Launched in partnership with dubizzle, the leading classifieds platform in the UAE, the Autoswap solution will enable car owners looking to sell their vehicles to complete the transaction without having to settle their existing loans. Sellers with outstanding loans can opt for this solution by using SellerAssist, a premium service offered by dubizzle pro which manages the entire selling process on behalf of the owner to help find the right buyer at the right price.
While the second-hand market makes car ownership more accessible, many sellers have an outstanding loan on their current vehicle that has to be cleared before the transfer of ownership can take place. dubizzle estimates that one in four customers find it difficult to settle their outstanding loans leading to the inability to make the sale.
Matthew Davidson, Head of Motors Services for dubizzle, said: "Autoswap marks an expansion to the scope of the existing partnership between Emirates NBD and dubizzle. It conveniently allows a car to be sold through dubizzle pro at its current market value and Emirates NBD will clear the existing loan. The buyer will also be offered a new loan to help finance their purchase. This is fantastic news for the industry as not only does it add an additional layer of trust and convenience, but it also opens up the second-hand car market to more people."
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