EastWest offers free gas for an auto loan, signs up Ramsay as endorser

EASTWEST Bank president and CEO Antonio Moncupa Jr. (left) and Derek Ramsay raise a glass for the the bank’s new auto loan promo. PHOTOS BY EUGENE ARANETA

“Sporty, outgoing and adventurous.” This was how EastWest Bank described actor and model Derek Ramsay, who recently became the bank’s celebrity endorser for its latest auto loan promo.

The Auto Loans Free Gas promo, where approved borrowers can enjoy up to P50,000 in free fuel, is considered a very attractive offering to EastWest Bank’s auto loan borrowers, especially with the steady rise in fuel prices.

EastWest Bank’s auto loan’s free gas promo will run from Aug. 25 to Nov. 30, 2011.

According to EastWest Bank president and CEO Antonio Moncupa Jr., Ramsay, as the new face of the promo, will definitely strengthen the bank’s connection with its target market.

EASTWEST Bank vice president Allan Tumbaga (right) with Chua. PHOTOS BY EUGENE ARANETA

Moncupa lauded Ramsay, who loves road trips as well as collecting cars (the popular athlete, model and television personality already owns at least seven cars, some of which are vintage models he has collected over the years). Ramsay, as a Volvo Active Ambassador, also encourages public participation in sports and other activities that promote holistic approach in celebrating life with passion, energy and endurance.

Also pre-owned

Apart from the fact that the promo is open for applicants wanting to own brand new models, the promo is also open for those who wanted to acquire pre-owned vehicles of up to eight years old (vintage models which have been properly restored would also be entertained in a case to case basis).

MONCUPA confers with Jacqueline S. Fernandez, EVP and Consumer Lending head of EastWest Bank, and Chua.

EastWest Bank compared its drive to help clients acquire their dream vehicle to Ramsay’s focus in reaching his goals as an actor, who said it’s a different feeling when one gets his or her own car through hard work. “That day when you get your first car, it’s a great feeling,” he added.

Moncupa said that what will make the bank’s auto loan promo attractive to Ramsay and the rest of the public is the fact that the promo “gives the individual the advantages of affordable down payment, easy amortization and flexible terms.”

Borrowers who qualify for the auto loan promo are entitled to free gas cash credit based on the approved loan amount: P3,000 for loans P500,000 to P800,000, P5,000 for loans above P800,000 to P1.5 million, P10,000 for loans above P1.5 million to P2 million, and P50,000 for loans above P2 million. The free gas cash credits can only be used for purchase transactions and may be used for purchases other than gas like shopping, groceries, gadgets, dining, etc.

Revenue drivers

MONCUPA, Fernandez and Ramsay with Joanna F. Racho, SAVP and Auto Loans Marketing Division head, and Butch Ramos, VP and Auto Loans Sales Division head.

The auto financing continues to be one of EastWest Bank’s primary revenue drivers, as affirmed by its 26.2 percent year-on-year growth for the first semester of the year.

The bank’s performance for the first half of 2011 re-affirms its position as the sixth largest auto loan provider in the country.

The bank is optimistic that it will be able to take advantage of the positive outlook for auto loans, as confirmed by latest figures from the Bangko Sentral ng Pilipinas report of consumer loans hitting P481.2 billion, 25.8 percent coming from auto loans.

EastWest Bank, the country’s sixth-largest auto loan provider, is hoping to achieve a double-digit growth in its consumer lending this year, with auto loans growing much faster because of quicker turnaround time and booking, and car buyers remaining confident in the economy.

EastWest Bank, a subsidiary of the Filinvest Development Corp. that evolved from a consumer business founded by Andrew L. Gotianun Sr. in 1955.