Citroën South Africa and credit provider WesBank have launch Citroën Financial Services in South Africa in a joint venture.
The first deal being offered, and the first designed by WesBank for the Citroën brand, is a guaranteed trade-back on any Citroën DS model three years after the date of purchase, with the customer guaranteed 45% of the car’s retail price at the time of purchase if they buy another Citroën.
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Didier Gérard, managing director at Citroën SA, said the trade-back offer would negate the need for an inflated final payment for a vehicle: "Instead, with WesBank’s expertise and a clear understanding of a typical owner profile, we have focussed on structuring a package that won’t put customers in a difficult position at the end of the contract."
PSA Group, of which Citroën and Peugeot are part, sold 470m (£400m) of asset-backed bonds earlier in June in order to diversify its funding sources, following the French government’s 7bn bailout of the Group’s captive finance arm, Banque PSA, in October 2012.
In the UK, WesBank is parent company to MotoNovo, most recently backing the independent prime lender with a £1.8m investment.
