What is “KASSEB” programme?
“KASSEB” programme is a flexible and innovative programme from Toyota Al Sayer that provides you with the option to own a car with Low Cost of Ownership and also you can change your car on a periodic basis. This is because of its key feature, which we call the Guaranteed Fair Value (GFV)
What’s different about KASSEB programme?
Through KASSEB programme, the Guaranteed Fair Value (GFV) allows you to have lower cost of usage per month. You can also finance the vehicle through selected banks (Subject to their terms and conditions).
- Let’s assume that the cost of Car including additional Service + 2 Year Golden Insurance is 6,365 KD which is paid in Cash
- KASSEB program offers a Guaranteed Fair Value for your car after 2 years.
- Let’s say the Resale Value for the car after 2 years is 4,350 KD
- The remaining balance to pay after removing 4,350 KD, Resale Value will be 2015 KD
- Your monthly cost of ownership for 2 years will be approximately 84 KD
How would I know more about the cost associated terms and conditions for KASSEB Program and Financing?
For more details and information, Please visit any of our showrooms.
What is the Guaranteed Fair Value (GFV)?
The GFV (75%) is calculated while entering the KASSEB contract, is based on what your car’s estimated value will be at the end of the agreement, taking into account its future condition and mileage. Provided the conditions associated with GFV as mentioned in the KASSEB contract are adhered to.
How do I exercise my GFV?
Well that highlights one of the differences between KASSEB Program and a Hire Purchase.
At the end of the agreement you have 3 choices.
- Retain: the car and refinance the GFV
- Return: hand back the keys and walk away, and take GFV back.
- Replace the car with a new contract
Are there any hidden conditions for GFV?
Our conditions are transparent and easy to understand. To benefit from Guaranteed Fair Value our only condition is to bring the car in good condition that meets certain standards like clean interior, no major accidents, vehicle computer system is not tampered with due to installing unauthorized accessories that are non-conforming to the vehicle electrical system as per the manufacturer instructions.
We at Al Sayer are not imposing any abnormal conditions these conditions are acknowledge by worldwide and locally.
Is there a set period for KASSEB Programme?
Yes – 24 months , binding , final and irrevocable.
Is there a minimum or maximum deposit?
It depends – whether you want to finance 100% from the banks or make some down-payment (for example 7%-10% of the total cost) and finance the remaining amount. Alternatively, you can buy a car under KASSEB programme by making the full payment in cash and take advantage of three benefits –service, comprehensive insurance and the highest guaranteed repurchase price.
Is Kasseb Programme valid for companies?
No - Only for retail customers
Is there any specific Kilometres limit set per year?
The Kilometres set per year is 20,000 km.
When are excess Kilometres charges applied?
If the vehicle is returned over Kilometres you would be liable for an excess mileage charge. The charges applied are depending on the vehicle you choose . You can see the excess charge in the PCP contract in “KASSEB” programme
When should I pay the excess Kilometres charges?
Excess Kilometres charges are due at the end of KASSEB agreement. Specifically if you choose to return or replace the vehicle to us at the end of your agreement and if you have exceeded your agreed Kilometres limit. In such cases charge is applied to the number of kilometres by which you exceeded your limit. The kilometre rate is set at the outset of your agreement and is clearly shown within your agreement documentation.
Does excess Kilometres affect the GFV?
With any KASSEB agreement, the predicted annual Kilometres of the vehicle doesn’t affect the resale price at the end of the contract as long as the customer is paying the excess charges.
The maintenance cost initially set would not meet the additional costs incurred if the mileage is exceeded. For example, an additional service or set of tyres may be required.
Can I change the agreed Kilometres on KASSEB agreement?
No , you can’t change the agreed Kilometres on PCP Agreement as it was taken into consideration while calculating the future Guaranteed Fair Value of your vehicle at the beginning of the agreement .
Can I transfer my KASSEB agreement into someone else?
Unfortunately it is not allowed to do so.
Who is the finance provider?
The finance providers are a group of selected Islamic banks like Warba Bank and conventional banks like Kuwait International Bank and Burgan Bank which are located in all Toyota showrooms across Kuwait .
Do I need to pay a down payment in case of financing the monthly instalments ?
Customers have the choice to pay 7% of the total amount , as it will reduce the monthly instalments during the 24 months , or the customer might not pay a down payment .