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Electric Vehicles Research
Posted on December 21, 2020 by  & 
External Company Press Release

New EV Finance Package from Volkswagen Financial Services

A new electric vehicle (EV) finance package from Volkswagen Financial Services (VWFS) will enable more people to join the EV revolution and ensure that car retailers remain an integral part of ownership now and in the future.
With 80% of new car sales now being made through a finance agreement, VWFS has created the brand-new Lease&Care package for the electric models being launched by Volkswagen, to provide customers with a level of flexibility they would not get with other packages, and retailers with a way to be closer to their customers. VWFS claims that this move is making medium to high-end priced electric cars available to the masses. For more information see the IDTechEx report on Electric Vehicles: Land, Sea and Air 2021-2041.
Dan James, Marketing Director at VWFS said: "The creation of the Lease&Care package looks to encourage motorists to make the switch to electric vehicles as simple as possible without the headache of costs. We understand there may be a worry around converting to EV due to the mystic around depreciation and running costs, but our new package allows customers to try an EV such as the Volkswagen ID.3 at a more affordable price, for a length of time that suits them. The Lease&Care package has been introduced with a full-life cycle of a car in mind, benefitting the first owner, used buyer, and also the retailer. This new approach will look to protect the car by offering customers a minimum of a 2-year lease from new, and then reselling as an approved vehicle, all while being maintained and serviced by the Brand's aftersales team.
For retailers, this package will allow them to give customers care for the long-term within their network. The package allows for retailers to keep in touch with customers when they come in for servicing, which will help establish lasting relationships. As more motorists look to make the switch to zero-emissions cars, the Lease&Care package aims to make the move to an electric car more affordable and flexible, without having to worry about the value of the car in a few years, nor the running costs, when chosen with the right care package. Previously, potential buyers may have been put off by the unknown quantities of depreciation and servicing an electric vehicle, as well as not having an established, trusted, reliable and more affordable brand to buy from. Rather than having to use newer-to-market, lesser known brands, the care element of the package from VWFS provides reassurance and cover. The package offers three different levels, basic servicing (Small), all routine maintenance (Medium), and fully comprehensive maintenance replacements including tyres (Large).
Dan James continues: "The beauty of the Lease&Care package adds an additional layer of flexibility by allowing customers to extend the length of their lease for a little while longer if they are looking to hold off until a newer model is released. This new way of attaining an EV allows motorists to swap between models to suit the customer's lifestyle. At the end of the lease, it should just be a case of handing back the vehicle and getting the latest model in return while keeping their carbon footprint lower. We have to make this process easier and simpler, we should not be seen as a hurdle. With this package, we are confident that we are helping more people to join the EV revolution."
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Volkswagen Financial Services is a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA and Canada that belong directly or indirectly to Volkswagen AG - with the exception of the financial services of the Scania brand and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 16,571 employees worldwide, Volkswagen Financial Services report total assets of around EUR 223.5 billion, an operating result of EUR 2.96 billion euros and a portfolio of around 21.5 million current contracts (as at: 31.12.2019).
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Source: McCann Worldgroup
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