Watch out for some great offers coming soon to encourage the used car market and offset some of the pressure on September part exchanges such as free fuel, redundancy cover and free RAC cover. Also finance offers will be market leading as high street banks cease to offer asset backed finance products
(NEWS: Volkswagen Financial Services (UK) has reported record sales growth by lending £1 billion so far this year, five months ahead of target.
Graham Wheeler, VW Financial Services UK managing director, said: “It’s a tremendous achievement in the current economic climate that we have secured so much new business so quickly.
“People are coming to us rather than the banks.”
Wheeler put the success down to the fact VW has more available funds and could move faster than other financial organisations.
The £1bn in lending represents finance for 72,803 vehicles sold through Volkswagen retailers across the UK since January 1, 2008 across the range of Audi, Volkswagen, Volkswagen Commercial, Skoda, Seat and Bentley models)
PCP (personal contract plans) although more expensive than a year ago are still important in that by taking one you can immediately protect yourself from the evils of negative equity as this is protected by a guaranteed final minimum value, so in the worst case scenario you just give the car back at the end of term and are not financially penalised should your car be worth less than that guaranteed value.