As part of efforts to ease the ability of actual and prospective customers to purchase the various existing brands under the Coscharis franchise; Coscharis Motors Limited, in partnership with Stanbic IBTC Bank and Access Bank, has launched a Vehicle Finance Scheme, which is aimed at empowering retail and fleet buyers to purchase their choice vehicles from any Coscharis Motors outlet nationwide through payment by installment.
The Coscharis Group Managing Director, Josiah Samuel said: “the scheme will allow a repayment pattern spread over a period of four years with the option of a repayment percentage ranging from 10 – 30 percent within the period.”To the market, this scheme is unique in all ramifications as it is a first in terms of partnering two of the leading banks in Nigeria towards financing a vehicle acquisition scheme in collaboration with a multi-brand dealership that provides the market a bouquet of premium and economy auto brands.
In addition, the Group Managing Director stated that “the need for the collaboration is informed by the following key factors:
Many Corporate Nigerian workers including – Small and Medium Scale Enterprises want new vehicles from Coscharis but have inadequate financial capacity to effect outright payment.
Most of the SMEs buy fairly used vehicles to run their businesses in order not to drain their working capital with the cost of new vehicles.
Coscharis will require massive capital investment and extensive Lead time to implement this initiative alone.
Access Bank and Stanbic IBTC are well positioned to perform this financing role and have solid history in this regard.
He further added that among the four major objectives for the scheme, the priority is to provide a convenient and cost effective third party vehicle purchase finance to buy any of the Coscharis brands.
The scheme which is a first by Coscharis focuses on delivering customers satisfaction given its very low interest rate, ease of accessibility to the banks, quick turnaround time for credit processing at the banks and availability of myriads auto brands and variants for customers to choose.
For the first instance, the collaboration will be operative for the duration of one year but renewable for a further one year term thereafter or agreed otherwise.
The Vehicle Finance Scheme is projected to generate a 2000 unit sale across all brands. However, the key attractions to customers are the following benefits accruable in addition to the scheme: Free Vehicle Registration, Vehicle maintenance and service support including vehicle recovery and emergency assistance.
The scheme will be available in all Coscharis networks including all the partnering banks networks nationwide.
About Coscharis Motors
Coscharis Motors is a representative of global automotive manufacturers including Ford, Jaguar Landrover, BMW MINI, MG, Rolls Royce and Joylong in Nigeria. The company is an industry leader in Nigeria and has dealership networks (including sales and services) across the six geopolitical zones in Nigeria.