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Volkswagen Bank Finances More Car Buys

Tuesday, August 28 12:32:14

Volkswagen Bank Ireland, has provided E100m in vehicle finance to Irish consumers in the first seven months of this year and is on track for a 10pc increase to E120m by year end. A division of Volkswagen Financial Services, Europe's biggest automotive finance provider, the bank financed the purchase of 6,500 vehicles for far this year across the five marques of Audi, Skoda, Seat, Volkswagen and Volkswagen Commercial Vehicles. Providing vehicle finance in Ireland since 2008, Volkswagen Bank currently employs 30 staff at its headquarters in Leopardstown, Dublin 18. Volkswagen Bank has provided over E320m in vehicle finance to the Irish market in the last three and half years and it has viewed a significant surge in lending applications over the last 24 months as Irish motorists become more aware and more familiar with the competitive finance offers available via Europe's largest automotive bank. Commenting on the increasing level of finance provided, Mutlu Gur, General Manager, Volkswagen Bank said, "2012 has seen surge of consumer interest in Volkswagen Bank. Irish motorists are embracing the Bank as a very real alternative source of finance compared to the traditional banking sector. The sound financial foundations of the Bank, enables Volkswagen Group to provide very competitive financial terms and this is reflected in the fact that we are lending record levels of finance so far in 2012 and that 70pc of this lending has been provided for new car finance." With a market leading acceptance rate of over 80pc, approximately 6,500 tailor made finance packages with a average finance terms of 39 months were provided to Irish consumers by Volkswagen Bank Ireland so far in 2012. Over 20,000 Irish motorists have purchased their cars through Volkswagen Bank Ireland since its launch in 2008. Finance packages vary across the five brands, reflecting each brands consumer segment with rates starting as low as 0pc APR. In total 40 varying finance packages provided a comprehensive menu of finance options for Irish motorists during 2012 and this trend looks set to continue with a new range of packages currently in planning for 2013, these will be revealed later this year.