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A scheme which will provide a more affordable and rational finance solution to companies and individuals interested in buying vehicles has been launched by the First National Bank (FNB) Zambia and Toyota Zambia.

The Guaranteed BuyBack Scheme will be available in both Zambian Kwacha and United States Dollars to FNB banked customers only.

Under the Guaranteed BuyBack Scheme, Toyota Zambia will repurchase vehicles leased to customers through FNB Zambia at the end of the lease period for a defined and agreed value.

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At the time of maturity, the customer will have the option to take the ownership of the vehicle by making the full payment to Toyota or securing another finance arrangement from FNB.

This allows customer access to affordable vehicle ownership through lease facilities from FNB Zambia, with an option to surrender back to Toyota Zambia should the circumstances direct him in a different direction.

According to the FNB Zambia Head Business Banking and Commercial, Kabanda Lilanda, the partnership with Toyota was true to FNB Zambia’s ethos of offering real help to its customers.

Mr Lilanda said FNB Zambia understood that the last few years had been challenging because of the unprecedented Covid-19 pandemic with individuals and businesses continuing to watch their spending tightly.

“As a Bank that understands that the ever-changing needs of our customers requires agile solutions, we are confident that this first-on the-market Guaranteed BuyBack Scheme offers many people access to quality vehicles,” he said at recently at the launch of the scheme in Lusaka.

At the same function, Toyota Zambia Country Chief Executive Officer, Dino Bianchi, believed that this initiative which covered new Toyota and Suzuki models, would increase access to quality vehicles at affordable rates by the Zambian community

Mr Bianchi stated that Toyota was delighted to partner with FNB Zambia on this project which it had been working on for almost two years.

“We believe that this initiative which covers new Toyota and Suzuki models, will increase access to quality vehicles at affordable rates by the Zambian community.

“We wish to see more and more Zambians driving brand new cars, enjoying the latest quality and comfort as well as having piece of mind when it comes to their own Safety and that of their loved ones,” he said.

Under the Guaranteed Buyback scheme the initial deposit is optional depending on affordability and risk profile of a customer because of the guaranteed buyback amount paid by Toyota Zambia at the end

Assuming there is a down payment of 20 percent and guaranteed buyback amount of 30 percent, the amount to be financed by the Bank will only be 50 percent of the vehicle cost.

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