For the past two days, a finance and leasing offer has been available in Sweden for the Saab 9-3 Aero. NEVS cooperates with DNB Bank. What is remarkable, because the DNB is not a bank with a Chinese background, but it is one of the oldest Norwegian private banks.
I would have wagered that one of the big institutes from the Asian region would take over the financing. But maybe that will happen, because at the moment the vehicles are only being produced in the smallest quantities, so it will not be big business for the bank. The conditions are also corresponding. A financing on 72 months with 20% down payment ends up at an effective interest rate of 6.77%. That's scary, not just at first sight. A quick check at some Saab partners in Germany showed yesterday that it is even better for used Saabs.
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For the new car business, the manufacturer banks, whose only job is to finance sales, start at 2 to 3%. A new Golf is financed with a 30% down payment and a 48-month term for less than 2% APR. This shows where the journey at NEVS should go ...
Okay, we can't compare Volkswagen with the small startup from Trollhättan. The numbers are not available, there is little to finance. NEVS-Saab is only just coming back on the market and has closed time until production is running accordingly. So we're fair. The offer is an approach from which a good cooperation between the manufacturer and the credit institution can develop. If the numbers run accordingly, the brand becomes more interesting and the cards are reshuffled. After all, a Saab has finally appeared again as a new car in a financing calculator for years. That alone is remarkable and something of a small miracle. A year ago nobody would have suspected that we would even deal with this topic.
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NEVS is expanding its offering to customers, a first step, which is good. In Germany too, the subject of leasing and financing has been a sensitive issue for many years. Saab had no chance against the national top dogs and was regularly counted in the lease-rate shopping. The situation could have changed for the better, because the former Saab Germany boss Jan-Philipp Schuhmacher, today managing director of the German branch of Orio AB, had negotiated interesting conditions with new partners. But then the supply stopped short and there was nothing left that could have been leased or financed.
For NEVS-Saab it is one of the important homework to find appropriate partners to offer competitive leasing and financing rates in the future. If you are serious about making a comeback in the European markets, you will have little chance without the appropriate financial instruments.