BMW Financial Services (BMWFS) saw the
number of new finance applications it received rise by 9 percent in
the UK during the first half of 2010.
Joe Pattinson, general manager of marketing at
BMWFS, said: “This includes BMW car, BMW motorbike, Mini and Rolls
Royce for both new and used vehicles.
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“It’s widely publicised that mainstream lenders
have tightened up their lending criteria, but car finance is still
readily available to people who can demonstrate they can
comfortably make the repayments.”
He added that personal contract purchase (PCP) is
also on the increase as customers look for alternative ways to
finance a car.
Pattinson said: “Not only does it allow for a lower
deposit and lower monthly repayments, but on new cars, there is
also a guaranteed minimum value at the end of the contract
term.
“BMW Select, our PCP product, continues to be our
most successful. Customers continue to be attracted to PCP because
of its flexibility and the security the plan offers.”
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By GlobalDataThe company also launched some new initiatives
during the first half, including a finance deal for the Mini
Countryman.
BMWFS UK also launched a tyre insurance product
offering cover of up to £1,500 on BMW and Mini car tyres, and has
been conducting research into vehicle resale values.
“With new car purchases at the front of the mind at
this time of year we’ve been encouraging motorists who might be
considering buying a new car to ensure they understand fully what
will enhance a car’s resale value,” Pattinson said.
In Europe, BMWFS also enjoyed further success in
the first half of 2010. Its business volume, in balance sheet
terms, was 7.5 percent higher than a year earlier, at €65.8 billion
(£54.8 billion) as of 30 June 2010.
At that date, a total of 3,119,340 lease and
financing contracts were in place with dealers and retail
customers, representing a rise of 3 percent compared to the year
before.
Year-on-year, the first quarter of 2010
saw a rise of 16 percent in the number of finance applications in
the UK, including cars, motorbikes, Mini and Rolls Royce, for both
used and new vehicles. In March 2010, the figure was up 18 percent
compared to March 2009.
