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‘Why
Access Bank Auto Online is unique finance scheme’
By Sun News Publishing
Friday, April 18, 2008
In August 2007, a young but vibrant auto company, Sun Motors,
set off ripples in the market when it unveiled Nissan Summer
Special auto finance package which featured an unprecedented
zero-down payment as its unique selling point.
Wrapped into the Buy-Now-Pay-In-2008 offer was a 120-day holiday
on both principal and interest – meaning that those
who took advantage of the truly special scheme then, did not
have to pay a kobo (not even initial deposit or down payment)
until around January this year. Auto buyers had never had
it so good either before or after (at least for now).
Six months after the scheme was flagged off, the bank that
partnered with Sun Motors/Nissan in the project - Access Bank
Plc - is beating its chest, saying that its auto finance schemes
which are usually available online , are unique and always
kilometres ahead of others.
A team of the bank’s managers told a recent press forum
that its on-line auto finance product was aimed at stress-free,
fast and financially convenient car ownership for its customers.
Speaking at the interaction with motoring journalists in Lagos,
Access Bank product manager (Auto Online), Chioma Ebele Okoye,
described her company’s leasing package as one that
stands out, not just for being the only one that is web-based,
but also because of its unique features that compare favourably
with others that “are generic”.
She listed some salient features: Easy access from the comfort
of one’s home, office or dealer’s showroom; three-step
online application process that elicit automated response
within two hours for successful applications (and immediate
response for declines); delivery of car within 72 hours; and
comprehensive insurance at relatively cheaper rate under a
group insurance cover with the bank’s designated broker.
“Some people express doubts when we say you can get
car in 72 hours under the Access Bank Auto Online”,
remarked Okoye whose colleagues fondly call ‘Chioma
Online’. “But all it will take for you to clear
the doubts is pay about N50,000 down payment and see if we
won’t keep our word”.
Okoye, who was part of the Access Bank team that included
Victor Etuokwu, head, Retail Banking Division; Ejikeme Victor
Ohalete, Consumer Finance; and Segun Fafore, External Affairs
and Identity Management; explained that a customers’
application is rated based on the bank’s internal Risk
Acceptance Criteria (RAC). She added that the bank has relationships
with notable franchise holders/distributors of various brands
of vehicles.
Aside the Nissan promo, other popular schemes Access Bank
powered in partnership with such distributors in the past
two years the innovation was introduced include Toyota Independence
Promo (October, 2007); Toyota Hilux Promo (December, 2007);
BMW/Coscharis Love Promo (February 2008). Auto Online also
covers Peugeot, Honda, Range Rover, Ford, Mercedez-Benz, Chevrolet,
Isuzu, Kia, Volkswagen, Skoda, Mahindra, Renault and Hyundai.
Daily Sun was informed that the average interest for the schemes
Access Bank ran in partnership with the various auto brands
was 15 percent, while equity contribution was between nine
percent and 15 percent. Etuokwu threw more light on the interest
rate: “Without a promo running, the average interest
rate is 17 percent, but when a scheme comes, which means we
have gone to discuss with, and make commitment to the dealer,
you can get a better offer”.
According to the head of Retail Banking, everything about
Auto Online is designed to suit the customer, in tandem with
the bank’s mission which is :”To go beyond the
ordinary to deliver the perceived impossible, in the Quest
for Excellence”. |
