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FAQ Auto Finance- Customer
1. Who can apply?
i. Saudi National or Expatriate with Valid Iqama
ii. Minimum age 21 years up to 65 years at the time of last contract payment. (minimum age for Motorbikes is 25 years)
iii. Minimum monthly salary Saudi is SAR 2500 & Expatriates SAR 3000
iv. Minimum length of Service Saudi is 6 months & Expatriates 12 months
v. Used Car age not more than 7 years (at the end of financing period)
vi. Retired employees can also apply (under certain conditions)
2. Is there an application processing fee?
Yes. SSF will charge a fee upon applying for auto financing based on the selected product
3. What auto finance products do you offer?
We offer a range of Shariah Compliant auto finance products for new and used cars and motorcycles which are follows:
i. Ijaara with no residual value (No Balloon Payment)
ii. Ijaara with residual value (Balloon Payment)
iii. Auto Murabaha
4. What are the documents required for processing my application?
First Approval
i. Filled and Signed application form
ii. Signed ID Copy (by the ID holder)
iii. Dealer Quotation
iv. Signed Calculation Sheet (by the customer)
Final Approval – Original documents for the following:
i. Bank Statement (3 months)
ii. Employment Letters from the sponsor
iii. Evidence of income for retired employees, such as GOSI
iv. For Businessmen as well as self-employed, latest 6 months’ bank statements & Certificate of Registration of Business
5. Are there any hidden fees?
No. All fees/charges are communicated upfront at the time of signing the agreement
6. Do I require a Salary Transfer?
No. Salary Transfer is not required
7. How soon will I know if my auto finance application is approved?
After submitting your application and documents, you will get a response for First Approval within 24 hours.
Final Decision will be communicated within 2-3 days from receipt of the original documents and down payment/First Rent.
8. From which dealer may I purchase my vehicle?
The list of the SSF approved dealers, Kingdom wide, is available on our website(www.sofincosaudi.com.sa)
9. In which cities is auto finance available?
Auto finance is available in the 3 major regions in the Kingdom including Central, Western and Eastern. Please refer to the list of SSF approved dealers.
10. Is insurance mandatory?
Yes
11. Who is the insurance provider and what is the insurance coverage?
Allianz Saudi Fransi (ASF) is our insurance provider and the policy offers a GCC wide insurance coverage.
12. Do I have to use Allianz Saudi Fransi (ASF) to insure my car or can I use another insurance company?
ASF is our exclusive insurance provider. So, you can't use any other insurance company.
13. How do I check the status of my application?
The dealer from where the auto finance application is made will communicate to you the decision on your application.
14. How can I get a promotional rate financing and through which dealership?
Special rate programs are available with specific dealers based on the marketing campaigns being run during that time. Please contact our approved dealers or call our customer care at 800 755 0011
15. Is there a down payment required?
Yes. A down payment/first rent is required and is based on the product selected
16. Are there any vehicles SSF does not finance?
Yes. SSF does not provide financing for the following vehicles: Heavy Commercial Vehicles (Trucks, Buses), ATV's, dirt bikes, custom built motorcycles etc.
17. Can I get a second or third financing with SSF before I pay off my first financing?
Yes, you may apply for another financing; however our credit department will review your information to determine if you qualify.
18. What is the maximum amount of financing?
You can request the following
i. New Car Up to SAR 500,000
ii. Used Car Up to SAR 200,000
19. How large of a finance amount can I get?
Our credit department will review your information and determine the finance amount.
20. How long is a pre-approved finance amount valid for?
The first approval is valid for 14 working days.
21. Are there any prepayment or early payoff penalties on your auto finance products?
Yes. A penalty of 4% on outstanding principal amount will be levied at the time of early payoff or prepayment.
22. Is there any late payment fee?
A late payment fee will be levied on every delayed payment. This payment will be dispensed in full to Charity, in keeping with our Shariah committee guidelines
23. Could I make a partial payment to my due installment?
Yes, but you will be charged a late payment fee. Please call our Customer Care number 800 755 0011 and they will advice you on the actions.
24. Could I take my car outside the Kingdom?
Yes. An authority to drive for GCC can be issued on request. For travel outside GCC, only certain countries are approved where an additional insurance coverage will need to be purchased in addition to SSF other terms and conditions. Please call the Customer Care free number for more information. 800 755 0011
25. What are the modes of payment available?
You may use any of the payment methods below to pay your monthly installments.
25. What are the modes of payment available?
You may use any of the payment methods below to pay your monthly installments.
Banque Saudi Fransi (BSF Customers):
BSF Branches: By cash depositing the amount to your Sofinco Saudi Fransi (SSF) account (973xxxxxxxx) through the Teller, informing him that the account is a brokerage account.
BSF Phone Banking: By inquiring about your current account (press 2), then choose (4) To make company payment, then chose Sofinco Saudi Fransi and enter your account (973xxxxxxxx)
Online: Through Fransi Plus, you can pay the installments by going to Transfers then choosing To Brokerage Firms then from the Brokerage Firm List choosing Sofinco, and then entering your account number (973xxxxxxxx) in Broker Customer Account then transferring your installment amount.
Direct Debit: By signing a Direct Debit Mandate form, authorizing BSF to directly debit your monthly instalment from your account to SSF account.
Other Banks' Customers:
Banque Saudi Fransi Branches: By cash depositing the amount to your Sofinco Saudi Fransi (SSF) account (973xxxxxxxx) through the Teller, informing him that the account is a brokerage account.
Branches: By transferring the installment to your account number (973xxxxxxxx) at Banque Saudi Fransi.
Online: By transferring to Banque Saudi Fransi using your name and your Sofinco account number (973xxxxxxxx).
Phone Banking: By choosing to pay Sofinco Saudi Fransi at BSF, then transferring the amount to your account number (973xxxxxxxx).
Direct Debit: By signing a Direct Debit Mandate form, authorizing BSF to directly debit your monthly instalment from your account to SSF account.
26. What will be the title of ownership of the vehicle?
Incase of Ijaara the ownership of the vehicle will be in the name of SSF whereas in Murabaha the ownership of the vehicle will be in the name of the customer.
27. What will be the procedure for vehicle registration?
The registration will be done through a SSF assigned company.
28. My loan is paid in full and I need my title. When can I expect to receive it?
If your loan has been paid off, your title may be released within 5 business days from the date of the payoff. The cost for transfer of ownership will be borne by the customer.
29. I have recently moved; what do I need to do to update my address information?
Please call us at 800 755 0011 and we can update your address.
Or, send your change of address notifications to:
Sofinco Saudi Fransi
Attn:
Customer Service
P.O. Box 57041
Riyadh 11574,
We will update your account within two business days. Be sure to include your account number on the request.
30. What procedure needs to be followed at the time of an accident?
When an accident occurs you may not negotiate or settle with the other party on SSF's behalf.
The accident must be reported within 24 hours to our insurance company on the following numbers
(Sat.-Wed.) (8:30am-5:30pm):
Central Region (Riyadh): 01-2176910 Ext. 130, 131, or 132
Western Region (Jeddah): 02-6658495 or 02- 6657682
Eastern Region (Dammam): 03-8672256, 03-8675230, or 03-8679454
31. What should I do in event of a car theft?
You need to contact our Customer Service at 800 755 0011 and inform about the incident.
32. How to make an insurance claim?
In the event of an accident:
1. Note the registration number of the vehicle(s) involved.
2. Call the Police (993) immediately and wait until the policeman reaches the accident spot.
3. Do not move the vehicle from the spot of accident, until you are asked to do so by the authorities.
4. Do not yourself admit the liabilities or negotiate the settlement of any claim directly with the Third party.
5. Make a sketch plan of the accident scene and record in writing the circumstances which caused the accident (This is required when completing the accident declaration).
The following documents are to be submitted:
1. Accident Declaration, duly filled-in,
2. Original Police Report stating the liability aspects and the amount paid to or collected from the Third Party
3. Repair Permit
4. Copy of the Driving License of the person driving the vehicle at the time of the accident.
5. Copy of the Iqama / Saudi ID of the person driving the vehicle at the time of the accident.
6. Copy of Istamara (registration of the vehicle).
HELP IS ALWAYS AT HAND CALL US IMMEDIATELY
Province Contact Person Telephone
Central Said Kartit 01-2176910 (Ext. 130)
Western Ashraf Eisa 02-6658495
Eastern Mohd. Nafees 03-8672256
Emergency Numbers
(Only after Working hours & during Weekends)
050 8953609 (Mr. Said Kartit)
050 6976935 (Mr. Sasikumar)
050 4218211 (Mr. Bandar Kohail)
33. When can I talk to a SSF representative to discuss my loan facility?
Our Customer Service Representatives are available to assist you Saturday through Wednesday 9:00am – 5:30pm. To reach us, please call 800-755-0011.
34. How do I request a payment history, authority to drive, or other documentation?
Please contact Customer Service at 800-755-0011. Keep in mind that all requests take a minimum of 1-2 business days to process.
35. I need to fax information to SSF. What is your fax number?
SSF fax number is +966 1 210 1503. Make sure to put the name of the associate or the department you are faxing information to, along with your account number.
36. Do you provide any Extended Warranty?
This is not currently provided by SSF however this can be purchased directly from the manufacturer dealer.
FAQ Auto Finance- Partner/Dealer
1. How can I sign a partnership agreement with SSF?
You are welcome to contact our respective regional office expressing your interest to join the SSF network. The contact details are as below:
Central-Riyadh
Tel. +966 1 207 3125
Fax. +966 1 210 1503
Western-Jeddah
Tel. +966 2 657 4823
Fax. +966 2 657 4822
Eastern-Dammam
Tel. +966 3 813 0855
Fax. +966 3 813 0859
2. What documents are required?
i. A Dealer Screening Questionnaire (to filled by you)
ii. A Copy of your Commercial Registration
iii. A Dealer Contract signed by you
iv. A corporate account with Banque Saudi Fransi
3. What is your method of payment for the car purchased?
SSF will pay the car price net of the processing fee and down payment/first rent by bank transfer to your Banque Saudi Fransi account.
4. Do you pay any commission to dealer salesperson?
Yes. A commission is paid for each unit financed through SSF.
5. Can I participate in a joint marketing campaign with SSF?
Yes. A joint marketing campaign can be devised based on mutual agreed objectives
6. How will SSF help me in increasing my sales?
SSF provides a wide range of auto finance products which will help you increase your sales, by giving the cash alternative to those who can't.
SSF quick feedback on each application, guarantee an immediate purchase decision for the approved ones.
We also provide the necessary POS support at your dealerships to increase product awareness.
7. Does the SSF offer any training?
Yes. An introductory training is conducted for your staff at the time of launch and these are followed by regular refresher sessions
8. What is the process for car registration?
SSF has appointed a company for handling all car registrations. SSF will bear the cost of registration for all cars financed under the Ijaara programme.
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