Capital One and HOPE Launch Auto Loan Second-Chance Program to Fuel Deep South Prosperity
A $265 billion banking plan meets a second chance: How Capital One and HOPE are rewriting economic mobility in the Deep South.
Capital One and HOPE (Hope Enterprise Corporation, Hope Credit Union, Hope Policy Institute) launched the Second Look Auto Program to provide second-chance auto loan reviews for underserved communities in the Deep South.
The initiative, funded with $500,000 in pilot capital, leverages Community Development Financial Institutions (CDFIs) to expand access to credit for borrowers who might otherwise be excluded.
Bill Bynum, CEO of HOPE, emphasized the region’s potential: "The Deep South is well-positioned for growth and investment." He added, "This program is about giving a second opportunity to people looking to buy automobiles who may not get in the door at first."
Capital One’s $265 billion Community Benefits Plan includes commitments to housing, small business support, credit access, and infrastructure development. Since 2016, the bank has provided HOPE with a $2 million line of credit, $100,000 annual grants, a $500,000 resiliency grant, and $500,000 for the Second Look Auto Program pilot.
Pearl Wicks, HOPE’s consumer and mortgage finance lead, serves on Capital One’s Community Advisory Council, bridging institutional expertise with local needs. "This partnership is about systemic change," Wicks said in a statement, "not just individual transactions."
Look, the Second Look Auto Program isn’t just a financial product—it’s a test of whether systemic barriers can be dismantled through collaboration. If CDFIs can scale this model, it could redefine credit access for millions.
