The Bank of Georgia is offering its consumers a new service called "Auto 999." This is a new system through which the consumer can pay for a car in installments.

"Auto 999 is the unity of three nines which means that the person who decides to use Auto 999 service and takes a loan from the Bank of Georgia he will have opportunity to buy car only with 9 percent co-participation. This means that, in the beginning, the consumer will have to pay only 9 percent of the total price of the car she wants to buy," said Beso Abuladze the head of the bank's product development department at the press conference.

In accordance with the 9 percent co-participation the consumer will have to pay the sum over a 9- month period. The final 9 indicates the annual percent rate that the consumer should pay.

"This annual 9 percent rate is pretty low and in some cases it's possible that it will mean that the automobiles' price increase with 9 percent that also will not be problem for our consumers," explained Abuladze on Monday.

Service Auto 999 also suggests other schemes that will depend on the consumer's individual demands such as: if the co-participation increases to 18 percent (2X9 percent) this means that the first sum paid by the client increases to 18 percent and the loan data will raise till 27 months (3X9 months). This means that 2 times 9 percent from the consumers' side and 3 times 9 months from the bank's side.

"Everyone who wishes to buy new cars with minimal effort that is connected with 9 percent co-participation can use Auto 999 service. This can be first car for the consumer or the second, this makes no difference. The main thing is that this process will be made possible by using a minimum of exertion from our consumer's side," Abuladze said at the briefing on April 17.

If a person buys a car via the Auto 999 service he will receive various services from the bank as well such as: a debit Visa Electron or Master card, a full package of distance banking services, available conditions for car insurance, overdraft protection and a credit card.

"Finally I want to announce a surprise: the first nine consumers that use our Auto 999 service and buy cars with it, the Bank of Georgia will present them with a license plate with the number '999'," Abuladze said on Monday.

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