KENYA – The Cooper Motor Corporation (CMC Motors Group) has partnered with Stanbic Bank to offer financing to customers buying Ford vehicles over the next two-and-half months, report Business Daily.
Customers are set to receive 100 percent financing in the payment scheme that will require buyers to repay the loan in six years. Stanbic is set to charge customers 13 percent per annum on the loans and make a one percent facility fee one-off upfront payment.
Buyers will also have a 60-day repayment holiday and insurance will be issued through sister firm Stanbic Insurance Agency.
“CMC Motors Group is one of our valued partner and client. We will continue to further strengthen our ties and collaborate in ensuring that our mutual clients get access to financing for quality vehicles,” said Stanbic Bank head of business banking Tom Bisonga.
“Our customers are our biggest concern always and we strive to ensure that they are supported, by giving them easier options when purchasing these vehicles.”
Ford pick-ups and saloon cars are the fastest-selling brands in Kenya for CMC. The brand remains the most important franchise for CMC, which also sells Mazda, UD, Eicher, Renault Trucks and New Holland vehicles. CMC recently lost its exclusive rights to distribute Suzuki vehicles after Toyota Kenya was appointed the second local dealer.
CMC Motors Group Limited is the fifth-largest importer of vehicles and fifth-largest car-assembly company in Kenya, the largest economy in the East African Community
The motor dealer has its headquarters in Nairobi. CMC Motors offers a wide range of automotive solutions to businesses and private individuals in Kenya, including vehicle sales and extensive after-sales services, commercial and industrial vehicles sales and after-sales services, construction equipment and heavy machinery.
They also assemble extensive range of agricultural vehicle and equipment, stretching from ploughs through to irrigation equipment, custom-designed and made truck bodies, trailers and other equipment.
CMC Motors Group Ltd is owned by CMC Holdings Ltd and was acquired by the Al-Futtaim Group in 2014. Other trading subsidiaries owned by CMC Holdings Ltd include Cooper Motor Corporation (Uganda) Ltd, Hughes Motors (Tanzania) Ltd and Kenya Vehicle Manufacturers Ltd (33% Shareholding)
The Accident Repair workshop at CMC is equipped with the latest equipment in dent repair and re-spray booths. It has seven branches countrywide and six Divisions at Head Quarters in Nairobi.
