New plan to grow Ford’s vehicle market in Kenya

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NIC Bank and CMC Kenya have entered a deal for Ford Ranger vehicles

CMC Motors, the sole distributor of the Ford Ranger vehicles, and NIC Bank, have signed a partnership agreement that will see CMC- Ford customers receive up to 95 per cent financing on all Ford ranger vehicles.

The deal is based on a 60-months-repayment plan, the latest in an effort to grow the uptake of commercial motor vehicles in the country.

This promotion scheme will ease the acquisition of Ford Ranger vehicles as customers will be able to enjoy maximum loan tenure of 60 months; 60 days repayment holiday after vehicle release and insurance services arranged through NIC bank.

Speaking in Nairobi during the signing ceremony of the financing deal, CMC Motors Group CEO Noel Mabuma said: “Given the vast expertise in financial services from Al Futtaim, CMC is proud to launch the interest subvention scheme that will ease the acquisition of the Ford range of vehicles.”

A Ford Ranger customer for example who seeks to purchase a vehicle worth Ksh 4,395,000 (USD 43, 296) will only be required to pay Ksh95,000 (USD935.87 ) for a period of 60 months.

“His or her first payment will only be required after 60-days of vehicle delivery,” Mabuma noted.

With the current financial support coupled with Ford Protect, it is now even easier to own a Ford with peace of mind through CMC, Ford and NIC bank, the two noted in a joint statement.

Ford Protect is a maintenance and service plan available for any Ford in the model line up in Kenya.

“With Ford Protect, all the owner needs to think about is driving, insurance cover and tire replacement. You can choose the premium service offering from three years 60,000 kilometres to eight years for 300,000 kilomteres. The reason for this is the confidence behind the robust workmanship of the products,” CMC notes.

Ford protect can be bundled in the CMC-NIC financing plan and for any Ford Everest and Ranger double cab, it is free for three years covering or 100,000 kilometres  whichever comes first.

NIC Bank Executive Director Alan Dodd has lauded the partnering with CMC, saying it will reinforce NIC position as the leading bank in asset finance in the country.

READ:NIC Bank, Toyota Kenya in unique asset financing scheme

“By virtue of our strengths in our product offering, this strategic partnership for all Ford Models presents a strong value proposition to SMEs and individual customers who are keen on expanding their businesses and buying new assets but face strained cash flows due to ever fluctuating economic situations in the business environment,” Dodd said.

He added that customers will now be able to apply for asset finance loans through the newly launched online portal that is available on the bank’s website. Through this, customers will get approvals in 24 hours, the quickest turnaround time in the market.

ALSO READ:Toyota, NIC Bank offer customers 90 days repayment holiday on cars

Martin Mwita is a business reporter based in Kenya. He covers equities, capital markets, trade and the East African Cooperation markets.

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