Press release

May 7, 2019

Volkswagen Financial Services continues to grow in first quarter of 2019

Contract portfolio increased by 5.5 percent to more than 20.5 million units

New contracts stable at almost 1.95 million units

Braunschweig, 7 May 2019. After the record year of 2018, Volkswagen Financial Services also made a positive start to the new financial year. The portfolio of contracts continued to grow in the first quarter and new contracts remained at a constant high level. "The increasing economic challenges in some regions of the world were compensated by the strong growth in other markets which allowed us to further increase our contract portfolio. This confirms the importance of our broad global presence, which we have successfully expanded in recent years," said Lars Henner Santelmann, Chairman of the Board of Management of Volkswagen Financial Services AG.

The total number of contracts rose to more than 20.5 million, an increase of 5.5 percent. At the same time, new contracts remained stable at almost 1.95 million in the first quarter of 2019. Negative deviations in financing and insurance are mainly the result of the automotive markets in Turkey and Mexico. Across all product groups, new contracts for Porsche, SEAT, Volkswagen Commercial Vehicles and non-Group brands developed very positively.

The contract portfolio included: 6.5 million financing contracts (+6.0 percent), 4.4 million leasing contracts (+7.0 percent), 4.1 million service contracts (+5.8 percent) and 5.6 million insurance contracts (+3.5 percent).

In the first three months of 2019, new financing contracts totaled 586 thousand (-4.4 percent). Furthermore, 458 thousand new leasing contracts (+4.3 percent), 392 thousand new service contracts (+5.9 percent) and 514 thousand new insurance contracts (-2.5 percent) were signed.

Growth also continued in the German market. The contract portfolio rose to 6.09 million contracts at the end of March 2019 (previous year: 5.96 million contracts; +2.2 percent). New contracts were also up on the previous year at 547 thousand contracts (previous year: 538 thousand contracts; +1.7 percent).

Portfolio of current contracts
(in thousands*)
As at 31 March 2019 As at 31 March 2018 Change in %
Financing 6,488 6,118 + 6.0
Leasing 4,403 4,115 + 7.0
Services 4,071 3,848 + 5.8
Insurance 5,573 5,385 + 3.5
Total 20,535 19,465 + 5.5
*rounded figures      
New contracts worldwide
(in thousands*)
January to March 2019 January to March 2018 Change in %
Financing 586 613 - 4.4
Leasing 458 439 + 4.3
Services 392 370 + 5.9
Insurance 514 527 - 2.5
1,949 1,949 0.0
*rounded figures      

Information for editors:

Volkswagen Financial Services is a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA, Canada, and Spain that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 16,267 employees worldwide – including 7,010 alone in Germany. Volkswagen Financial Services report total assets of around EUR 207.6 billion, an operating result of EUR 2.6 billion euros and a portfolio of around 20.3 million current contracts (as at: 31.12.2018).

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