CMC Motors Group has entered a partnership with Stanbic Bank to launch Ford Finance, a first-of-its-kind joint venture between a vehicle dealership and financial partner in the country aimed at enabling 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.
“This Initiative comes at a good time 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,’’ said CMC Motors Group CEO Mr Alan Crossan.
The partnership that was kick-started today will see customers access financing for Ford units and enjoy interest rates as low as 10.71% on reducing balance basis for up to a period of 60 months.
“We are proud to be associated with the Ford brand and CMC Motors group with whom, we believe, we can enable Kenyans to acquire brand new vehicles at affordable pricing and with flexible financing options. This partnership will be important in enabling our clients gain access to new units that will give them service for longer with less downtime, thereby increasing productivity,” said Stanbic Bank Kenya Head of Business and Commercial Clients Florence Wanja.
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.
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 will be looking to assist its clients to get their businesses back on track in keeping with their brand promise, Kenya is our home, we drive her growth. The bank anticipates that this strategic partnership will empower businesses to achieve their intended goals through availing assets that are necessary to the implementation of their business plans,” the lender said in a statement.
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