Absa offers rebates on buying green vehicles

And in the process help green Soweto

ABSA has launched Green Vehicle Finance, which is aimed at encouraging consumers to buy environmentally friendly vehicles and in the process help green Soweto.

Launched in Johannesburg yesterday, AGVF offers customers rebates of up to 0,75% (in addition to the normal individualised pricing customers enjoy) when they purchase passenger vehicles with a carbon output of less than 120g/km.

Customers will enjoy a 0,25% interest rate concession for any vehicle chosen with a carbon output of less than 120g/km and a 0,75% rebate for any passenger car with an output below 100g/km.

This offer is currently available on 22 models and with 12 manufactures, including Audi, Fiat, Ford, Honda, Peugeot, Smart, Toyota, Volvo and VW.

The list will be regularly updated as manufacturers announce new models that meet the criteria.

AGVF's offer is available on both new and used vehicles, subject to Absa's lending criteria.

For each vehicle sold a tree will be planted free of charge on behalf of customers by Absa. The tree planting initiative is coordinated through Trees for Africa.

Sydney Soundy, managing executive of Absa vehicle and asset finance, said the Green Vehicle Finance solution formed part of Absa's commitment to a greener society and the national agenda of reducing carbon emissions.

"There is definitely a need in the market for this offering," Soundy said.

"Estimates show this is a growth segment, with more than 3400 vehicles sold in SA between January and May 2011, up from 3100 sold for 2010."