Oklahoma-Based CU Plugs Alternative Fuel Loans

Drivers in Oklahoma and Kansas who want to go green behind the wheel via compressed natural gas conversions just got an incentive to do so from Communication Federal Credit Union.

The Oklahoma City-based credit union has introduced new loan programs for CNG conversions for both new-car sales and for those consumers who want to add the conversions to their current cars.

With gasoline prices rising, CNG is an alternative made by compressing natural gas to less than 1% of its volume at standard atmospheric pressure, says www.cngnow.com. Mostly methane, CNG is odorless, colorless, and tasteless, and is culled from domestically drilled natural gas wells or in conjunction with crude oil production.

Communication FCU will finance up to the manufacturer’s suggested retail price of new vehicles in addition to the cost of the conversion. On pre-owned and member-owned cars with a CNG fuel system or conversion installation, the credit union will finance up to 115% of the NADA retail value.

Currently, natural gas moves more than 12 million vehicles, 250,000 of which are in the U.S., according to cngnow.com. The website also said that CNG costs about half of what gas or diesel does and emits up to 90% fewer emissions than gasoline. There are about 500 CNG stations in the U.S., and 12,000 worldwide.

In addition, home refueling appliances are also included in CFCU’s new lending program.