Tata Motors Expands Financing Options for World's Cheapest Car
India-based Tata Motorsannounced today that the cheapest car in the world, the Tata Nano, can now be driven off the lot with the swipe of a credit card.
With a $2,500 price tag,the Tata Nano has been lauded as an engineering innovation of the emerging market. This newest financial scheme further decreases the barriers to own by allowing customers to pay back their purchase at 0% interest over a 12-month period.
Calling the company's offer an "industry first," President of Passenger Vehicles Ranjit Yadav noted that:
Our customer-centered cars are being backed with customer-engaging purchase experience at our dealerships. We realize that we can become a leader when the after-market experience levels are excellent, not only in pockets, but across our chain. We are bringing in enhancements with equipment, manpower and processes for fast service.
The automaker partnered with five other banks, including HSBC, to make this offer available in 75 Tata Motors dealerships across 26 cities.
In FY 2012, the company sold 77,394 Nanos, a 22% increase over 2011 numbers.
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