Citroën South Africa (SA), in a joint venture with vehicle finance expert WesBank, has launched Citroën Financial Services – a move the French manufacturer says will “make it easier than ever” for consumers to drive the double chevron logo.

“This development is the start of a new phase of Citroën’s journey in South Africa,” says Citroën SA MD Didier Gérard.

“We have been back in the country as a wholly owned subsidiary of the PSA [Peugeot Citroën] Group for over three years, and the path on which we have embarked with WesBank is a sign of our growing maturity in the market.”

Citroën SA and WesBank have been working together for a number of years, but this is the first time a WesBank product has been designed specifically for the Citroën brand, creating a new channel which promises to add value for Citroën dealers and prospective owners by tailoring financial services to their specific needs.

The first Citroën Financial Services product is one intended for the DS line. 

This takes the form of a guaranteed trade-back on any DS model three years after the date of purchase, with the customer assured of 45% of the car’s retail price at the time of purchase if they buy another new Citroën.

“We believe this offer will go a long way in creating confidence in Citroën. It is a very safe way for a consumer to get into our brand in a totally risk-free manner,” says Gérard.

“The other important consideration is to structure in a realistic balloon payment. There may be short-term gain in going for a lower monthly installment by requiring a larger balloon payment at the end of the five-year period, but that can be very damaging to a brand and leave a sour taste in the consumer’s mouth. Instead, with WesBank’s expertise and a clear understanding of a typical owner profile, we have focussed on structuring a package that won’t put customers in a difficult position at the end of the contract.”
   
“Vehicle finance has evolved beyond providing a standard approach, and partnering with a brand like Citroën allows for tailored and unique packages that best meet the needs of consumers,” adds WesBank motor division GM Cyril Zhungu.