From the Wires
CNH to Offer Retail Financing in Thailand
CFG Services and New Holland Agriculture Distributor APAM Will Provide Flexible Financing Packages to Increase Tractor Affordability for Thai Farmers
By: Marketwired .
Nov. 25, 2012 10:00 PM
BANGKOK, THAILAND -- (Marketwire) -- 11/25/12 -- CNH International SA ("CNH") and Asia Pacific Agricultural Machinery Co. Ltd. ("APAM"), its authorized distributor of New Holland agricultural equipment in Thailand, together with CFG Services Co. Ltd., today announce they have reached an agreement to offer retail financing programs designed for customers in the agricultural sector in the country.
The financing program, which will be fully operational starting December 2012, will be staffed by CFG Services Co. Ltd., who will work closely with New Holland Agriculture, APAM and its dealers to provide a full range of competitive and flexible financing packages.
Under the program, customers acquiring any model from the New Holland Agriculture tractor range will be given the opportunity to finance the acquisition with flexible payment options including monthly, quarterly, half-yearly and yearly payments, down payments starting from 20% and attractive interest rates. To celebrate this new development, New Holland Agriculture's best-selling compact tractors in Thailand will be available with interest rates starting at 5%(1).
Khun Somchai, Managing Director of APAM, commented, "This cooperation aims to help Thai farmers benefit from New Holland Agriculture's high premium tractor offering under affordable conditions. By making available dedicated financial packages and tailored options to meet our customers' business requirements, this agreement will increase their buying power. It will also be an important tool to increase the mechanization of the Thai agricultural sector."
Michele Lombardi, Head of Agricultural Operations in the Far East for CNH International, added, "With this agreement we aim to further improve the level of service offered to our customers. Thailand, where New Holland leads the tractor segment above 50 horsepower, is a very important market for us. This program will further raise the competitiveness of our full range of reliable equipment, and support the mechanization of the country's agriculture."
Tanyapong Thamavaranukupt, Managing Director of CFG Services Co. Ltd., said, "In the past we were able to help Thai tractor owners meet their borrowing needs with our tractor-for-cash product. This new tractor financing program leverages upon that experience and allows us to take our services to the next step, making it easier for Thais to invest in farming equipment that will help reduce their production costs and increase the productivity of their land."
"We are very pleased CFG Services has agreed to support CNH in Thailand by offering financial packages customized for the New Holland Agriculture brand," concluded Carlo Alberto Sisto, CNH Trade & Structured Finance Senior Director. "Its reputation as a trusted partner and its local presence will be of mutual benefit for our companies and our customers."
The continued mechanization of the agricultural sector in Thailand and the market position of the CNH brands provide considerable potential for growth for the three partners as a result of this new agreement.
(1) Notes: 1, Subject to applicable contractual terms and conditions
Note to the editor:
CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by approximately 11,300 dealers in approximately 170 countries, CNH brings together the knowledge and heritage of its Case and New Holland brand families with the strength and resources of its worldwide commercial, industrial, product support and finance organizations. CNH Global N.V., whose stock is listed on the New York Stock Exchange (NYSE: CNH), is a majority-owned subsidiary of Fiat Industrial S.p.A. (FI.MI). More information about CNH and its Case and New Holland products can be found online at www.cnh.com.
CNH International S.A., a subsidiary of CNH Global N.V., is the company responsible for the sales, distribution and after sales operations of agricultural and construction branded equipment in over 120 countries throughout Africa, the Middle East, the Commonwealth of Independent States, Asia and Oceania, encompassing Australia, China and India. CNH International was established in 2007 to strengthen CNH's brands focus in emerging and high-growth markets.
Asia Pacific Machinery Co. Ltd., is an importer and distributor of New Holland tractors and Case IH Austoft® sugar cane harvesters in Thailand, Laos, and Cambodia. APAM sell machinery and spare parts with warranty and after sales service. Its experienced dealers and after sales service officers are able to advise customers on their machinery and spare parts purchases, and on the most efficient operation. APAM has the experience in agricultural and harvesting practices, efficiency and productivity, to be a true partner for agricultural businesses.
CFG Services Co. Ltd., a subsidiary of the Bank of Ayudhya, provides cash loans via hire purchase and secured loan contracts to those customers who already hold titles to cars and other vehicles including farm tractors. CFG operates more than 200 branches nationwide.
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