Residents of Latvia’s largest cities will be able to buy used cars and prepare leases at the Citadele Bank, and the value of the car will be appraised at the bank’s branch.
“This new appraisal service means that cars can be brought more quickly and inexpensively, because people do not have to visit certified auto appraisal specialists in Rīga, thus saving time and money,” says the board chairman of the Citadele Leasing and Factoring subsidiary of the Citadele Bank, Pēteris Plaudis. “Clients can fill out leasing documents, an employee will take a picture of the car, and then he or she will evaluate whether the price is appropriate for the market value of the car.”
The service applies to cars within the price range of EUR 2,300 and EUR 17,000, with two segments – appraisals of cars costing between EUR 2,300 and EUR 5,000 can be received in an hour’s time, while the examination of the car and the preparation of documents for more expensive cars will take one business day.
“We are coming closer to our clients, offering a chance for appraisal not by a specialist or by employees of a car service in the relevant city, instead receiving the services at Citadele branches in Latvia’s largest cities,” says Plaudis. “Employees will photograph the car, evaluate whether it is in line with the price, and prepare the appraisal and leasing documents. Once the positive decision is taken, the client can receive the car in one day’s time.”
The Citadele appraisal will not be accepted by other leasing service providers, because the bank is not a certified appraiser. The rules for the process say that the maximum age of the leased car at the end of the lease cannot be more than 15 years, that the minimum sum of financing must be at least EUR 2,000, and that maximum financing is up to 90% of the market value of the car.
The Citadele Bank has found that people in Latvia most often buy cars worth EUR 5,000 to EUR 15,000. Among used cars, the most popular ones are BMW, Audi and Volvo, and people mostly buy cars that are 5-10 years old. Clients who choose other brands buy cars that are 4-7 years old, on average. In Latvia’s regions, the price of cars of a similar age and quality is a bit lower than in Rīga.
The appraisal services will be available at the Citadele Bank’s branches in Jelgava, Jēkabpils, Valmiera, Liepāja, Tukums, Talsi, Daugavpils and Gulbene. Early in 2016, the bank will open a branch at a shopping centre in Rumbula, which is the largest retail location for used cars in Latvia. This means that clients will have access to better leasing terms from Citadele than is the case with non-bank lenders who are active in Rumbula. When the leasing documents are prepared, the appraisal will also be available at the bank.