BMW Credit Malaysia Sdn. Bhd., a vehicle financing subsidiary of BMW Group Malaysia, is now offering customized solutions for customers affected by the Covid-19’s Movement Control Order (MCO).
As BMW Credit Malaysia’s financing options are far more varied than a bank’s traditional hire purchase, the solutions available will vary from one customer to another, depending on their individual contract with the company.
Customers who wish to apply for greater flexibility with regards to month repayments for their BMW/MINI vehicles can contact firstname.lastname@example.org.
In a statement emailed to WapCar.my, the company said:
“BMW Credit Malaysia Sdn. Bhd is committed to help and serve our customers during these challenging times.
“We have developed several customised solutions for our affected customers to ease their burden during the period of the Movement Control Order (MCO).
“These solutions offer multiple options and flexibility to cater to their individual financial situation.
“BMW Credit Malaysia would recommend that our customers contact our customer support team at email@example.com for more information on these solutions.”
To recap, on 20-March 2020, Bank Negara Malaysia announced a 6-month moratorium for all loan/repayments, effective 1-April 2020. Interest will continue to accrue but most leading banks have announced that it will be waived.
However, Bank Negara Malaysia’s instructions applies only to banks. Credit companies do not fall under the purview of Bank Negara Malaysia. Unless specified, customers who have entered a financing contract with credit companies, will need to continue their monthly repayments.
The measures announced by BMW Credit Malaysia today is the company’s own initiative.