Chase is leveraging the power of transportation to help more people near Dallas and beyond.

Last week, Chase announced a $1 million investment in Dallas-based On The Road Lending to get more people behind the wheel so they can earn a better wage.

By getting low-interest financing to purchase a fuel-efficient and reliable car, each program participant typically saves about $20,000 over five years, On The Road Lending estimated.

Chase and On The Road Lending also said a reliable car also provides access to job opportunities with the potential to earn more income.

“Cars have the power to change people’s lives,” said Michelle Corson, who founded On The Road Lending in Dallas 11 years ago. “We are the only community lender in the U.S. making affordable loans on reliable cars as a pathway to prosperity.”

One success story is Rosie Sifuentes, who was trying to put her life together after a divorce. Chase and On The Road Lending said lack of reliable transportation made it almost impossible for Sifuentes to get to her job and her son to high school classes each day.

“I knew where I was financially — I was in trouble. We desperately needed reliable transportation. Not having it was a little like being paralyzed, like being held down,” Sifuentes said in a news release. “To have a vehicle to call my own — it was freeing. It helped us get back on track.”

On The Road Lending is a community development financial institution that started in Dallas in 2013. It has since expanded across five additional states — Alabama, Georgia, Kentucky, North Carolina and Mississippi.

JPMorganChase initiated its support of On The Road Lending in 2017 and through 2023, invested a total of $1.45 million. Those grants helped launch OTRL in San Antonio, scale mobility solutions in Houston and help low- and moderate-income Texans avoid losing their cars during the economic disruption of the COVID-19 pandemic.

The $1 million given last week brings the bank’s total support for On the Road Lending to $2.45 million over seven years.

In Dallas, 66 percent of residents have subprime credit, according to Chase and On The Road Lending.

“What’s remarkable about On The Road Lending is the care and support they offer clients. The non-profit uses an approach called ‘character-based lending,’ paired with in-depth financial coaching, to help clients succeed,” said Michelle Thomas, head of philanthropy for JPMorganChase in Texas. “That explains why their default rates are so very low.”

Between 1969 and 2013, the median income for people with cars rose by 20%, while those without fell by 34 percent, according to the Journal of Planning Education and Research.

“Owning a car can have a profound impact on someone’s life. A car can help someone bridge the wealth gap and navigate the opportunity divide between southern and northern Dallas,” said Peter Muriungi, the Dallas-based CEO of Chase Auto. “We should make it easier for folks in southern Dallas to have access to the tremendous opportunities across our city. That’s what this partnership with On The Road Lending is all about.”

Along with auto financing, OTRL participants also receive in-depth financial coaching to help them improve their financial lives. On average, participants improve their FICO scores by 200 points, Thomas said.

You can learn more about On the Road Lending via this website.

You can learn more about how JPMorganChase partners with community leaders to power local economic growth and improve access to resources for financial health at www.jpmc.com/impact.