The First City Monument Bank, FCMB, and Peugeot Automobile Nigeria (PAN), have launched an auto finance and acquisition scheme.
The development is part of FCMB’s efforts to help individuals, including the self-employed and employees in the public and private sectors to easily become car owners.
Under the scheme, which was unveiled on Thursday (October 15, 2015) in Abuja, qualified customers of FCMB would be able to own a brand new Peugeot for as low as N80,367.68 under a monthly repayment plan spanning five years.
The new generation Peugeot brands on offer in the scheme, with varied monthly installment payments, are the 301 ranges (Access, Active, Allure PRS, LXP); the 308 models (Allure Executive and Allure PRS); the 3008 (Active and Active LXP); 4008 and 508 (Active and Access).
Speaking at the launch of the alliance in Abuja, the Regional Director, Abuja and North of FCMB, Mr. Lukman Mustapha, said that the partnership is a value-added consumer loan offering aimed at expanding the scope of vehicle ownership in the country. He added, ‘’we have designed this scheme to enhance the lifestyle of our existing and potential customers through discounted pricing, flexible repayment and other benefits associated with it’’.
Mr. Mustapha stated that as an inclusive lender with a strong retail franchise, FCMB is committed to create opportunities for not just its customers, but all segments of the society in line with its values as a simple, reliable and helpful financial institution.
Also commenting on the auto finance alliance, FCMB’s Divisional Head, Retail Banking, Mr. Olu Akanmu, explained that apart from the flexible and convenient repayment plans, the scheme offers many more benefits. Among these are free vehicle registration and tracking, 3-year extended vehicle maintenance service, discounted insurance premium and discounted interest rate.
Mr. Akanmu assured that, ‘’throughout the period of this scheme, our customers who sign-on will not have to worry about releasing bulk cash to acquire a brand new Peugeot vehicle. With this offering, they will be able to meet other needs at the same time’’.
On his part, the Managing Director/Chief Executive of Peugeot Automobile Nigeria (PAN), Mr. Ibrahim Boyi, said that the auto maker is excited to partner FCMB to make the acquisition of vehicles easier for Nigerians. ‘’This is a partnership between two notable and viable brands. The auto finance scheme offers new evolutions of Peugeot cars that are durable, provides safety, comfort and fully adapted to Africa’s climate’’, he stated.
While advising potential beneficiaries of the scheme to live within their means and, ‘’avoid abusing the credit facility which the Bank will provide to them’’,
Mr. Boyi expressed optimism that, ‘’many Nigerians will take advantage of this opportunity to become car owners’’.
FCMB has over the years partnered leading automobile firms to finance vehicle ownership schemes. For instance, the Bank in collaboration with Hyundai Motors has introduced a car ownership scheme known as the ‘’Power of 2’’ to help Nigerians procure new generation Hyundai cars of their choice without necessarily paying the full value of the car in one fell swoop.
The incentives associated with this initiative ranges from comprehensive insurance cover for the loan tenor, free registration, free maintenance service for six months/10,000kms and a free tracking devise.
FCMB and Dana Motors Limited also launched an auto alliance scheme last year under which qualified customers were able to own brand new KIA for a low as N47,400.00.