The Cooperative Bank has formed a new partnership with World Navi Co.Ltd, which is a leading Japanese exporter of used units to Africa and Europe, to enable Kenyans to import second-hand vehicles.
It will guarantee a 100% safe and reliable vehicle importation which includes three months warranty on the engine and transmission, accident-free, genuine mileage certificates and zero-risk of stolen parts and non-performance.
The service will help customers import quality second-hand vehicles at affordable prices through a secure platform from key source markets in Japan, UK and Thailand as well as to secure up to 80% financing for the purchase.
The bank will finance motor vehicle dealers to enable them import vehicles on behalf of their customers.
The Head of Business Banking at Co-operative Bank, Moses Gitau stated that majority of Kenyans depend on import of second-hand vehicles.
"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," Gitau stated.
The Managing Director, Yoshifumi Sawada assured every customer of receiving high-quality cars as the company had 20 years experience in the business of exporting vehicles globally.
"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.
"Our partnership with Cooperative Bank of Kenya Ltd is indeed another seal of approval of our company’s strength within this trade to meet the local market’s needs on used vehicles which will reach out to the majority of the market areas across the entire country through its150 branches,” he stated.
Additionally, the service is available to both bank customers and non-customers wishing to import vehicles using their own money or those looking to be financed by the bank.
Customers purchasing the vehicle using their own funds, would identify the car on the World Navi’s website, place the order then receive a general pro-forma invoice.
The customer would then deposit the whole amount into an internal account with the bank, where it would be held until the car is shipped and delivered to them.
Those 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 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.
The vehicle purchase will be handled wholly by World Navi; they will purchase the vehicle on behalf of the client, 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.
Once the customer receives the vehicle, they will execute a delivery note confirming receipt. The minimum car purchase amount is Ksh 500,000.
