VOLKSWAGEN Finance is defying the credit crunch.
So far this year, it has lent £1bn – that’s record sales growth, five months ahead of target.
‘It’s a tremendous achievement in the current economic climate that we have secured so much new business so quickly,’ said MD Graham Wheeler.
Tighter lending criteria from writedown-hit banks is a factor. ‘People are coming to us rather than the banks… we have more available funds and can move faster than other financial organisations.’
‘Long term strategic planning means that the credit crunch is not affecting our lending abilities.’
£1 billion in vehicle finance and contract hire lending represents 72,803 vehicles sold through Volkswagen retailers across the UK since 1 January 2008.
That includes Audi, Volkswagen, Volkswagen Commercial, Skoda, SEAT and Bentley models.