Coscharis, Sterling Bank collaborate on e-commerce, vehicle finance

Coscharis Motors Plc says it is collaborating with Sterling Bank towards making its vehicles available for people through the bank’s non-interest banking division platform – AltDrive.

According to a statement by the auto firm, the objective of the scheme is to ease the road to ownership via e-commerce transactions which can be self-funded or financed by the bank.

The statement quoted Abiona Babarinde, General Manager, Marketing and Corporate Communications at the Coscharis Group, as saying the idea was to provide customers an online retail marketplace that would offer them one-stop boutique to access and purchase any vehicule brand sold by Coscharis Motors either through self-funding or credit finance from Sterling Bank.

He said, “The primary objective of this collaboration is to provide our customers an e-commerce platform with a credible financial institution like Sterling Bank as an extension of our showrooms where they can access our robust brand portfolio which includes iconic brands like Ford, Renault, BMW, Jaguar and Land Rover at a go on one hand.

“On the other hand, the partnership offers a vehicle finance scheme, which is aimed at empowering retail and fleet buyers to purchase their choice vehicles from any Coscharis Motors outlet nationwide through a repayment plan with Sterling Bank.

“Accordingly, the scheme will allow a repayment pattern spread over a period of five years with the option of a 15% to 30% down payment.”

Babarinde also stated that the focus was to deliver customers satisfaction given the bank’s friendly interest rate, ease of accessibility, quick turnaround time for credit processing at the bank and availability of myriads auto brands”

He said, “We took this strategic decision earlier in the year to collaborate with relevant stakeholder partners to be able to give our numerous discerning customers and prospects alike the soft landing of owning any of our vehicles with ease in terms of providing friendly financial schemes.

“We started this initiative with one of our sister companies in the group, Coscharis Mobility, representing Sixth in Nigeria amongst some other financial institutions while others are in the pipeline to come on board. This ultimately gives anyone the capability to purchase any of our brands with a more convenient payment terms with any of our partners like the Sterling Bank.”

In addition to the financial scheme, Coscharis Motors said it also delivers complementary vehicle registration, insurance and vehicle maintenance packages from two to five years.