Vehicle Finance - Frequently Asked Questions

The customer is ensure that his/her account with the bank is adequately funded on the repayment due date to accommodate the rental that mature into account.
Yes they can. However they will be required to open an account.
The customer is expected to negotiate the cost of registration with the automobile dealer.
All original vehicles papers are to be held by the bank until expiration of the facility and completion of payment.
It is the responsibility of the bank to insure the vehicle throughout the tenor of the facility at a cost to be borne by the customer.
Vehicle Finance is Access Bank’s vehicle lease product designed to enable customers acquire new vehicles in a financially convenient manner.
Customers can apply by either visiting the bank’s website address www.accessbankplc.com under “Personal” and follow the simplified application process or pick up hard copy application forms from any Access Bank branch.
  • Employees
  • Self Employed Professionals
  • Corporates
  • Requests shall be assessed in line with the eligibility requirements and risk acceptance criteria as defined by the Bank.
  • Approval is subject to positive verification of all documents submitted by the customer.
  • The customer is required to irrevocably domicile salaries, allowances and other emoluments with Access Bank throughout the tenor of the facility.
  • In the case of Self-Employed Persons and Corporates their sales proceeds/receivables must be domiciled with the bank.
  • Monthly repayment shall not exceed not 33.3% of applicant’s monthly income.
  • Ownership of the vehicle and original title documents shall reside with the Bank until expiration and completion of payment.
  • Customer is required to provide a minimum of 10% equity contribution and repay the facility within a maximum tenor of 48 months.
  • The Bank shall appoint an insurance company to insure the leased vehicle throughout the tenor of the facility and noting its interest as first loss payee at a cost to be borne by the customer.
  • The customer shall be responsible for negotiating price, registration cost, colour, delivery terms etc. with the automobile dealer.
  •  Decide on the vehicle of your choice.
  • Obtain pro forma invoice from any of the bank’s accredited vendors, and
  • Submit your application (online or hard copy) to the bank.
The turnaround time is within 72 hours upon acceptance of offer, submission of complete documentation and positive verifications.
The Relationship Officer will be carry the customer on the progress of the transaction as well when as the loan is booked and payment has been made to the dealer.
The customer is expected to agree with the dealer on the delivery terms at the point of requesting pro forma invoice.
Only new vehicles sold and serviced by the bank’s accredited dealers.
There is no limit however the customer’s capacity to repay must be within 33.3% of your income.
The customer is required to send in a written request through the Relationship Officer for the release of the original vehicle documents in the bank’s custody.
The customer is expected to notify the bank immediately in writing and provide the following:
  • In the evident of an Accident
    • Police report
    • Photographs of the vehicle clearly showing the damage and the number plate
    • Copy of the drivers’ license
    • Estimate of cost of repairs
    • Completed motor accident claims form
    • Photocopy of the insurance certificate
Please note that insured (lessee) is not expected to accept liability/settlement for loss or damage on behalf of the insurers.
  • In the event of Theft
    • Completed motor theft claims form
    • Interim Police report
    • Final Police report
    • All original vehicle documents and keys to the vehicle
  • In the event of Fire:
    • Police report
    • Photographs of the burnt vehicle and scene of incident
    • Completed fire claims form
    • All original vehicle documents to the vehicle
Please note that processing of theft insurance claim begins when the final police report has been received confirming that the vehicle cannot be recovered.
  • In event of Death
The following will be required:
  • Notification letter
    • Post mortem
    • Death certificate
    • Burial certificate
    • Medical bill
    • Obituary (optional)
TIPS
  • Do not repair the vehicle before the insurance company evaluates the damage
  • Protect the vehicle from further damage i.e., cover broken areas appropriately
  • Do not abandon the vehicle at the crash scene; drive or tow the vehicle to a secure place, garage or preferably the dealer’s workshop.
  • Obtain quotation for cost of repairs from the workshop.
Do your best to obtain and document the following information:
  • Accident information -date, time & location
  • Other vehicle(s) information – make, model, color, number plate, general description of damage
  • Vehicle owner and/or other drivers information – names, address, phone number, drivers license number, insurance agent and company contact information—including phone number and insurance policy number
  • Witness information –names, addresses & phone numbers
  • Law enforcement and medical assistance information – was the crash reported to the Police or Highway Patrol?

 
Cheques received from the underwriter(s) for the claims settlement will be paid into the customer’s account.