Kenya: Stanbic Bank, CMC Motors partner to offer financing for Ford vehicles

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  • CMC Motors Group has partnered with Stanbic Bank to introduce ‘Ford Finance’ to enable clients to access competitive and flexible financing solutions for Ford vehicles in Kenya
  • The partnership will see the Ford Motor Company, CMC Motors Group Limited, Stanbic Bank Kenya and Standard Bank of South Africa partner to enable clients within Kenya to afford new Ford units
  • CMC Motors Group CEO Alan Crossan said the initiative comes when the economy is steadily recovering from the harsh effects of the Covid-19 pandemic

Kenya’s CMC Motors Group has partnered with Stanbic Bank to launch ‘Ford Finance’ to enable clients to access competitive and flexible financing solutions for Ford vehicles in Kenya.

The partnership will see the Ford Motor Company, CMC Motors Group Limited, Stanbic Bank Kenya and Standard Bank of South Africa come together to enable clients within Kenya to afford new Ford units.

Speaking at the Partnership launch, CMC Motors Group CEO Alan Crossan said the initiative comes when the economy is steadily recovering from the harsh effects of the Covid-19 pandemic.

“This will be a sigh of relief as the facility will enable customers to enjoy interest rates as low as 10.71% and comfortable repayment tenures of up to 60 months with no collateral required to access the asset.”

Stanbic Bank Kenya Head of Business and Commercial Clients, Florence Wanja, said the deal would enable Kenyans to acquire brand new vehicles at affordable pricing and flexible financing options.

“This partnership will be important in enabling our clients to gain access to new units that will give them service for longer with less downtime, increasing productivity.”

The partnership will see customers access financing for Ford units and enjoy interest rates as low as 10.71 per cent on a reducing balance basis for up to 60 months.

Under the deal, clients will also access insurance financing through Stanbic Bank’s unique bundled product that enables customers to spread their insurance cover over the entire tenure of the vehicle finance.

The partnership will offer clients lower monthly loan repayment amounts, making brand new units affordable to them.

From left: Sales Manager CMC Kenya Robert Gichuki, Group CEO CMC Motors Kenya, Allan Crossan, Stanbic Bank Kenya Head of Business and Commercial Clients, Florence Wanja, and Stanbic Bank Kenya Head of Banking, Kennedy Muthama.

The CMC Motors Group was in 2014 acquired by the Al Futtaim Group, the leading automotive conglomerate based in Dubai, and is the authorized Ford dealer in Kenya. The Ford Motor Company, through CMC Motors, will offer reduced pricing for their Ford units to make the proposition even more attractive to their clients.

Stanbic Bank Kenya said it expects the partnership to empower businesses to achieve their intended goals by availing necessary assets to implement their business plans.

Stanbic partners with MHH International 

In a related story, Stanbic Bank Kenya recently entered into an import financing partnership with two leading motor-vehicle importers in Kenya, MHH International Limited and World Navi Company Limited.

On March 2, 2022, the bank sealed the agreements, allowing customers to get up to 80% financing through Stanbic Bank with a 20% deposit being paid to the importers, and a payment period of up to four-year.

Head of High Net Worth and Affluent Clients at Stanbic Bank Kenya Aliya Khanbhai said that by partnering with MHH International and World Navi, the bank hopes to make it easier for their clients to access quality vehicles from overseas markets.

“This will enable them to access a wider pool of vehicles to ensure that the vehicle they settle on fully meets their specifications. We want our clients to get the exact vehicle they desire and would like to offer them a painless and seamless experience during the acquisition journey.”

Under the deal, customers will be able to source vehicles from the UK, Japan or Australia, with MHH International offering end-to-end service from sourcing to delivery of the vehicle.

The dealer also offers one clear price, which includes all the costs associated with the purchase, from sourcing of the vehicle to delivery.

Through the partnership with World Navi Company, importers will source and ship the vehicles, making it easier for clients to access the cars directly from Japan.

Through World Navi, the customers can buy vehicles from the Japanese used car auction, where over 100,000 vehicles are put up for auction every week.

The General Manager at World Navi Company Ltd, Stanley Makombe, said they intend to assist clients in choosing from a wide array of assets.

“We promise to offer our clients assets in great condition, at affordable prices and within quick delivery times,” Makombe said.

Wanjiku Njuguna is a Kenyan-based business reporter with experience of more than eight years.

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