Recession. Negative equity. Bond holders. All words that make us want to hit Brian Dobson when he utters them on Six One, but thanks to Volkswagen Bank we finally have some good banking related news to talk about.
So far this year the financial services arm of the motoring giant has approved almost 1,800 loan applications from consumers equating to a 75 per cent acceptance rate. Try to find a high street bank that can boast those figures. In total some €27m has been lent to customers for the purchase of new Volkswagens in Ireland.
In addition to the hire purchase agreements we are all familiar with from when the times were good Volkswagen Bank also offers a personal contract plan that it calls Solutions.
This type of purchase option is popular in the UK and the States as it means a lower monthly repayment with the option of paying a balloon payment at the end, part exchange against another car or walk away with no further payments. So far his year 148 people have purchased their cars using this product.