ATL partners with First Global Bank on auto financing
Aiming to nudge inventory out the door and into the hands of car buyers this summer, ATL Automotive has partnered with First Global Bank on a financing programme that offers up to 100 per cent financing.
Customers using the facility will also be given a break on repayments until 2017 on a loan priced at a starting fixed rate of 8.35 per cent and up. Repayment ranges over 102 months or eight and a half years.
Group General Manager for ATL Automotive Matthew Cripps says buyers will have the choice of around 35 different models across all of the ATL Automotive and ATL Autobahn portfolios, including Honda, Volkswagen, Audi, BMW and Mini.
He says the promotion applies to all models that are in stock, regardless of year.
ATL has been going aggressively after market share recently. The Hagley Park Road facility housing the Honda dealership is undergoing a facelift. It is set to be formally unveiled in another month, with new models to be launched.
Meanwhile, ATL has acquired the dealership for supercar brand Porsche, which is awaiting a formal roll-out, according to Cripps.
Adam Stewart, chief executive officer of ATL Automotive and ATL Autobahn, says the current promotion is meant to shake up the market by making the new-car experience more accessible.
The promotion runs to September 30.
"It's fair to say that we've seen plenty of financial promotions over the years in all shapes and sizes; but none, we believe, comes close to this in terms of its attractiveness and sustainability," Stewart said.
The partnership includes a joint roadshow to be rolled out nationwide, specifically at First Global locations.
The ATL/First Global partnership is the latest of similar initiatives. Hyundai dealer Magna Motors partnered with NCB on a promotion that cut interest rates to six per cent for at least the first year of the loan. Jamaica National is offering a similar facility.
First Global says the ATL package on offer is competitive.
"The interest rate is perhaps the most competitive in the market and the terms are excellent," said Bernadette Barrow, senior vice-president for personal and business banking . "The sales team at First Global is really excited and we're committed to a speedy process, so customers won't have to wait long to get into the car of their dreams," she said.