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FCA Bank Features “Pay By the Mile” Financing Offer

Along with the introduction of their Fiat 500X model, FCA Bank (financial arms of Fiat Chrysler Automobiles) and Crédit Agricole Consumer Finance, unveiled a “Buy By the Mile” financing offer. This option allows drivers riding less than 15,000 kilometres per year to get discounts on their monthly instalments: flexible rates then apply, based on how often they actually use their car.

As they presented the Fiat 500X model, FCA Bank and CACF also launched a flexible financing option called “Buy By the Mile”, enabling drivers riding less than 15,000 kilometres per year (roughly 9300 miles) to benefit from “per mile” prices when purchasing a car. The interest rate applied to their credit line will depend on this mileage calculation.

Their repayments then depend on the actual number of miles they drive. This financing option may apply to all purchasing contracts (including Lease-Purchase and Long-Term Rental). For now, FCA Bank does not provide much detail as to this offer’s specifics: no information on how the number of miles will be verified and its impact on the monthly instalments.

This offer will be made available in countries where FCA Bank operates as soon as the Fiat 500X model will hit each given market. It is meant to expand their current range of offers and intended for all drivers: individual customers, businesses and corporate customers.

Comments – A “Pay as you drive” inspired concept

Fiat Chrysler Automobiles’ financial arm is established in 17 European countries as well as in Morocco, directly or via local subsidiaries. On June 30th, their credit portfolio was worth 26 billion euros. With this offer, FCA Bank features a flexible financing solution, in line with current Italian expectations and trends. Customers are, indeed, most interested in services that make them feel free while also rewarding them with adjusted monthly instalments, consistent with actual use levels. This financing option should help boost sales for one specific car model, which already is quite successful.

Even if this offer is brand new in Italy, it does not stand out as a market first in Europe. In Poland, Idea Bank already launched Happy Miles: a scalable, mileage-based credit solution for commercial vehicles.