Porsche Bank to finance own group activity

Porsche Bank Romania, the first bank in Romania to offer loans exclusively for cars, has said it will only finance the purchasing of cars imported through Porsche Romania. Porsche Romania imports Volkswagen group cars (Audi, Seat, Skoda, Volkswagen and Porsche). The bank will also be involved in supporting the dealer network.

“The bank will be exclusively dedicated to the financial support of the group. We will not get involved in other securities or real estate deals,” announced Peter Demmer, CEO of Porsche financial group.

Porsche Leasing Romania last year financed the purchasing of 7,400 cars, at a total value of over 124 million euros. This made them the leading company on the leasing market according to the classification of the Romanian Leasing Association (ASLR).

“The bank will only support the acquisition of cars manufactured by the Volkswagen group. For next year we anticipate sales of 9,000 units, of which we expect 1,800 to be financed through loans,” said GA1nter Konig, chairman of Porsche Bank Romania.

Initially, the bank will offer a single type of loan aimed at individuals as well as legal persons. The loan will be for the acquisition of new and used cars. For individuals, the bank will offer financing ranging between 3,000 and 75,000 euros, with an obligatory advance of 25%. Repayment periods will range between six and 60 months; for natural persons, repayments will be limited to 30% of net income per family.

The bank has not yet announced what interest rates it will charge. “Our interest rates will be calculated based on the market average. To attract customers we will be relying more on the advantages we are offering them, and less on our interest rate policy,” explained Sorana Baciu, deputy chairman of Porsche Bank Romania. The bank will charge a single fee when it grants a loan and customers will be offered assistance when taking out loans. Officials from the group consider it to be an important advantage that all the services linked to the acquisition of a car will be available at the dealer as part of the “one-stop shop” concept they are promoting.

Porsche Bank will also be offering savings products, which will be available to all customers. Individuals will be offered one, three, six and 12-month deposits, with the minimum amount being 1,000 euros (or equivalent).
liviu.chiru@zf.ro