Afin Leasing financing down 38%

Afin Leasing, the captive company of commercial vehicle importer Iveco and number four on the Romanian leasing market, funded goods worth around 32.5 million euros in the first quarter of the year, down 38% against the first quarter of 2008. In the first three months of last year, the value of financed goods amounted to 52 million euros. The company’s business has seen a decline due to the significant fall in truck sales, as a result of the slowdown in the operations of construction companies and of transport companies. “Considering that Afin Leasing is the captive financing company of the Fiat group (Iveco producer), its main objective is to finance Fiat products: Iveco and CNH. Since Iveco significantly reduced its sales on the Romanian market, the value of goods financed by Afin is consequently lower,” said Fabio Razzetto, general manager of Afin Leasing. In 2008 Afin financed goods worth 307 million euros, and ranked fourth on the leasing market, after UniCredit (555 million euros), BCR (462 million euros) and Porsche (308 million euros).