Establish a First Loss Protection product

Increase the availability of low-cost funding for commercial ZEVs by identifying a state agency or authority to guarantee a portion of the residual value of vehicles at the end of the loan term.

Page 171: "New York should identify a State agency or authority to guarantee at least a portion of the residual value of the ZEVs being financed at the end of the loan term (such as First Loss Protection). Providing that certainty will help unlock the lowest-cost private financing needed, further reducing upfront costs to enable the purchase of ZEVs in place of fossil fuel-powered vehicles."