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Al-Futtaim Motors confirms legality of new offer

Al-Futtaim Motors has confirmed that it has not breached the country's Central Bank lending rules by launching its new financing offer recently, The National has reported. The exclusive distributor for Toyota in the UAE announced last month a financing programme that allows customers to pay for most of the mandatory 20% payment for a car over the life of a 24-month loan. Since the start of Ramadan, 40% of buyers have taken advantage of the plan, Andrew Squires, the manager for sales, planning and distribution at Al-Futtaim Motors has said.