Ford Motor Credit Company Launches "Al Amthal" Leasing In Saudi ArabiaNew Lease Program Helps Saudi Customers Drive New Ford Manufactured Vehicles
Riyadh, Saudi Arabia, 9 October 2000 - Ford Middle East & North Africa (MENA) announced the launch of Al Amthal, a vehicle leasing joint venture between FAL Holdings Arabia Co. Ltd, Al Bank Al Saudi Al Fransi and Ford Credit International (FCI), which makes Ford Motor Company the first automotive manufacturer to establish a leasing company in the Kingdom of Saudi Arabia.
FCI is the international arm of Ford Motor Credit Company, the largest automotive finance company in the world, with 10 million customers in 40 countries and outstanding receivables in excess of $140 billion worldwide.
Al Amthal will offer retail and fleet customers a financial leasing product, with terms ranging from 12 to 48 months. At the end of the contract customers will be given the opportunity, should they chose, to purchase the vehicle by means of a separate contract between Al Amthal and themselves. Vehicles will be registered and insured by Al Amthal, with the option to add a maintenance package to cover regular servicing requirements.
Peter Weiner, managing director of Al Amthal, headquartered in Riyadh, said: "Al Amthal will help customers to drive the new Ford, Lincoln or Mercury vehicle of their choice. We offer a rapid response time on customer lease proposals combined with a range of flexible leasing terms, which will get the customer 'on the road' in the shortest possible time frame."
He added: "We are delighted to have as our partners for this exciting new venture, both FAL, and Al Bank Al Saudi Al Fransi."
Mohammed Al Omair, executive vice-president, FAL Holdings Arabia Co. Ltd. said: "The FAL group of companies has wide ranging business interests, but this is our first venture into vehicle leasing. The timing is right for the Saudi market with increasing numbers of individuals requiring vehicles and the anticipated demand from new corporate customers attracted to the Kingdom by the new investment laws.
"If you embark on a new business venture it makes sense to do so with the experts, as such we are very pleased to be able to work together with the world's leading automotive leasing company," he concluded.
Abdul Rahman Jawa, deputy managing director of Al Bank Al Saudi Al Fransi, said: "Al Amthal starts with the benefit of existing close relationships with Ford Motor Company and its dealers in the Kingdom. This combined with the global banking relationships which Ford Credit International have with a number of the Saudi Banks, including ourselves, will ensure that the new company has a fast start in the Kingdom.
"Ford Credit's experience and expertise in the field of vehicle leasing are second to none, they provide a logical fit for Al Bank Al Saudi Al Fransi and we look forward to a successful long term partnership," he commented.
Jim Benintende, Ford MENA executive director, said: "Al Amthal is backed by Ford Credit's 40 years of experience in leasing services. It will bring to Saudi Arabia proven and consumer-focused processes and systems for credit approval, customer account management and payments collection.
"Al Amthal will support our dealers' drive for higher market share and sales volumes, by offering our Saudi customers a financial product that gives them a fast, easy and simple access to the vehicle of their choice," he said.
Initially, Al Amthal will provide leasing for new vehicles purchased from Ford and Lincoln dealer Al Jazirah Vehicle Agencies Co., and Mercury and Mazda dealer Haji Husein Alireza. The new company plans to expand its support to the other Ford Motor Company-owned brands, such as Jaguar, Volvo, Mazda, Land Rover and Aston-Martin in due course.
Professional sales staff will discuss with customers the advantages and flexibility of Al Amthal's products. Al Amthal will offer a rapid and simple approval process, and the lease contract and documentation will be in plain language, with no hidden extras. Al Amthal business hours will include Thursday mornings, to make it convenient to the increasing number of customers working a 5-day week.
Ford Motor Credit Company provides automotive financing through an extensive network of more than 11,500 Ford, Lincoln and Mercury dealers worldwide.