Renault South Africa has broken the mould of traditional vehicle financing with the launch of it's innovative Free in 3 finance option - a first to market, revolutionary finance offer that is sure to turn heads.
Marketed under the Renault Financial Services banner, Free in 3 is a unique, flexible and no risk finance offering structured on a 72 month term with the option to reduce it to 36 months at no cost to the customer.
Free in 3 offers South Africa's car buying public the best of both worlds: an affordable monthly instalment (as the finance is calculated over a six year period) combined with the flexibility and freedom to shorten the agreement to just three years at no additional cost.
"In short, Free in 3 provides an incredible deal for customers in that they will be able to sign a finance deal that is fine-tuned to allow them two lengths of ownership options, three or six years," says Bijal Harillal, product manager at Renault South Africa."
Free in 3 trumps a classic guaranteed buy-back offer in two key ways. A guaranteed buy-back applies to a single term payment option dictated by the car manufacturer with the customer having no choice. By contrast, Free in 3 provides Renault customers with the flexibility of two duration of ownership options, a key element being that they do not even have to decide upfront; that after the initial three year period, they would be free to make an informed decision based on their current circumstances whether to keep the car or simply give it back.
"A lot can happen in a person's life over a six year period - marriage, divorce, children or a new job position, for example - which is why Renault wanted to come up with a flexible financial offering that, as the name Free in 3 suggests, would allow customers the freedom to conclude the finance deal after only 36 months," continues Harrillal.
Secondly, like a classic guaranteed buy-back offer, Free in 3 offsets any risk in terms of vehicle resale values. It even goes a step further with the added bonus that it does away with any possible shortfall in the event of settlement after 36 months.
In brief, Free in 3 gives you the liberty to replace your car after a three year period with no risk and at no cost whatsoever.
"Free in 3 is remarkable because of its simplicity," adds Fabien Payzan, vice president of marketing at Renault SA. "We've spent more than six months developing this financial product with WesBank as our partners and while the behind-the-scenes mechanism is quite complex and sophisticated, from a customer perspective, it is extremely easy to understand and very reassuring."
Another meaningful benefit afforded by Renault Financial Services with this offering is that clients who opt to replace cars after three years will not be bound to purchase another Renault. "This is a bold move on our part and clearly underscores Renault's confidence in its products, services and underlying quality," he concludes.
Free in 3 is structured on a 72 month term with fixed interest rate and no balloon. The deposit is adjusted according to the clients' means and there is a 0% deposit option. With the New Koleos being a strategic and successful model for Renault in South Africa, it has been selected as the first product to benefit from Free in 3 which will gradually be rolled out across the full Renault line-up.
The launch of New Koleos in May 2012 was so successful that the full demand by consumers was not met until the start of 2013. The popularity of the model has grown significantly following Renault SA's sponsorship of Season 1 of the Ultimate Braai Master Challenge which aired on SABC3 television and was watched by 3.5 million South Africans.
New Koleos is unrivalled in terms of value-for-money in the growing medium-SUV segment and it comes standard with an impressive list of specifications focusing on safety (six airbags, ABS-EBD, Electronic Brake Assist and ESP) as well as on smart technology for added convenience and driving pleasure (on-board navigation, Bluetooth connectivity, rear parking sensors, cruise control and hill-start assist for example).
To find out more, visit the finance and insurance personnel at your nearest Renault dealership or go to www.renault.co.za for the full details, and the terms and conditions* applicable to this finance option.
*Structured and supported by Renault Financial Services, a division of WesBank, a division of FirstRand Bank Ltd, an Authorised Financial Services and Registered Credit Provider, born of a joint venture in March 2010 between Renault South Africa and WesBank, the country's leading vehicle and asset finance company.
