The measure will allow Santander customers to reduce their monthly payments by extending the repayment period at the same interest rate as the original agreement
The bank is also launching two products by Webmotors: Troca+Troco, to receive cash when you exchange your vehicle for a lower-priced alternative, and Car Delivery, an online service to choose a new car and arrange financing from your own home
These initiatives are part of the "Banco do Auto" campaign offering solutions to support the automotive market during the pandemic
São Paulo, 10 June 2020
Starting today, Santander Brazil customers will be able to exchange their financed vehicle for a lower-priced alternative with more advantageous financing conditions and receive a cash transfer to their current account of the difference in value. This solution, known as Troca+Troco, is now being marketed by Webmotors, the bank's business and solutions platform for the automotive sector.
In addition, customers with car or motorbike payments in arrears can refinance their agreements by extending the repayment period at the original interest rate, thus reducing their monthly payments. These measures are included in the bank's package of novel automotive solutions to give families some financial breathing space during the pandemic.
"During a health crisis with a severe impact on household budgets, both refinancing and Troca+Troco are smart solutions when you need cash but want to keep a car or motorbike, albeit a lower-priced alternative", explained André Novaeas, head of Santander Financiamentos. "The term of the loan is extended or the vehicle's value decreases momentarily, leading to major savings and extra cash. And this is in addition to the 60-day deferral for bill payments, which we are also offering to our customers."
For consumers who wish to exchange or buy a car but are unsure of their decision during the lockdown, Santander has a solution: Car Delivery, now available at some of Webmotors' partner dealerships. This service offers fully online purchase processes, including arranging financing and insurance with Santander Auto, and the vehicle is delivered to customers at their home, clean and disinfected.
Customers can also visit Webmotors website to take a virtual tour of the dealership and car via a videocall. Through a system integrated into the portal's environment, the dealer shows the car and answers any questions customers may have. This is currently the only solution on the market that offers this feature and enables seller-buyer interactions on a fully online experience. Hyundai is the first manufacturer to use this service at its dealerships.
"We have worked hard to find innovative and creative solutions to help our customers and drive business in the current context. And we can only do that because of our close relationship with both sellers and buyers and our knowledge of their needs", said Eduardo Jurcevic, CEO of Webmotors.
These initiatives are all part of the "Banco do Auto" campaign, which Santander Brazil (leading bank in car financing in Brazil) is launching from 10 June. For more information about Troca+Troco and Car Delivery and to apply for car and motorbike financing from your own home, go to www.santander.com.br/bancodoauto.