CFAO –STANBIC partnership shifts gears in car ownership
CFAO Motors Zambia Limited National Sales and Marketing Manager, responsible for Toyota Automark brands, Andreja Ursic (Left) with STANBIC Bank Head of Vehicle and Asset Finance, Horis Mainza (Right).
By Derrick Sinjela
PERHAPS taking cognizance of high poverty, high unemployment and high income inequality, and invariably lower interest rates, have resulted in Toyota distributor, CFAO Motors and STANBIC to actualize a loan vehicle ownership partnership.
Speaking moments before a Nangwenya Road launch, CFAO Motors Zambia Limited National Sales and Marketing Manager, responsible for Toyota Automark brands, Andreja Ursic emphasized that lower interest rates had accelerated a new partnership between CFAO Motors and STANBIC Bank, enabling people to realistically own a dream car.
On his part, STANBIC Bank Head of Vehicle and Asset Finance, Horis Mainza painted the enviable CFAO and STANBIC Bank vehicle finance programme as the most flexible financing option in the Zambian market.
Having earned a respectable niche as a reliable, durable and comfortable brand on the Zambian market, Mr. Ursic tagged the CFAO-STANBIC Bank partnership, with interest rates pegged at 18 per cent as opening doors for emerging middle class of aspiring young professionals and families to own a vehicle.
“The New financing option bridges the gap between the dream and reality. It brings the aspiration of car ownership closer by enabling people to get a foot on the car ownership ladder. This is particularly important from the point of view of families where safety, provided by new or quality used cars, plays vital role,” said Mr. Ursic.
The personal loan will cover Kwacha-rated used vehicles in a lapse of four years with special interest rates from as low as eighteen per cent (18%) up to K500, 000, while under different terms, the loan can be extended to seven (7) years.
CFAO Motors Zambia Limited National Sales and Marketing Manager, responsible for Toyota Automark brands, Andreja Ursic (Right) with STANBIC Bank Head of Vehicle and Asset Finance, Horis Mainza (Left).
For new cars, Mr. Ursic explained that the most recommended solution is financial lease that does not require any down payments and can be extended up to seven years, with one hundred per cent (100 %) of both new and used vehicle value being financed by STANBIC.
Said Mr. Ursic: “ This finance option benefits our customers by being able to afford a new car, or quality used one, whilst keeping the capital for other money-making ventures; it offers them mobility, safety and reliability they dream of and will also open a new world of possibilities for them, their families and businesses”.
Mr. Mainza, as STANBIC Bank Head of Vehicle and Asset Finance said the longstanding and trusted partnership with CFAO is indicative of a bilateral commitment to providing market access to brand new and used vehicles under flexible and affordable payment terms.
“At STANBIC Bank, we say Zambia is our home and we drive our growth. As the leading vehicle and asset financing bank in Zambia, our partnership with CFAO has been that of offering competitive pricing and flexible financing terms to the market,” said a delighted Mr. Mainza.
STANBIC Bank has assigned bank representatives tasked to work closely with CFAO personnel to ensure that customers get the best possible service, find and acquire their dream vehicle under the innovative facility.
CFAO Motors (Zambia) Ltd, is the official distributor and dealer for Zambia’s leading automotive brands, including Toyota, Hino, and Automark pre-owned vehicles, boasting of branches in Kabwe and Mkushi (Central Province), Kitwe (Copperbelt Province), Chipata (Eastern Province), Lusaka (Lusaka Province) and Kasama (Northern Province).
With a revenue of over 5.8 billion, access to 46 of the 54 countries on the African continent, and nearly, 21, 000 employees, the CFAO Group, Corporation For Africa and Overseas, a key player in mobility, healthcare, consumer goods, infrastructure and energy, contributes to growth and industrialization in Africa while catering to the continent’s emerging middle class.
The CFAO Group partners with leading international brands and covers the entire value chain – imports, production, distribution – in line with the highest quality standards, drawing on 170 years of hand-on knowledge and local expertise.
CFAO pursues a twofold strategy, focusing on manufacturing to promote local production, and distribution through its distribution network, Africa’s largest, to offer tailored, affordable products and services to people across the continent, read a Press Release, circulated by Gillian Langmead at Langmead & Baker Limited.
CFAO Motors Zambia Limited National Sales and Marketing Manager, responsible for Toyota Automark brands, Andreja Ursic (Left) with STANBIC Bank Head of Vehicle and Asset Finance, Horis Mainza (Right).
