Absa launches unique vehicle finance package for Foton Taxis

The finance package for Foton’s Asambe taxi in petrol and diesel was launched alongside the taxi itself at Absa’s Sandton headquarters in Johannesburg. In short, it offers a four-year repayment scheme that ensures full ownership at the end of the term.

Says Charl Potgieter, managing executive of Absa Vehicle and Asset Finance: “We’re offering competitive monthly instalments, starting at below R12 000, to turbo-charge a taxi operator, driver, or small-business owner’s transport capabilities. Research has shown that more SMEs require reliable, affordable vehicles to expand their businesses, and naturally, this applies directly to the minibus taxi industry, where the quality and safety of your vehicle is integral.”

This might be the first time that Foton has officially shown the Asambe taxi, but over 3 000 of these vehicles are already in use on local roads. This follows a failed attempt by another importer to import and sell these taxis, without the necessary backup or blessing from Foton.

While the failed attempt at importing the Foton CS2 taxi under another name has caused some concern to taxi operators, it has shown that the vehicle is capable and durable for local taxi use.

According to Marius Smal, CEO of Foton SA, the brand has set up a special operation in De Deur in the Midvaal region to refurbish these previously imported vehicles and support the operators that purchased them.

Returning to the innovative finance product: It will be sold with a special RUTCO tracking and monitoring unit and will include free financial education for the operator. If the operator makes use of the latter, he will receive his first service free.

“Financial education is an example of Absa’s commitment to being a force for good in society, because we understand that a financially confident business owner is a successful business owner. That’s why we hope we can share some of our knowledge to the taxi industry and any transport-focused small business, as partners, through this new solution,” said Fulufhelo Mandane, Executive: Strategic Partnerships at Absa Vehicle and Asset Finance.

The special deal with Foton for its Asambe taxis is the second major announcement in as many business days. It has also been announced that it will partner with BYD as its official vehicle finance partner.