Volkswagen Bank Ireland has provided approximately €121 million in vehicle finance packages for Irish consumers, so far this year, surpassing its anticipated total lending target for 2012.

With almost six weeks left to 2013 Volkswagen Bank expects lending to grow by 15 per cent year on year (2011 €109m) by the end of 2012 with a new target of €125m.

This finance has been provided via a range of attractive finance packages through Volkswagen Group’s five car marques: Audi, Skoda, Seat, Volkswagen and Volkswagen Commercial Vehicles.

Providing vehicle finance in Ireland since 2008 with assets of €456 milion, Volkswagen Bank currently employs 35 staff at its headquarters in Leopardstown, Dublin 18.  Volkswagen Bank has provided over €350 milion in vehicle finance to the Irish market since its establishment and it has viewed a significant surge in lending applications over the last 24 months as Irish motorists become more aware and more familiar with the competitive finance offers available.

Commenting on the increasing level of finance provided, Mutlu Gur, General Manager, Volkswagen Bank said: “Volkswagen Bank has become a distinct market advantage for Volkswagen Group, due to our solid financial foundations, the Bank is in a position to offer market leading finance options for Irish motorists. The continued growth of our lending and the increase of our acceptance rates to 75% demonstrate the considerable interest and trust that Irish motorists have with Volkswagen Bank.  We would encourage anyone considering a purchase of a new or used car to visit any of the 90 Audi, Skoda, Seat or Volkswagen dealerships nationwide to find out just how affordable motoring can be via a Bank that is willing and able to lend.”

Over 8,000 tailor made finance packages with a average finance terms of 39 months were provided to Irish consumers by Volkswagen Bank Ireland so far in 2012. Over 23,000 Irish motorists have purchased their cars through Volkswagen Bank Ireland since its launch in 2008. Finance packages vary across the five brands, reflecting each brands consumer segment with rates starting as low as 0% APR. In total 40 varying finance packages provided a comprehensive menu of finance options for Irish motorists during 2012 and this trend looks set to continue with a new range of packages ready to be rolled out in 2013.

Explaining the key benefits of having Volkswagen Bank in Ireland, Simon Elliott Managing Director, Volkswagen Group outlines, “2012 has marked a significant shift in how Irish consumers purchase new and used cars. PCP which is quite common on the European mainland has until recently been viewed somewhat sceptically by Irish consumer, however PCP plans have more than doubled to 30% of Volkswagen Bank lending indicating that the Irish motorist is becoming more comfortable with this type of finance which is a positive trend for an Irish motoring industry.”

For further information on the range of finance packages available across the Volkswagen Group go to www.readywhenyouare.ie