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Financing Asset Acquisition Cont'd - By Stanley Opara
He, however, stresses that the asset does not fully belong to the beneificiary at that point, saying anything could still happen.
He may decide not to pay again, or can even travel abroad. If he was hitherto employed, such employment cannot be guaranteed because he may decide to leave the job or get relieved of the job by his employer.
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In worst cases, such persons could even die during the period of the transaction”.
Due to these unforeseen exigencies, the major risk tend to rest with the company giving out the finance facility. In most cases, the company continues to spend additional money despite the fact that it is being owed the balance on the asset(s) given out. This means a zero risk condition for the asset acquirer.
The Marketing Manager, Finance Trust Limited, Mr. Sylvester Ani, said banks’ intervention in issues relating to financing assets ownership, is a big relief for beneficiaries. “Banks have the funds in large quantum, and can afford to spread payments for the client more than ordinary finance companies. This situation, he says, portrays a bright future for the business”, he says.
To a large extent, people are encouraged to utilise this opportunity and own assets of their choice. The fact that some banks have taken to this line of business makes some people to get suspicious, saying that the conditions of these transactions will in no way be different from the conditions attached to loan facilities granted by banks, which in most cases are seen as exploitative.
On the other hand, if people do not deem it fit working with banks to acquire assets, they can do same with good and registered finance and leasing companies spread all over the country.
With 40 per cent upfront payment, one can own an asset of his choice, and spread payment for the balance within six months to one year, or even over. This eases stress for the asset owner, and facilitates planning for him.
The conditions to be met here are basic. A regular source of income is in most cases what is required coupled with agreable contract in that regard. The whole idea behind this is to make living easier and stress-free. It is a welcome development, and should be embraced by Nigerians.
- Culled From Punch
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