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Working Wheels charts success
Financial literacy, affordable cars a winning combination for workers

Port Jobs Reports, Summer 2005



	Fifty-one Working Wheels car owners recently surveyed by Port Jobs reported that owning a car has helped increase their income and work hours, stabilize employment, commute more easily, and increase job opportunities.

For many low-income workers, living without a reliable car is a significant problem. It limits job choices, makes it difficult to stay on the job, and reduces opportunities to take advantage of education and training opportunities that help families move toward economic self-sufficiency.

Working Wheels addresses this problem by selling reliable and affordable used cars to low-income workers and helping them qualify for the loan needed for the purchase. Through Working Wheels, car owners use credit and banking services to assemble the financial assets they need to build their way out of poverty.

Created by Port Jobs and operated by the Fremont Public Association, Working Wheels offers many services to help workers become successful borrowers and responsible car owners, including:

Financial education & counseling
Access to credit (car loans)
Basic auto maintenance training
Access to banking services
Insurance payment assistance
Employment assistance

Sound Community Bank provides car loans to participants, which average $1,900 over a 36-month term. For some, it is their first bank loan - many participants are unable to secure a loan through a traditional bank. By making on-time payments, car owners create or improve their credit history.

2004 Highlights

Vehicles sold: 70
Average price per vehicle: $1900
Of participants purchasing in 2004:
Parents: 77% (Single parents: 50%)
Current/former TANF: 50%
Limited English speakers: 40%
No credit history/score: 32%
Total cars sold since 2002: 185

WW evaluation underway

Port Jobs began an evaluation of Working Wheels in 2004. Preliminary results show car ownership improves employment opportunities, use of credit and financial services, and overall quality of life for participants and their families.

The study is scheduled to be completed in late 2005. Email portjobs@portseattle.org to receive a copy when it is published.

Car Owner Demographics

Age

Under 21 7%

21 - 29 17%

30 - 39 26%

40 - 49 36%

50 and over 14%

Gender

Female 53%

Male 47%

Residence

Seattle 50%

King County 50%

Ethnicity

African-American 40%
Caucasian 36%

Native American 9%
Hispanic 6%
Asian/Pacific Islander 4%

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