Home / Business / Co-op Bank inks deal with Japanese motor dealer to finance import of second-hand cars

Co-op Bank inks deal with Japanese motor dealer to finance import of second-hand cars

Co-operative Bank has formed a joint partnership with World Navi Co. Ltd, to finance scheme to enable Kenyans to import second-hand cars.

The partnership guarantees a 100pcsafe and reliable vehicle importation including three months warranty on the engine &transmission, accident-free & genuine mileage certificates and zero risks of stolen parts or
non-performance.

In line with the Bank’s efforts to build a strong offering, this service will help customers to import quality second-hand vehicles at affordable prices through a secure platform from key source markets in Japan, UK, and Thailand as well as secure up to 80% financing for the
purchase.

Speaking during the agreement signing with World Navi at a Nairobi Hotel on Friday, the Head of Business Banking at Co-operative Bank, Mr. Moses Gitau said,

“Majority of Kenyans depend on the import second-hand vehicle market to own a car but one of the prevailing issues plaguing the public is the anxiety of finding a reliable agent who will ensure they get what they are paying for.

Our partnership with World Navi provides an end-to-end solution for anyone seeking to import quality second-hand vehicles at affordable prices through a secure platform; giving them that peace of mind.”

Image result for Coop bank kenya ceo
Speaking at the same event, World Navi Co. Ltd Managing Director, Mr. Yoshifumi Sawada
said, “Our company is offering its 20 years’ experience in the business of exporting used cars
globally with the assurance of every customer receiving high-quality cars through the unique:
3 months warranty on engine and transmission which no other exporters can offer.

We have an office here in Nairobi with experienced staff who can handle all the complex stages of
selecting, purchasing, shipping, clearing, and transportation until you receive your keys.

Image result for World Navi Co. Ltd,

The service is open to both Bank customers and non-customers wishing to import vehicles
using either their own funds or looking to be financed by the bank.

Customers seeking financing from the Bank to buy the vehicles would follow the same process in identifying and ordering the car, however on receipt of the general pro-forma invoice they would start the loan application process with the bank.

Once approved, the customer will receive an indicative offer letter and would then proceed to deposit their own
contribution (at least 20%) into an internal account and the Bank will cover the rest, enabling the import agent to ship and deliver the vehicle.

Image result for World Navi Co. Ltd,

The vehicle purchase will be handled wholly by World Navi; they will purchase the vehicle on behalf of the customer, carry out quality checks and ship the car to Kenya.

The documents will be consigned to the bank, who will release them to the clearing agent to facilitate
clearing and registration following which the vehicle is delivered to the customer.

 

About Edwin Ochieng

Edwin Ochieng is living true to the calling of Journalism, He is passionate about issues of Business and Politics. Edwin Ochieng is a graduate from St Paul University and East African School of Media Studies (EASMS).

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