BPI Family Saving Bank makes it easy for auto buyers

DAVID Sarmiento Jr., BPI Family Savings Bank SVP and head of auto loans division, stresses a point during the launch of the BPI Auto Loan Real Thrill promo. With him are, (seated from left) BSFB VP and dealer network head Felipe Carlos, BFSB VP and auto loan direct marketing head Miriam Jane Jacinto and Ramon Noel Altamirano, BFSB VP and head of product marketing. Photos by Eugene Araneta

With last year’s auto loans performance affected by various natural disasters, BPI Family Savings Bank (BPI FSB) hopes to improve its performance this year by offering new loan packages for prospective car owners.

And BPI FSB vows to make it easy to secure an auto loan especially for those wary about buying a car through credit.

“We’re targeting a 10-12 percent increase in our auto loans business,” said David Sarmiento, senior vice president and head of auto and motorcycle loans and credit services division of BPI Family Savings Bank (BFSB).

According to Sarmiento, BFSB’s auto loans as of October 2011 grew by 7 percent. He added that auto loans made up about a third of the bank’s overall loan portfolio last year.

This year, BFSB launched the BPI Auto Loan Real Thrill Free One-Year Comprehensive Insurance with Acts of Nature Coverage promo.

The offer was introduced as part of the bank’s slogan to “Make It Easy” for its clients, allowing them to save on initial cash out while protecting their cars from destructive natural calamities and accidents.

Car insurance coverage normally costs around 3 percent of the car’s market value. For a P1.5 million car, for example, about P45,000 is paid for car insurance.

“This promo, exclusive to BPI clients, gives them a special privilege over others. Our aim at BPI Family Auto Loan is to make it easy for Filipino car buyers by lessening the costs of owning a brand-new car, and should be for private use only to get the free one-year comprehensive insurance with Acts of Nature Coverage,” Sarmiento said. “This way, we also help them prepare for the unexpected and ensure that when natural disasters hit, they are surely protected.”

BFSB clients can avail of the promo with a minimum loan amount of P600,000 payable within a minimum of 36 months. The loan’s interest rate varies on payment duration. “The shorter the loan period, the lower the interest rate,” he explained.

The car purchase and loan application must be entered by June this year. Clients must also be willing to renew their car insurance with the bank for the entire term of the loan. The loan provider is BPI-Mitsui Sumimoto Insurance Corp.

“To qualify for the promo, clients must apply for a brand new unit for private use from Feb. 1 to June 1 and agree to renew their auto insurance coverage with BPI/MS for the entire duration of the loan period,” Sarmiento said.

SARMIENTO pushes the symbolic button to signal the start of the BPI Auto Loan Real Thrill promo.

Clients can file an online application through www.bpiloans.com. This enables overseas Filipino workers and those living in the provinces to apply for an auto loan and get a 3-8 hours credit approval. Sarmiento said that around 35-38 percent of the approved loans last year came from the provinces.

Payment of loans is also made convenient by BPI’s 800 branches nationwide or through auto-debit, BPI Express Credit, and ATM.

“We believe that the BPI Auto Loan is the best auto loan package in the market today,” Sarmiento said. Aside from offering the lowest interest rates, the required downpayment can go as low as 20 percent and payable up to six years.

AT A GLANCE

1. Auto Loan Real Thrills with Free Insurance promo offers free one year comprehensive insurance with Acts of Nature coverage.

2. It is exclusive to all BPI/BPI Family Savings Bank clients who apply for a BPI Family Auto Loan from February 1 to June 1, 2012.

3.The approved and availed auto loan should have minimum amount financed of P600,000 and a minimum term of 36 months to be eligible for the free insurance on the unit to be financed.

4. Units must be delivered on or before June 16, 2012 and booked by June 30, 2012 to qualify for the promo.

5. Units must be brand new and for private use only.

6. Clients must agree to renew auto insurance coverage with BPI/MS Insurance Corp. for the entire term of the loan.

7. Free insurance coverage is not convertible to cash.