Article date: 8 February 2007
High street lender The Co-operative Bank has signed a five-yeardeal with RAC to provide and service car loans.
As well as receiving a competitive rate, RAC car loan customerswill also get a free vehicle examination (worth up to £156) to helpthem choose their new car wisely. Existing RAC customers who takeout a car loan will also get a free RAC Vehicle Status Check ontheir potential new set of wheels.
Other benefits of the RAC car loan* include:
- 6.9% APR typical on loan amounts between £7,000 and£25,000
- Loan terms from one year to seven years
- Option of having the loan agreement delivered the followingday
- Free next day transfer of loan to the customer’s bankaccount (working days only and when the customer opts for courierservice).
Frank Wilson, director of RAC individual sales, said:“This is a very exciting deal which will enable bothbusinesses to combine their expertise in providing great valuepropositions for customers.
“By signing up with The Co-operative Bank, RAC is using itsexpertise and motoring heritage to offer a car loan with a greatrate and benefits that could provide peace of mind for carbuyers.”
And John Hughes, director of retail banking at The Co-operativeBank, said: “We are delighted to be joining forces with RAC.This deal will provide customers with the opportunity to obtainloans at a very competitive rate with the knowledge that they arereceiving a financial package backed by our ethical approach tobanking.”
RAC Press office contact:
Jenny Chapman on 01603684224/07800 699668 or Lucy Haughey on 01603 354337/07800690149
Notes to editors:
With around seven million members,RAC is one of the UK's most progressive motoring organizations,providing services for both private and business motorists. Whetherit's roadside assistance, windscreen repair and replacement,learning to drive, vehicle inspections and checks, legal andfinancial services or up-to-the-minute traffic and travelinformation - RAC is able to meet motorists’ needs. RACincorporates BSM, RAC Auto Windscreens, RAC Direct Insurance andHPI.
Aviva bought RAC in May 2005. The acquisition brings together RAC'spowerful brand and customer base with the expertise and leadingposition in motor insurance of Norwich Union Insurance (part ofAviva). Norwich Union is the UK's largest insurer, insuring one inseven motor vehicles and with a market share of around 15%.
RAC’s news releases and a selection of images are availablefrom the internet press centre at www.racnews.co.uk.
* RAC Loans are provided by The Co-operative Bank plc on behalf ofRAC Financial Services Limited (Registered No 5171817). RegisteredOffice: 8 Surrey Street, Norwich NR1 3NG which is authorised andregulated by the Financial Services Authority. Applicants must beUK residents, aged between 23 and 69, have a minimum annual incomeof £10,000 and be either a homeowner or hold a debit, chequeguarantee, store or credit card. Terms and conditions apply. Creditfacilities are provided by The Co-operative Bank plc (Registered No990937), of PO Box 101, 1 Balloon Street, Manchester, M60 4EP andare subject to status. The Co-operative Bank reserves the right todecline any application or offer a loan at a rate that differs fromthose advertised. Interest rates are correct at time of going topress. Calls may be monitored and/or recorded for security and/ortraining purposes.
The Co-operative Bank is authorised and regulated by the FinancialServices Authority (No 121885), subscribes to the Banking Code, isa member of the Financial Ombudsman Service and is licensed by theOffice of Fair Trading (No 006110).