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Popular Auto launches boat financing, plus luxury auto rental and leasing divisions

Popular Marine to finance new and used boats, Elite Auto Collection adds luxury vehicle option to company’s daily rental fleet


April 7, 2005
Copyright © 2005 CARIBBEAN BUSINESS. All Rights Reserved.

In addition to providing auto financing, leasing, daily rentals, and commercial leasing, Banco Popular subsidiary Popular Auto recently launched a new dedicated division to aggressively service the island’s growing boat-financing market, under the name Popular Marine.

"Although Popular Auto already handled what are known as marine loans, we realized there was significant potential to expand on the products and services we now offer to this particular market," said Edouard Lafontant, senior vice president of marketing & public relations for Popular Auto.

After a market study revealed there was a potential market, Popular Auto created Popular Marine, a division with its own experienced staff dedicated exclusively to financing the purchase of new and used boats and marine engines (repower), Lafontant said.

"Popular Marine clients will have access to a multitude of advantages such as preferential and competitive rates for those with excellent credit histories and the convenience of same-day credit decisions in most cases," Lafontant said. He added the new division doesn’t charge commissions or surcharges to process a loan, offers fixed rates for the term of the loan, and applies the same rate to the financing, refinancing, or account transfer of a new or used boat.

Popular Marine clients will also be able to accumulate Premia Rewards program points, receive special discounts if they decide to repay their loans using the direct payment option, and have a deposit account with Banco Popular, Lafontant said. For their added convenience, potential clients can apply for a loan by filling out an application at the boat dealership as well as over the phone or online at, the Popular Auto executive added.

Popular Auto, which has 10 offices throughout the island, recently enhanced its daily rental fleet with late-model luxury vehicles, available through its new auto rental and leasing division Elite Auto Collection, Lafontant explained. The division will offer daily, weekly, and monthly rentals of Lexus, Lincoln, Ford, Infiniti, BMW, and Mercedes-Benz models.

"Elite Auto Collection has been developed for clients with high purchasing power who are looking for sophistication and elegance, a market we want to attract by having completely equipped, luxury units in optimum condition available," Lafontant said. Elite Auto Collection vehicles are ideal for clients interested in acquiring a particular luxury vehicle or simply want to cruise around for a while in a particular favorite luxury model, Lafontant added. "These autos are also the perfect alternative for clients who want to drive a vehicle similar to their own while their’s is being repaired," the Popular Auto executive remarked.

Lafontant said Elite Auto Collection was created to strengthen and increase market demand for Popular Auto’s daily-use fleet of more than 1,200 vehicles, including compacts, sedans, pickup trucks, cargo vans, 12-to-22-foot-long refrigerated trucks and eight-to-15 passenger vans.

This Caribbean Business article appears courtesy of Casiano Communications.
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