Maruti Suzuki introduces car leasing: No down payment or resale value worries

Maruti Suzuki has joined the list of car manufacturers who offer car leasing programs under which a customer can simply pay a monthly rent for a fixed time period to use a car of their liking.

By:July 3, 2020 1:10 PM

2020 Maruti Suzuki Vitara Brezza

Maruti Suzuki on Thursday announced the introduction of its subscription-based car leasing service. The manufacturer has tied up with Orix Auto Infrastructure Services Ltd to launch the car subscription service in India. The service in its pilot project will be available in Gurugram and Bengaluru with a lineup including the Maruti Suzuki Swift, Dzire, Vitara Brezza, and Ertiga from the Arena channel and Baleno, Ciaz, and XL6 from NEXA retail channel.

Under the leasing program, customers can pick any Maruti Suzuki car of their liking and pay a monthly rent for use during a fixed time period. The program also includes car insurance, genuine parts and accessories, along with a maintenance cover.

Several car manufacturers have begun car leasing service in India. Hyundai Motor India launched its service last year in six cities across India initially in a partnership with self-drive car-sharing firm Revv. MG Motor India offers car subscriptions through a tie-up with Myles – car sharing and leasing platform from Carzonrent. Volkswagen India introduces its car lease program in May this year with a minimum lock-in period ranging from two-four years.

Also read: How car rental could be your new safety move against COVID-19 after lockdown

The India automobile industry had already been experiencing a sales slowdown before that pandemic and now, sales are all the more impacted negatively. Hence, automakers have had to churn out new ways car ownership for their customers while also making the process simpler and less of a financial burden.

Maruti Suzuki has also announced recent collaborations with select banks to offer customised auto retail financing solutions to its customers. For instance, Maruti’s tie-up with ICICI Bank offers a ‘Flexi EMI’ scheme that enables customers to pay low EMI initially with amounts starting at as low as Rs 899 on a loan amount of Rs 1 lakh for the first three months.

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