MotorAfrica | Offer old vehicle on Hire Purchase

Why Sell Your Old Vehicle? Offer It on Hire Purchase Instead

Once upon a time, in a bustling city, there lived a man named David. He was a devoted husband who wanted to surprise his wife, Sarah, with a brand-new car as a push gift after the birth of their first child. After much consideration, he chose a sleek SUV that would perfectly suit their growing family.

Excited about the new addition, David contemplated selling Sarah's old car. However, as he looked into the market, he realized that selling it outright wouldn't yield much profit. That’s when a brilliant idea struck him: why not offer it on hire purchase?

David decided to set up a 6-month repayment plan for the old car. He found a potential buyer, John, who was eager to own the same model but lacked the full cash amount. With this arrangement, David could earn extra income through the interest on the payments.

Benefits of the Hire Purchase Model.

Regular Income: David would receive consistent payments, creating a secondary income stream.

Interest Earnings: The interest charged on the repayment plan would add to his profits.

Affordability for Buyers: John could afford the car without the burden of a large upfront payment.

The Role of Motor Africa Cloud Service.

To streamline this process, David utilized the Motor Africa Cloud Service, which offered several benefits for auto financiers like him:

Access to Verified Customers: The platform provided access to customers who had been thoroughly vetted along with their guarantors.

Detailed Underwriting: This ensured that David was making a sound financial decision by lending to a reliable buyer.

Direct Debit Mandate Setup: Motor Africa allowed David to set up a direct debit from John's bank account, ensuring timely collections from all bank accounts linked to his Bank Verification Number (BVN).

Automatic Immobilization: In case of default, the service could immobilize the vehicle's engine, protecting David's investment.

Real-Time Vehicle Tracking: David could monitor the vehicle's location, ensuring it was being used responsibly.

Maintenance and Inspections: The platform enabled David to schedule regular maintenance and inspections throughout the repayment period, keeping the vehicle in good condition.

A Win-Win Situation

As the months passed, David enjoyed the benefits of his hire purchase plan. John made his payments on time, and David appreciated the additional income. After six months, David signed off on the vehicle with a change of ownership documentation.

David's story illustrates how offering cars on hire purchase can be a lucrative long-term strategy. By leveraging technology and innovative financing, individuals can create additional income streams while helping others achieve their dreams of vehicle ownership.

Go ahead and create an account to learn how you can offer your old car on hire purchase and get matched with verified customers.