By Douglas Muriithi
Nairobi, Kenya, April 25, 2019… 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% financing on all Ford ranger vehicles, payable within 60 months, 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 at the signing ceremony of the financing deal, CMC Motors Group CEO Noel Mabuma mentioned that, 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.
How does it work?
Customers will enjoy financing of up to 95% for all Ford Ranger vehicles
Maximum loan tenure will of 60 Months
60 days repayment holiday after vehicle release
All insurance will be arranged through NIC bank
“A Ford Ranger customer for example who seeks to purchase a vehicle worth KES 4,395,000 will only be required to pay KES 95,000 for a period of 60 months.
His/her first payment will only be required after 60-days of vehicle delivery.”
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.
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 3 years/60,000kms to 8 years/300,000kms. The reason for this is the confidence behind the robust workmanship of the products.
Ford protect can be bundled in the CMC-NIC financing plan and for any Ford Everest and Ranger double cab, it is free for 3 years/100,000kms whichever comes first.
On his part, NIC Bank Executive Director Alan Dodd, said that he was excited to be partnering with CMC, one of the foremost automobile brands in the country and that the partnership demonstrates their shared goal of empowering small businesses to grow and expand.
He further noted that the deal will reinforce NIC position as the leading bank in asset finance in the country.
“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”.
He further 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.
About CMC Motors
CMC Motors Group Ltd is owned by CMC Holdings Ltd and was acquired by the Al-Futtaim Group in 2014. The company is a leading player in the East African motor industry with exclusive distribution of Ford, Mazda, and Suzuki vehicles. CMC also distributes Renault trucks, UD trucks & buses, and Eicher range of trucks (medium and heavy commercial) and buses. CMC Motors Group Limited has seven branches countrywide and six Divisions at Head Quarters in Nairobi. With its two sister companies in both Uganda and Tanzania, CMC Motors Group has by far the largest distribution network in East Africa for sales, parts and, service.
Born in Detroit, made in America and famous worldwide: CMC Motors Group Limited is the Ford Motor Company authorized dealer in Kenya. Ford Motor Company touches the lives of people in every corner of the globe, not just by making and selling the most technologically advanced, reliable and fun-to-drive vehicles in the world, but by leading the way in manufacturing and business innovation.
About NIC Group
NIC Group was incorporated in Kenya in 1959 and was amongst the first non-bank financial institutions to provide hire purchase and installment credit finance facilities in Kenya. It is currently quoted on the Nairobi Securities Exchange with approximately 26,000 shareholders. Its success over the years can be seen in the rapid growth of the Group’s balance sheet, and the expansion of its branch network across the region with 44 branches in Kenya, 5 branches in Tanzania and 2 branches in Uganda. The Group has also established Strategic Business Units that facilitate the provision of a complete suite of financial products and services. These are; NIC Capital, NIC Securities, NIC Insurance Agents and NIC Leasing LLP.