By BUUMBA CHIMBULU
TOYOTA Zambia will soon introduce several products targeting medium to low income people.
It has therefore partnered with LOLC Finance Zambia on a guaranteed buyback scheme for repurchasing of vehicles leased to customers through the financial institution at the end of the lease period.
The guaranteed buy back scheme is part of the company’s programme to enable more middle income class people have access to vehicles.
The customers have up to five years to pay back as long as they have a steady flow of income, says Toyota Zambia Marketing Manager, Charles Daka.
“Under the scheme, we are also selling pre-owned vehicles started with a Vitz and Harrier but we intend to include other models next year to give our customers variety.
“Since pre-owned cars programme started in the first quarter of this year, it has received overwhelming response from the public,” Mr Daka said during the handover of prize ceremony for the 70 years celebration of the Land Cruiser recently.
He said the partnership with LOLC Finance Zambia was meant to allow people who did not have all the money at once to buy a car.
Mr Daka explained that the financial institution would finance cars that were up to 15 years because traditionally commercial banks only funded brand new vehicles and those that were up to five years.
He also said the company had a shortage of semi-conductors which resulted in delayed delivery of cars to customers but the situation is expected normalise in the first quarter of next year.
Mr Daka also said several products targeting medium to low income people will be introduced.
In September, Toyota Zambia partnered with First National Bank (FNB) Zambia under the same guaranteed buy back scheme.
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