Despite interest rate hike, Proton Commerce to honour existing LOUs

Louis · Aug 5, 2022 04:37 PM

Despite interest rate hike, Proton Commerce to honour existing LOUs 01

  • Proton has announced that they will honour all existing Letter of Understanding (LOU) despite interest rate hike.
  • No need to resign hire purchase agreement.
  • Proton now leads in vehicle exportation in Malaysia.

With 380 units in July, exports for 2022 have risen to 3,102 units and surpassed the 3,018 export sales for the whole of last year. This bolsters Proton position as the leading vehicle exporter in the country and places the company in a strong position to help improve Malaysia’s trade balance in the future.

The Proton Saga, Proton X70 and Proton X50 remain as the leading export models with the latter achieving a new export sales high of 126 units.

Despite interest rate hike, Proton Commerce to honour existing LOUs 02

Meanwhile, Proton's financing subsidiary, Proton Commerce Sdn Bhd, has announced it will honour all Letters of Understanding (LOU) at the stated interest rate even if they were issued prior to recent interest rate hikes.

Terms and conditions apply, and funds must be disbursed by 31 December 2022, but it ensures customers who already have an LOU from Proton Commerce and are awaiting their orders do not have worry about being charged a higher rate for financing.

Despite interest rate hike, Proton Commerce to honour existing LOUs 01

“The easing of restrictions in global trade has been a major boost for Proton's export division. With five months to go, we are on target for yet another year of double-digit percentage growth, though our enthusiasm is couched by economic issues faced in overseas markets," said Roslan Abdullah, Deputy Chief Executive Officer of Proton

Despite interest rate hike, Proton Commerce to honour existing LOUs 02

“Domestically, we are working to ensure that despite recent interest rate hikes, our customers will still be able to afford the vehicles they ordered. It’s vital to ensure we convert as many bookings as possible into transacted sales as this will help drive registrations as we continue to strive for more future success,” added Roslan Abdullah.

Louis

Writer

Louis is an automotive writer whose background was in the legal industry. Jumping from law firms to car dealerships, he finally found a career he loves and will never have to work a day in his life. He enjoys detailing his car and going to the gym during his free time.

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