Question 1

What is Caribbean Finance Company Limited?

Accepted Answer

Caribbean Finance Company Limited is a leading non-bank financial institution operating in Trinidad and Tobago. The company specializes in providing financing solutions across various sectors, with a strong focus on motor vehicle financing, mortgage lending, and deposit services.

As a licensed financial institution under the Financial Institutions Act, 2008, Caribbean Finance Company Limited occupies a prominent position among Trinidad and Tobago's non-bank financial sector. The institution is a member of the Deposit Insurance Corporation (DIC), providing depositors with insurance coverage up to $200,000 per depositor.

Question 2

When was Caribbean Finance Company Limited founded?

Accepted Answer

Caribbean Finance Company Limited was founded in 1971 by the late Nazir Ahamad. The institution was established to provide motor vehicle financing to support the auto dealership of Southern Sales & Service.

At the time of founding, General Motors Acceptance Corporation U.K. Ltd (G.M.A.C (U.K)), a branch of General Motors' finance company, had been providing financing to Southern Sales and Service and Neal and Massy Limited, who shared the General Motors franchise. Recognizing the competitive advantage of developing an independent motor vehicle financing operation, Ahamad established Caribbean Finance Company Limited to serve this market need.

Question 3

Where is Caribbean Finance Company Limited headquartered?

Accepted Answer

Caribbean Finance Company Limited is headquartered at 17-19 Tragarete Road in Port of Spain, Trinidad and Tobago. The company's registered office is located at 22 Kew Place, Port of Spain.

The institution maintains its primary operations from its head office in Port of Spain, which serves as the central hub for its financial services activities.

Question 4

Where does Caribbean Finance Company Limited operate?

Accepted Answer

Caribbean Finance Company Limited operates in two key locations across Trinidad and Tobago. The company maintains its head office at 17-19 Tragarete Road in Port of Spain, serving customers throughout the capital city and surrounding areas.

Additionally, the institution operates a branch office at 27-31 Cipero Road in San Fernando, extending its services to customers in the southern region of Trinidad. This dual-location strategy allows Caribbean Finance Company Limited to serve a wide cross-section of the Trinidad and Tobago market.

Question 5

What services does Caribbean Finance Company Limited offer?

Accepted Answer

Caribbean Finance Company Limited offers a comprehensive range of financial services to individuals and businesses across Trinidad and Tobago. The institution's core business is vehicle financing, providing loans for both private and commercial motor vehicles through hire purchase agreements and mortgage bills of sale.

Beyond vehicle financing, the company provides mortgage loans for real estate purchases, trade financing for business operations, and leasing services for equipment and assets. The institution also accepts fixed-term deposits in Trinidad and Tobago dollars, offering competitive rates that vary based on investment amounts, with a minimum term of one year.

Digital services include online loan payment capabilities, allowing customers to make secure payments via credit card or Visa debit card through the company's website. The institution also offers vehicle insurance financing, providing up to $15,000 to cover insurance premiums for borrowers.

Question 6

What makes Caribbean Finance Company Limited unique?

Accepted Answer

Caribbean Finance Company Limited distinguishes itself through its deep-rooted connection to the automotive industry and its family-oriented corporate culture. The company has retained valuable linkages to affiliated companies in the auto business since its founding, providing specialized expertise in vehicle financing that spans over five decades.

The institution's commitment to personalized service sets it apart in the non-bank financial sector. The company emphasizes efficient service delivery at all levels, supported by continuously enhanced management information systems that provide real-time decision-making capabilities. This technological infrastructure encapsulates managerial expertise to support effective lending decisions.

Caribbean Finance Company Limited has demonstrated resilience through multiple local and global financial downturns by applying prudent lending practices and relying on the capabilities of its dedicated staff. The company attributes its continued success to its faithful depositors, loyal customers who provide repeat business, and a stable corporate governance structure led by the Ahamad family since 1971.

Question 7

What type of financial institution is Caribbean Finance Company Limited?

Accepted Answer

Caribbean Finance Company Limited is classified as a non-bank financial institution in Trinidad and Tobago, regulated under the Financial Institutions Act, 2008. The company is specifically licensed to conduct business of a financial nature, operating as a finance house and finance company.

Unlike commercial banks, Caribbean Finance Company Limited cannot accept deposits that are repayable on demand or offer current account facilities with chequing services. However, the institution provides a wide range of specialized financial services including hire purchase financing, mortgage lending, leasing, and fixed-term deposits. This classification allows the company to focus on targeted lending and investment products while operating under the regulatory oversight of the Central Bank of Trinidad and Tobago.

Question 8

Who owns Caribbean Finance Company Limited?

Accepted Answer

Caribbean Finance Company Limited is a subsidiary of Universal Investments Limited, with The Southern Company Limited serving as its ultimate parent company. Both parent entities are incorporated in the Republic of Trinidad and Tobago.

The company remains under the leadership of the founding Ahamad family, with Reyaz Ahamad currently serving as Chairman of the Board of Directors. This family-owned structure has provided continuity and stability to the institution since its founding in 1971 by the late Nazir Ahamad.

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About Caribbean Finance Company Limited in Trinidad and Tobago