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Access Bank, Hyundai unveil auto finance scheme

By BusinessNews Staff on June 4, 2015

Hyundai Motors Nigeria Limited, in collaboration with the Access Bank Group, has introduced a new vehicle finance scheme aimed at enabling prospective customers to buy brand new Hyundai vehicles and commence payment after 90 days.

The initiative, tagged ‘Buy now, pay later’, is designed to encourage patrons to buy environmentally-friendly Hyundai vehicles instead of used cars otherwise known as tokunbo railroaded into the country from Europe, according to a statement.

Both companies signed the declaration in Lagos, where Access Bank and Hyundai Motors Nigeria highlighted the benefits of the scheme that would enable customers to take possession of the vehicle upon the contribution of 10 per cent equity only.

The Executive Director, Personal Banking, Access Bank Plc, Mr. Victor Etuokwu, in his remarks after signing the Memorandum of Understanding, said, “We have brought together two Nigeria most powerful brands, Access Bank – a tier one banking group; and Hyundai Motors Nigeria, a member of Stallion Group and a foremost automobile dealerships to give Nigerians an opportunity to own brand new cars at affordable rates via a liberalised process.”

Etuokwu said the auto finance scheme was designed for individual patrons and employees to buy choice Hyundai vehicles without necessarily committing their life-time savings.

He listed other benefits of the scheme, which could also be accessed by fleet operators and institutions as unrestricted admittance to select Hyundai range; discounted pricing with low and fixed interest rate throughout the tenor; waiver of commitment fee; three months moratorium for principal and interest payment; free vehicle registration and free service for one year or 20,000km.

The Access bank director said these significant incentives were intended to encourage patrons to buy functional brand new vehicles such as Korean engineered Hyundai cars and shun importation of tokunbo vehicles, adding that “the cost of managing used vehicles is far too exorbitant.”

Etuokwu said, “Buying a brand new car isn’t luxury; it is only a part of your tool to work efficiently.”

The Managing Director, Hyundai Motors Nigeria Limited, Mr. Parvir Singh, said, “We will continue to invest in new marketing initiatives that can endear Hyundai vehicles to customers and help them drive responsibly, and of course, we are convinced this programme will attract perceptive customers and subsequently raise our market share.”

Singh, who enjoined customers to take advantage of this, said, “You can be part of this bonanza by simply walking into any Hyundai Motors Nigeria Limited accredited dealership in Nigeria to get a proforma invoice for your choice car and a deal is struck with Access Bank Plc thereafter.”

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