One in every two Volkswagen Group Ireland new cars sold on finance
Over one in every two Volkswagen Group Ireland new cars is now financed by Volkswagen Group Financial Services Ireland (VWFSI), which represents 1 out of every 8 new cars sold in Ireland. VWFSI provides products and services including Personal Contract Plans (PCP), Hire Purchase (HP) as well Business Leasing and service and maintenance products that are designed to support the varying needs of its customers.
Volkswagen Financial Services Ireland (VWFSI) provided Irish consumers with car loans to the value of more than €325 million in the first five months of 2019. This represents a growth of 14% compared to same period in 2018. Commenting on this, Guenael Geffroy, Managing Director, said, “We are very pleased with our performance so far this year and the growth that it represents. The success of the Volkswagen Group combined with our innovative and customer-focused finance choices has continued to provide satisfaction and added value to our customers which will help us to further grow the business.”
PCP continues to increase in popularity with two thirds of VWFSI customers choosing affordable and flexible PCP plans across all Volkswagen Group brands. VWFSI guarantees the minimum future value for the vehicles providing a degree of customer protection regarding the future value of vehicles. With PCP, which is a form of Hire Purchase Agreement, at the end there are 3 options:
1. Part-exchange the vehicle for another vehicle of your choice;
2. Keep the current vehicle – pay the final instalment.
3. Return the vehicle to the dealer with no further repayments.
Almost 60% of VWFSI PCP customers renewed their contracts with VWFSI. Over 93% existing customers surveyed by Behavior and Attitudes in January 2019 were satisfied with VWFSI’s products and services. With 9 out of 10 customers testifying they would “definitely consider VWFSI finance for their next vehicle”. Now with the introduction of Leasing to support the needs of their business customers, the choice of financial products provided by VWFSI has never been better. VWFSI customers are now availing of the competitive service and maintenance offers the Volkswagen Group Brands provide.