Xcelerate Auto Partners with Service Payment Plan to Launch Interest-Free Payment Plan for XCare EV Protection, Expanding Access to Comprehensive EV Warranty Coverage

MCKINNEY, Texas--(BUSINESS WIRE)--Nov 14, 2024--

Xcelerate Auto, a Texas-based leader in electric vehicle (EV) leasing, financing, and warranty solutions, is thrilled to introduce a new payment option for its XCare EV Protection plan. Through an exclusive partnership with Service Payment Plan (SPP), Xcelerate now enables customers to purchase XCare EV Protection with a convenient, interest-free payment plan, requiring no credit check and featuring transparent online pricing.

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As used EVs become more affordable, Xcelerate’s new payment plan option makes it easier for buyers to secure affordable extended warranties. With only 20% down and 11 additional monthly payments, customers can enjoy comprehensive coverage for crucial EV components—like high-voltage batteries and drive units—without the burden of a large upfront cost. High repair costs for these components, including HV batteries (around $17,000) and drive units (around $6,000), often deter potential buyers of used EVs. This new payment structure offers a low-cost entry point, providing peace of mind and making EV ownership more attainable for a broader audience.

XCare EV Protection covers essential components that are both costly and critical to EV longevity, with the average claim exceeding $1,200 per occurrence. Importantly, while EVs require less frequent servicing than traditional combustion engine vehicles, Xcelerate’s solution addresses concerns over unexpected repair costs, ensuring EV owners remain protected on the road.

“At Xcelerate, our mission has always been to lower the barriers to EV ownership. This new payment plan for XCare EV Protection aligns with our goal of providing accessible, affordable warranty solutions for a growing market of used EV buyers,” said KJ Gimbel, CEO of Xcelerate Auto. “Through our partnership with SPP, we’ve crafted an offering that removes financial barriers, giving more EV owners the peace of mind that comes with comprehensive coverage.” According to Charlie Hymen, President of SPP, “it’s an honor to support Xcelerate’s mission to bring this valuable protection to EV owners everywhere. We’ve been struck by Xcelerate’s obsession with improving the customer experience at every turn and look forward to being part of their exciting journey ahead.”

About Xcelerate Auto, LLC

Based in McKinney, TX, Xcelerate Auto, LLC is a pioneering leader in leasing, financing, and warranty solutions tailored for the electric vehicle market. Originally established as a leasing and financing company, Xcelerate has expanded its offerings to include XCare EV Protection, a comprehensive warranty solution designed to address the unique needs of EV owners. Through innovative products and services, Xcelerate Auto, LLC is committed to driving EV adoption by ensuring that customers enjoy a seamless and secure ownership experience.

About Service Payment Plan (SPP)

Service Payment Plan (SPP) is a trusted provider of interest-free payment solutions, specializing in affordable payment structures for essential vehicle service plans. By enabling customers to make payments over time without credit checks or hidden fees, SPP helps individuals access important vehicle protection without financial strain.

For more information about XCare EV Protection and the new payment plan, please visit www.xcare.com.

XCare Payment Process Copyright - Xcelerate Auto

The number of Americans applying for unemployment benefits fell to the lowest level in six months last week as layoffs remain at relatively healthy levels.

The Labor Department reported Thursday that jobless claim applications fell by 4,000 to 217,000 for the week of Nov. 9. That’s less than the 225,000 analysts forecast.

The four-week average of weekly claims, which evens out some of the weekly ups and downs, fell by 6,250 to 221,000.

Weekly applications for jobless benefits are considered representative of U.S. layoffs in a given week.

In response to weakening employment data and receding consumer prices, the Federal Reserve slashed its benchmark interest rate in September by a half a percentage point and by another quarter-point last week.

The central bank is shifting its focus from taming inflation toward supporting the job market in an attempt to pull off a rare “soft landing,” whereby it brings down inflation without igniting a recession.

The half-point rate cut in September was the Fed’s first rate cut in four years after a series of increases starting in 2022 that pushed the federal funds rate to a two-decade high of 5.3%.

Despite a slight uptick in October, inflation has retreated steadily the past two years, approaching the Fed’s 2% target and leading Chair Jerome Powell to declare recently that it was largely under control.

Two weeks ago, the government reported that an inflation gauge closely watched by the Fed fell to its lowest level in three-and-a-half years.

During the first four months of 2024, applications for jobless benefits averaged just 213,000 a week before rising in May. They hit 250,000 in late July, supporting the notion that high interest rates were finally cooling a red-hot U.S. job market.

In October, the U.S. economy produced a meager 12,000 jobs, though economists pointed to recent strikes and hurricanes that left many workers temporarily off payrolls.

The Labor Department reported In August that the U.S. economy added 818,000 fewer jobs from April 2023 through March this year than were originally reported. The revised total was also considered evidence that the job market has been slowing steadily, compelling the Fed to start cutting interest rates.

Continuing claims, the total number of Americans collecting jobless benefits, fell to 1.87 million for the week of Nov. 2, in line with analysts' expectations.

A hiring sign is displayed at a retail store in Buffalo Grove, Ill., Wednesday, Nov. 6, 2024. (AP Photo/Nam Y. Huh)