JMMB Bank & Magna Motors Rolls Out 5% Auto Financing Promotion 

JMMB Bank has partnered with Magna Motors Dealership Ltd., the exclusive dealer of Hyundai in Jamaica, to offer potential car buyers one of the lowest rates in the market at 5%, for the first two (2) years of the loan. 

In sharing further details of the promotion, JMMB Bank general manager, client partnership, Moya Leiba-Barnes, notes, “That this promotion will see clients being financed at this special low interest rate for the first 2 years of the loan, thereafter the interest rate will revert to the prevailing market rate; with a reduced processing fee and up to ten (10) years to repay; with no penalty for early repayment.”  

The general manager adds, “The package provides 100% financing for all passenger vehicles sold by Magna Motors.” Under this unique offer, monthly payments start as low as J$25,632, for the 2018 Grandi10, and J$27,564, for the 2019 model, provided the client opts for 100% financing. 
This offer is extended on all 2018 and 2019 models, with the exception of trucks and fleet sales. Magna Motors carries several models of cars and SUVS, including: Grand i10, Accent, Elantra, Sonata, Veloster, Creta, Tucson, Santa Fe, and H1 panel van and passenger buses.  

“It is SUV season for us at Magna, with great financing available on some of the world’s best vehicles. Now more than ever, car buyers are demanding exceptional owner satisfaction. Our new models offer competitive pricing, luxurious features, great added value and an unmatched JMMB financing package that makes this a win when thinking about a new car,” said Carlos Geourzoung, sales manager, Magna Motors.

This JMMB Bank/Magna Motors partnership is in keeping with a thrust to provide a game-changing approach to help individuals to achieve their goal of car ownership, while providing affordable and stylish vehicles that suits individual’s lifestyle, noted, Leiba-Barnes. She also outlined that the partnership with Magna Motors has received positive response from the market, as evidenced by the uptick in sales, from last year’s promotional offer of a 6% interest rate; accounting for 9% of JMMB Bank’s 2017 motor vehicle portfolio. 

JMMB Bank Grows Motor Vehicle Financing Portfolio 
The JMMB Bank’s general manager, further revealed that the subsidiary has seen growth of over 36% in its motor vehicle loan portfolio, year-over-year, for the period ending July 2018.  This is largely driven by the Bank’s competitive interest rates; faster loan processing time; special offerings and strategic partnerships with dealers such as Magna Motors and special groups.  

JMMB Bank provides a customized motor vehicle financing package – Drive Easy Solution – which is a bundled solution, offering clients a loan, in addition to insurance coverage from JMMB’s Insurance Brokerage. This solution is complemented by discounts on insurance premiums for the tenure of the loan and a 20% discount on Hawkeye Vehicle Tracking System. Leiba-Barnes notes that although individuals can determine whether or not to take advantage of the complete solution; it is intended to offer clients added benefits. This is in keeping with JMMB Group’s commitment to being in its clients’ world and providing easy, seamless financial solutions.