How Innoson Motors Confiscated Vehicles Given For Hire Purchase When The Months Has Not Elapsed

Chief innoson Chukwuma, founder and owner of innoson vehicle manufacturing (IVM) @innosonvehicles gave out cars for higher purchase, at the cost of 5,672,153.85 million naira for a period of 44 months as agreed.
But after the beneficiaries did 40 months, innoson used police @PoliceNG officers to take back his cars from everyone, telling them that the money remitted so far is gone.

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Some of the beneficiaries have remitted above 4.5 million naira, while others have paid in above 5 million naira already. But they are telling them that those payments are gone. The agreed time for the higher purchase to elapse is August 2024. Anyone who doesn’t meet up by then, will loose his or her car.

Why is innoson oppressing helpless Nigerians with the police.

Sometime in year 2020 in Enugu State, Chief Innoson Chukwuma, founder and CEO of Innoson Vehicle Manufacturing (IVM) @innosonvehicles set out a scheme to give out cars for hire purchase. He put out the cars at a cost of 4.5 million naira each, with a higher purchase interest of 500,000, insurance for 3 years at 195k, vehicle registration cost for 27k, and Tracking cost for 45k, etc. Which makes the total hire purchase cost for each car to be  5,672,153 naira.
(Five million, six hundred and seventy-two thousand, one hundred and fifty-three naira, eighty-five Kobo)

He got a number of people who saw the scheme as an opportunity to own a car and pay off in a defined period.

Agreements were signed, and each willing participant was asked to bring a guarantor’s cheque of 4,500,000 million naira.
Promises were made that the scheme would be supported with an app for e-hailing business of which IVM would take 70% percent daily while the drivers would have the remaining 30%.

It was also agreed that the scheme would last for 3 years. To terminate in December 2023.

About 40 young men were selected without any bias (I must confess) they all took possession of the cars and started working with it. Some took the car for private use while others for e-taxi service. After 4 months into the scheme, these young men were met with the surprise of their lives­čś│
The cars had no available spare parts (for a car going in for commercial service) they were promised it would be made available in due time. The app that was promised to be used to run the e-hailing scheme was never made to work, as it always had issues. It was later scrapped, and all drivers were asked to use other e-hailing apps to meet up with their higher purchase payment. Some drivers got greedy and didn’t remit to IVM, as there were no visible target given. some did 100k monthly, some did 50k monthly, while some never did.

Few months later, Innoson called for a meeting with all the drivers and he seized all the higher purchase cars and told every driver to update their payments at 162k monthly prorated to the tune of 780k each.

Everyone went out to borrow, to raise the said money at the time. As some drivers were already at 400k, others at 500k ,600k, 800k etc in remittance.
Everyone eventually paid up the requested 780k. They took back their cars, and returned to their daily hustle.
The 162k monthly target was difficult to achieve in Enugu, so many had to drop their cars, while a few continued. Some months later, another meeting was arranged between innoson and the higher purchase drivers. The drivers begged for the monthly fee of 162k to be reduced, so they can meet up with payment. They also
pleaded for the duration be increased to accommodate the new payment plan. They bargained for 130k monthly, which was agreed by innoson, and a new agreement was drawn up that extends the payment period to 44 months as maximum time allowed to pay up for higher purchase the cars.

Everyone was happy and started paying. Fast forward to October 2023, these drivers were told that the 3 years would elapse come December, and anyone who is yet to complete his or her payment would loose his or her car. (disregarding the new agreement plan)
By the new calculation of 130k, payment would elapsed by August 2024 maximum, going by the 44 months agreement.

Three out of the 40 drivers, were able to borrow money to pay up, while the rest continued with payments as agreed monthly.

Last week, the manager of the scheme sent a message telling everyone to come to the showroom that there is a meeting and a plan to launch a new scheme. No one believed them, but they all showed up to the showroom on the said date.

They were told that chief innoson and cornel osigwe will be in attendance. That they should not miss.
But low & behold, they never showed up. Instead, innoson sent police officers to confiscate the cars.
Most of these drivers have done over 4.5m and 5m already. But all the cars were taken back.

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