The Bank of the Philippine Islands (BPI) and Ford Philippines have forged a partnership to offer customers an easier way to own their dream Ford vehicles through flexible auto loans and exclusive discounts.
BPI Retail Lending Group Head Dennis Fronda said the partnership of BPI with Ford Philippines opens up a way for its clients to own a Ford as more and more people look for a safer way to travel amid the pandemic.
“With this partnership, we also see the opportunity to work even more closely with the Ford dealer network nationwide, so we can better service their customers in the dealerships. We see opportunities to add value to each of our institutions and grow sustainably in spite of the pandemic,” said Mr. Fronda.
He added that Ford Philippines continues to deliver strong retail performance and that its vehicles remain to be among the preferred brands of BPI customers.
Mike Breen, Ford Philippines Managing Director, said the milestone partnership allows Ford Philippines and its dealers to expand its network of banking partners for customers that will make the purchase and ownership experience easier and hassle-free.
“BPI is one of the biggest and most trusted banks in the Philippines, and this partnership will allow us to tap into their large stable customer base and nationwide presence. This partnership will give our customers a new banking partner that will extend exclusive offers, competitive rates, and flexible financing programs under a well-established auto loan program,” Mr. Breen said.
Under the partnership, customers can avail easy-to-own plans for the Ford Ranger, Ford Territory, and Ford Everest. Aside from the savings from these special plans, customers can also benefit from low down payment, low interest, or low monthly options.
For BPI, Mr. Fronda said there is also a suite of BPI Auto Loan financing programs to choose from, depending on the client’s unique needs, that they can avail of together with the cash discounts.
There is the Step Up PayPlan for those who would like a lower monthly amortization during the first 2 years of the loan. The Auto Loan Multiyear Protect is for those who would like to bundle their insurance premium with their auto loan amortization so they will no longer have to go through the hassle of annual renewals and upfront insurance payments.
For those who have cash sitting in their bank accounts, Zero Cash Out allows them to have BPI hold the money as down payment so they can effectively drive now and pay later. Insurance, chattel mortgage fees, and at least the first month of their auto loan amortization will also be subsidized by BPI.
Mr. Fronda said demand for cars have been increasing despite the pandemic. Monthly applications from BPI’s website tripled from the start of 2020 to the end of 2020. In addition, total online applications for the first 7 months of 2021 grew 37% versus the same period in 2020.