MANILA, Philippines - BPI Family Savings Bank, the thrift arm of Bank of the Philippine Islands, is launching an auto loan and investment package rolled into one, the first of its kind in the industry, that will give customers a 10 percent rebate after five years.
“We call this the Auto Rebate Program or the Money Back Promo, which is only available if you get an auto loan from BPI Family Bank. This is available for 60 months, then we will give back to the customer 10 percent of the loan amount,†BPI Family vice president for the auto loans division Felipe Carlos said.
The promo will allow the client to enjoy a 10 percent rebate (based on the client’s loan amount) at the end of the loan term if the loan is fully paid, has satisfactory handling, and if another loan will be availed within six months of full payment.
Moreover, if no new loan is availed, the client is still entitled to a five percent rebate.
Furthermore, Carlos explained that the vehicle must be brand new, intended for private use, and should be sourced from a local and accredited automotive dealer.
“The BPI Family Auto Loan Money Back promo aims to change how people see cars and car loans, as it is now an investment. With this new promo, you get to immediately realize the benefits of having a new car, get to own a highly useful asset and eventually get a sizeable amount at the end of the loan. As we change the way you think about car financing and provide you with an innovative and easier way to get your brand-new car, you can get the best out of life,†Carlos added.
BPI Family is targetting a 15 percent increase in its auto loans this year. The Money Back promo will run from June 4 to Aug. 31.
Loan processing will take eight hours to one day, and online applications are also available for convenience.