Mazda's finance arm has officially launched Mazda Assured, a new program that will allow customers to switch to a new Mazda model every few years while guaranteeing their current vehicle's buyback value when it comes time to trade it in.
The scheme officially launched this week, but has been in the works for some time as part of Mazda's response to tighter credit requirements implemented after the Banking Royal Commission, which have been viewed as a contributing factor in an overall slowdown of new car sales in Australia.
"Mazda Assured allows customers to change their vehicle more often and as their lifestyle changes, with the reassurance of Guaranteed Future Value (GFV)," Mazda said in a statement.
When joining the program, customers must provide a deposit, preferred loan term and estimated number of kilometres to be driven, and Mazda will then give them a tailored interest rate and repayment plan, along with a guaranteed future value figure for the vehicle.
Mazda defines the Guaranteed Future Value (GFV) as "the minimum value of your Mazda at the end of your finance contract, as determined by Mazda Finance".
At the end of the loan term, customers have the option of trading the car in for another Mazda – with the agreed GFV put against the new car's price – or keeping it and repaying the remaining determined GFV sum.
Mazda Assured will be accessible through all dealers offering Mazda Finance, Mazda's branded car finance arm which was introduced in 2019 to compete with the financial divisions of manufacturers like Ford, Toyota and Nissan.
“Adding to customer peace of mind, Mazda Assured also provides each customer with a personalised interest rate calculated on their individual circumstances in addition to a Guaranteed Future Value that ensures they’ll always know the minimum value that Mazda Finance has set for their vehicle at the end of their loan term," Mazda Managing Director, Vinesh Bhindi, said.
In February 2020 new car sales, Mazda sales fell 21.7 per cent to 7230, but it managed to hold its spot as the second-highest-selling car brand, just behind Toyota.
When it comes to car finance, CarAdvice always recommends shopping around through various lenders to get the best rate.