Dream car now a reality
Pedro van Gaalen
Pedro van Gaalen
Recent new car sales figures show that this will be another record year for the motor industry.
Figures from the National Association of Automobile Manufacturers of South Africa (Naamsa) indicate that the sports and exotic market sold 108 units last month, up from just 54 last year.
The year to date has already seen sales of 334 units.
Though analysts believe the booming car sales might stabilise over the next few months, a recent joint venture between WesBank and the niche financial services offering of FutureFin Finance expect continued growth in their specialised market segment.
The collaboration is designed to maximise a luxury car buyer's cash flow through the innovative restructuring of traditional vehicle finance.
Since it's inception in July, FutureFin Finance and WesBank have recorded a steady increase of luxury vehicles valued above R750000.
The FutureFin Finance idea is the brainchild of maverick businessman Zunaid Moti. He identified the interest in exotic cars in the country and formed a partnership with the WesBank dealership network to attract individuals earning more than R500000 a year.
Moti says: "These are people with the desire and means to buy a luxury vehicle from one of the many brands currently available, but who still wish to explore other investment opportunities with their available cash. FutureFin Finance makes both these objectives a reality."
The minimum monthly repayment is R2900 a month for every R1million of car value, together with a 25 percent deposit.
The repayment terms are flexible - between 24 and 36 months. The balloon payment can also be adjusted to between 0 percent and 100 percent.
Not only are the reduced payments a welcomed relief from the burdens of traditional financing, but there are also no early settlement penalties.
With the number of dollar millionaires in South Africa increasing, the number of individuals qualifying for this type of finance is also expanding.
For every person that has dreamt of driving the car they had pinned to their bedroom wall as a child, there is a FutureFin customer.
Together with WesBank, this exciting association is changing the way people think about buying a luxury car in South Africa, and you can be guaranteed that just about everyone is thinking about it.