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Sri Lanka’s DIMO, NTB link up finance pre-owned Mercedes, Jeep cars amid import controls

ECONOMYNEXT – Dimo, the agents for Mercedes-Benz and Jeep in Sri Lanka said it was teaming up with Nations Trust Bank to help lease both new and pre-owned vehicles amid import controls.

“The Nations Trust Bank – DIMO Lease Promotion will be applicable for both brand new and pre-owned Mercedes-Benz passenger cars and commercial vehicles, as well as Jeep SUVs sold by DIMO,” the firm said in a statement.

“The availability of a wide array of pre-owned vehicles provides customers a wider selection to choose and customers can expect rapid delivery of their vehicles.

Sri Lanka has slapped tight import controls not seen since the collapse of the Bretton Woods system of soft pegs in 1971 as the island’s non-credible peg collapsed from 182 to close to 200 in March and April 2020 amid unprecedented money printing.

Low interest rates inflated pushes up the present value of longer term assets. In Sri Lanka cars are routinely used for 20 years or more.

Vehicle agencies are now helping customers trade used vehicles and are creating a secondary market. Most second hand vehicle prices have shot up as interest rates fell amid money printing.

“At DIMO, we have a history of constantly searching for new ways to offer our clientele the chance to acquire their dream vehicle at the best prices and with minimum hassle,” Rajeev Pandithage – General Manager (Mercedes-Benz) of DIMO said.

“Our latest partnership with Nations Trust Bank is a continuation of these efforts and we are happy to be able to offer the lowest rates in the market so that more clients will be able to afford their dream Mercedes-Benz or Jeep vehicle through DIMO.”

NTB will offer personal contract plan with flexible payments with a lease based on the residual value.

“It includes special interest rates for both brand new and pre-owned vehicles with the flexibility to configure the equated monthly instalments with residual values up to 40 percent on a repayment period spanning up to five years,” the firm said.

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The scheme will run till March 2021.

Dimo said used cars will come with a one year pre -owned warranty from Dimo. (Colombo/Oct17/2020)