Automaker CIG Motors, at the weekend, signed a “drive now, pay later” agreement with a leading non-interest bank in Nigeria, Lotus Bank, to deepen vehicle acquisition by Nigerians.
The auto firm said the partnership was aimed at improving the capacity of Nigerians to purchase brand new vehicles and reduce the presence of fairly used or second-hand vehicles on Nigerian roads.
The agreement was signed by representatives of the two firms with the Chairman of CIG Motors, Chief Diana Chen, in attendance while the Executive Director of Lotus Bank, Alhassan Abdulkareem, led the team from the bank.
The General Manager, Sales for CIG Motors, Jibril Arogundade, said the company started the vehicle finance scheme with some banks in the past, adding that while it has been successful with some, it is challenging with others.
According to him, the auto company is concerned about the development of Nigeria and its people.
He said a special discount would be given to customers who take advantage of the scheme by purchasing any GAC brand.
“The idea behind this is that we want more people to drive this car. This is why we are imploring Lotus Bank to ensure that your customers benefit from this scheme,” he said.
The Executive Director of Lotus said the partnership aligns with the operational policy of the bank which is “assets based.”
According to him, the scheme would benefit customers whose cash flow can be verified to ensure they have repayment capacity.
He said once a customer meets the credit acceptance criteria, he would be given an invoice to go to CIG Motors while the bank would be paying directly to GAC.
Abdulkareem stated that the bank has the capacity to finance the scheme.
The Chairman of CIG Motors, Chief Diana Chen, said the partnership was in appreciation of the values that the company places on hardworking and creative Nigerians.
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