The Cooper Motor Corporation (CMC) group has entered into a partnership with Stanbic Bank to launch Ford Finance a deal that will enable clients to access competitive and flexible financing solutions for Ford vehicles in Kenya.
Speaking during the launch, in Nairobi, CMC Motors Group Chief Executive Officer (CEO), Alan Crossan, said that the partnership will see Ford Motor Company, CMC Motors Group and Stanbic Bank come together to ensure there are new affordable Ford Units for the clients within Kenya.
“This initiative will enable customers to enjoy interest rates from as low as 10.71% and comfortable repayment tenures of up to 60 months with no collateral required to access the asset,” he said.
The CEO added that the partnership comes at a good time when the economy is gradually recovering from the Covid-19 pandemic.
Stanbic Bank Kenya Head of Business and Commercial Clients, Florence Wanja, said that the partnership will enable Kenyans to acquire vehicles at an affordable price and with 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, thereby increasing productivity,” said Wanja.
She said that clients will also access insurance financing through Stanbic Bank’s unique bundled product that enables customers to spread their insurance cover over the full tenure of the vehicle finance.
“This is intended to give the clients lower monthly loan repayment amounts, making brand new Units affordable to them,” said Wanja.
She noted that CMC Motors group was in 2014 acquired by the Al- Futtaim Group, the leading automotive conglomerate as well as the authorized Ford dealer in Kenya.
Wanja mentioned that Ford Motor Company, through CMC Motors, will offer reduced pricing for their Ford Units to make the proposition even more attractive to their clients.
She stated that Stanbic Bank will be looking to assist its clients to get their businesses back on track in keeping with their brand promise, ‘Kenya is our home, and we drive her growth’.
Wanja assured all stakeholders that the partnership will empower businesses to achieve their intended goals through availing assets that are necessary to the implementation of their business plans.
In terms of business and commercial units, Wanja mentioned that Stanbic Bank offers banking and other financial services to medium-sized enterprises and high value small businesses.
“This unit serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth,” she said.