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VW finance defies credit crunch

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 Finacial 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.

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