Launched personal-vehicle leaseback service

GarageBank Corporation is pleased to announce that we have launched a personal-vehicle leaseback service within cashari, the app for managing and unlocking the value of personal movable assets.

In connection with this launch, we entered into business alliances with Sompo Japan Insurance Inc. (Headquarters: Shinjuku-ku, Tokyo; President: Giichi Shirakawa; hereinafter "Sompo Japan") and Nalnet Communications Co., Ltd. (Headquarters: Kasugai-shi, Aichi; President: Takashi Suzuki; hereinafter "Nalnet Communications"). With these alliances, we are able to offer auto insurance and vehicle maintenance services bundled with personal-vehicle leaseback.

Background and purpose of the launch

cashari, the app for managing and unlocking the value of personal movable assets, allows users to quickly check the value of their items — such as digital gadgets and brand-name goods — through simple in-app operations and to convert them to cash whenever needed. As of June 2023, the app has been downloaded approximately 60,000 times.

We have received many requests from cashari users to handle automobiles, leading to the launch of personal-vehicle leaseback. Vehicles represent a significant share of personal assets, and using personal-vehicle leaseback allows users to substantially improve their cash flow.

Background and purpose of the alliances

To enable customers to use personal-vehicle leaseback with peace of mind, auto insurance and vehicle maintenance need to be bundled with the service. We therefore entered into business alliances with Sompo Japan and Nalnet Communications.

Through these alliances, customers can use Sompo Japan's auto insurance products as well as Nalnet Communications' nationwide network of approximately 10,500 partner workshops for maintenance services. As a result, customers across Japan can use personal-vehicle leaseback safely and with confidence.

About personal-vehicle leaseback

cashari's personal-vehicle leaseback allows customers to sell their vehicle and continue using it after the sale. With no cumbersome in-person procedures, valuation and leaseback application can be completed entirely within the app, and customers receive the purchase price for their vehicle.

Monthly lease payments include taxes, compulsory automobile liability insurance premiums, and maintenance costs, allowing customers to standardize the monthly cost of vehicle ownership and avoid missing maintenance or insurance renewals.

At the end of the lease, customers can regain ownership of the vehicle by paying the residual value.

cashari personal-vehicle leaseback site: https://cashari.jp/mycar

About Sompo Japan Insurance Inc.

Sompo Japan, in pursuit of "the SOMPO Purpose" — to realize a society in which anyone can enjoy a healthy and fulfilling life through "A theme park for security, health and wellbeing" — develops differentiated products aligned with its brand slogan "Innovation for Wellbeing" and contributes to a sustainable society through new insurance and services that support the sound development of society.

Company name: Sompo Japan Insurance Inc.
Representative: Giichi Shirakawa, President
Address: 1-26-1 Nishi-Shinjuku, Shinjuku-ku, Tokyo
Founded: October 1888
Capital: JPY 70,000,000,000
URL: https://www.sompo-japan.co.jp/

About Nalnet Communications Co., Ltd.

Nalnet Communications, headquartered in Aichi Prefecture, is a contract automobile-maintenance management company. Founded in 1978 as Nihon Auto Lease, the company has expanded into vehicle management and maintenance services for auto-leasing companies, residual value guarantees, planning and proposing personal lease products, and vehicle purchasing.

Company name: Nalnet Communications Co., Ltd.
Representative: Takashi Suzuki, President
Address: 5-1-16 Shimoichiba-cho, Kasugai-shi, Aichi
Established: July 5, 1978 (originally as Nihon Auto Lease Co., Ltd.)
Capital: JPY 50,000,000
URL: https://www.nal-mt.co.jp/