CODA and Essex Credit Corporation Team-Up to Finance CODA Electric Vehicles

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Nov 24, 2010, 08:00 ET

SANTA MONICA, Calif., Nov. 24, 2010 /PRNewswire/ -- CODA Automotive, a California-based electric car and battery company, and Essex Credit Corporation, a subsidiary of Bank of the West, have reached a preliminary agreement to provide financing for customers of the 2011 CODA™ Sedan.

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"CODA's sales process eliminates the hassle most consumers have come to expect when buying a car," said Mac Heller, CEO, CODA Automotive. "In partnership with Essex, we will provide a simple process for our customers to identify, apply and qualify for competitive financing options in seconds."

Customers who purchase an all-electric vehicle from CODA will have the option of applying for credit from their financial institution of choice or directly on the CODA website via an Essex portal. At CODA's retail locations, customers will be able to apply for credit at kiosks on their own or with the help of a CODA associate. These locations will focus on consumer education and test drives, while vehicles will be delivered directly to consumers.

"Essex Credit will enable CODA buyers to acquire an innovative vehicle in a truly seamless, efficient customer-centric process," said Jesse Bragg, President and CEO, Essex Credit Corporation. "Our 'green' online application process is an appropriate match for this all-electric car."

About CODA Automotive: Headquartered in Santa Monica, Calif., CODA Automotive is working to reduce dependence on oil and is leading the way to a cleaner future through multi-use advanced battery systems for its all electric car, other electric vehicle manufacturers and a range of all utility applications such as wind and water power storage. CODA is working in a smart, interdependent way with more than 30 leading global technology and manufacturing companies to quickly and efficiently bring electric power battery technology to market. Through its exclusive battery system joint venture with Lishen Power Battery, LIO Energy Systems, CODA is also a large-scale producer of power battery systems for transportation and utility applications. The CODA™ Sedan is a four-door, five-passenger sedan with a full-size trunk that is designed to meet American drivers' daily transportation needs without using an ounce of gasoline.

For more information, please visit www.codaautomotive.com, follow @CODAautomotive on Twitter at www.twitter.com/CODAautomotive, or visit our Facebook page at www.facebook.com/coda.

About Essex Credit: A wholly-owned subsidiary of Bank of the West, Essex Credit is one of the nation's leading providers of direct consumer loans for the purchase and refinance of vehicles and luxury boats in all 50 states. San Francisco-based Bank of the West is a full-service commercial bank operating more than 700 branches and commercial lending offices in 19 states. Bank of the West is a subsidiary of BNP Paribas, one of the six best-rated global financial providers in the world, according to Standard and Poor's.