PAN Signs MoU With FCMB On Vehicle Financing

The Peugeot Automobile Nigeria (PAN) has signed a Memorandum of Understanding (MoU) with the First City Monument Bank (FCMB) on a vehicle acquisition scheme.

The auto giant said the partnership marks a viable alliance aimed at expanding the scope of vehicle ownership in Nigeria.

Managing director, PAN, Ibrahim Boyi, who said this yesterday in Abuja, disclosed that the arrangement with FCMB marked the fifth with a banking institution, explaining that the latest arrangement is very flexible more so that the total ownership cost is a lot cheaper than any other auto brand in the market.

He said that there are several repayment plans under the scheme according to the size of one’s pocket.

Under the scheme, all customers with their salary accounts domiciled at FCMB need only to make a down payment of as low as 20 per cent or N80, 367, while self-employed customers with active accounts with FCMB are also qualified to apply and make a down payment of as low as 40 per cent, adding that there is also room for those who do not have an account with the bank to participate in the scheme.

He disclosed that FCMB and Peugeot have contributed under the present arrangement to making vehicle acquisition very cheap, adding that Nigerians do not need to buy fairly used cars again.

According to him, those who enlist in the scheme would enjoy the benefits attached to it like free vehicle registration, free vehicle tracking, discounted interest rate, discounted insurance premium, extended vehicle warranty, insurance included in monthly repayment, cash flow- based repayment plan, no hidden fees and free LG Touchscreen CD & Bluetooth Hi-fi System for 308 model and above.

He further disclosed that PAN has nationwide service centres, after sales support and a revamped dealership network that could provide support to its customers and an efficient customer care service.

While stating that the auto policy initiated by former President Goodluck Jonathan’s administration would restore the past glory of the auto industry, Boyi called on the present administration to remain resolute in its implementation.

Source: Leadership