Is it right for you?
- You are entering into new relationships with overseas customers to pay for vehicles in emerging markets and are looking to trade safely
- Offers exporters non-recourse finance as soon as compliant documentation is presented with a ‘term’ Letter of Credit
- Letters of Credit often act as ‘gateways’ to vehicle exporting and other services.
- As an exporter, you are looking for security of payment
- As an importer, you wish to strengthen your credit worthiness
How it supports your business
- Gives you the reassurance of a secure, globally recognized method of settling overseas trade
- Offers flexibility as we can match your Letter of Credit to your business needs and payment can be made for any amount and in any freely traded currency
- Allows you to strengthen your trading relationship by offering better credit terms to overseas buyers when you are exporting vehicles
- Enables you to negotiate improved credit terms if you are importing vehicle, thereby improving your cash flow
Letter of Credit Requirements
As the vehicle or other goods are being prepared for shipping, a Letter of Credit should be prepared meeting the following requirements:
- The beneficiary should be “CC Ocean Automotive Ltd.”
- Issued by a well-known bank
- Should be received 4 days prior to shipping by our bank.
- Date and place of expiry should be a minimum of 3 months after the date of issue
- Partial shipments must be allowed if multiple vehicles are on the Letter of Credit
- The last 6 digits of the VIN should be included in line 72 “Sender to Receiver Information”
If you would like to see our current detailed list of requirements, please do not hesitate to contact us.