota Prius (all model years) accounting for 31.6% by itself.
1 Vehicles powered by natural gas account for an immaterial part of ChoiceCash originations and are included with the Hybrid / Plug-in Hybrid percentages
2 2024 data as of April 4th 2024
About ChoiceCash
The ChoiceCash loan is made by Capital Community Bank, a Utah Charted bank, located in Provo, Utah, Member FDIC. All loans will be serviced by LoanMart. Loan proceeds are intended primarily for personal, family and household purposes. Capital Community Bank does not offer or service student loans.
All loan applications are subject to meeting Capital Community Bank’s credit criteria, which include providing acceptable property as collateral. Customers need to demonstrate ability to repay the loan. The minimum loan amount for a ChoiceCash Title Loan in California is $10,600. Not all applicants are approved.
Contact: media@choicecash.com