Ampere Electric has announced its partnership with OTO Capital to offer vehicle leasing plans for buyers
The partnership enables customers to access lease rental financing within 48 hours of applying for quick documentation process. Consumers can book a vehicle through the OTO Capital website or directly with Ampere Electric. One can also opt for home delivery of a new vehicle.
A leased vehicle can after a duration be exchanged for another vehicle in the product lineup, though such details from Amprere and Oto are still awaited. The leasing option is available from August 1, 2020 exclusively in Bangalore. Services will be introduced in Pune, Hyderabad, Delhi, Chennai and Cochin by 2020 end.
Cost of Ampere Electric Leasing Plan
Cost of monthly payments is significantly reduced for the owner. An Ampere Zeal electric scooter that would cost Rs 3,020 per month using other financial tools, can now be availed at an OMI (Ownership Monthly Instalment) of Rs 2,220 per month. As such, the initial financial commitment for the consumer is lower, making the financial tool easier to access.
OTO Capital has witnessed an increase in buyer interest since COVID-19 outbreak. As public transport has come to a standstill in most parts, and ride-sharing apps and hailing cabs are not always an option, personal mobility at a reasonable cost in now a consideration as lockdown limitations are lifted in a phased manner, and folks begin returning to work. So an easy to ride, easy on the pocket offering could seem attractive to buyers.
Ampere says its ‘scooters enable 90% savings as against conventional scooters’. With a long-term lease plan, a new fold of buyers will enter the market. Compared to an EMI based loan plan, a lease plan lets you borrow the vehicle without owning it. This offers great flexibility to buyers who don’t necessarily want to own the same vehicle for years at an end. As the burden of ownership is shifted, related costs too are shifted.
Where vehicle purchases are concerned, there has always been great dependence on finial tools. With vehicle ownership changing in recent years, the need for wide-ranging financial tools stands in good stead for both, manufacturer and customer. Current Covid-19 pandemic related developments have burdened both buyer, and seller. The option of easy to access financial tools will ease some of that burden.
Sumit Chhazed, Co-founder, OTO Capital, said “Entering the electric vehicle market is a big win for our company. The partnership with Ampere Electric has come at a time when consumers themselves are very conscious of the choices they make and the impact it makes on the planet. We hope to partner with all their dealers in the major cities to help buyers own their electric bikes at a lower cost.”