In this interview, Manuela Voigt, Spokesperson of the Management Board of Volkswagen Leasing, explains how the leasing business is developing, where she observes growth potential, and the great importance of our colleagues.
VW Leasing is widely seen as the current powerhouse of the financial services group. How significant is leasing for VWFS in your view?
I would rather say that VW Leasing has increasingly become the powerhouse. When I started here 24 years ago, the VW Bank and its classic financing business were still a significantly stronger force. In the meantime, we have become the key driver in the transition to e-mobility. Originally, leasing was very much a product for commercial clients. Then it expanded into the private customer segment. With the diesel crisis in 2015 and the shift that began towards e-mobility, leasing has become increasingly important. It also plays a major role in fostering customer loyalty, both to the dealerships and to the Group's brands. Leasing is and remains the most reliable product in terms of customer loyalty and – thanks to the high attach rate of service-based products – for generating revenue throughout the entire lifecycle of the vehicle.
On the subject of retail business and electric mobility: do you think the shift toward private customers would have happened even without the technology shift to e-mobility? Has there been a change in the mindset of private customers affecting their purchasing behavior?
Definitely yes: even before electric mobility, there was already a shift toward leasing, especially among younger people, where the trend of "using instead of owning" has taken hold and gained momentum. I believe e-mobility massively accelerated this trend, but the fundamental change in mobility behavior would have happened anyway.
How do you assess the fleet business today – is it a driver of development?
Fleets are the stable pillar of our business model. It feels like the fleet business has always been there, with the retail business coming later. What is striking is that in 2025, the fleet share was larger than the private customer share for the first time. Leasing is indispensable for commercial customers. In addition to the customer benefits related to the product, it is also a way to protect against potential risks, such as residual value exposure.
Can you explain why leasing isn't yet so well-established in the used-car business?
From a customer perspective – and from a psychological standpoint – one naturally wonders why a buyer would want to truly possess a car and sometimes keep it for up to eight or nine years. Arguably, a certain skepticism still exists toward leasing in this market segment, given that the used-car business in Germany has traditionally been a financing-driven market. I believe that, just as with new cars, the growing availability of used electric vehicles will also drive leasing growth in this customer segment. The benefits in terms of loyalty and the attach rates of after-sales products can also be transferred to this vehicle segment – especially for older used cars aged three to eight years. That said, we do face competition from attractive new-car financing rates, and in the end, of course, it is up to the customer whether they want to use the vehicle or own it.
Let's talk now a bit about you and your time at VWFS: when you started here 24 years ago, could you have imagined such an incredible evolution?
No, not at all. When I started, leasing was a classic product for business customers based on a decree issued from the Higher Finance Directorate (she laughs)*. Breaking into the private customer market wasn't easy back then, not least because there were significant reservations about leasing, some of which unfortunately persist today. Another completely unexpected factor that accelerated the growth of leasing – and yes, we have to be honest about this – was the diesel crisis. It acted as a massive catalyst for the Group's strategy shift toward e-mobility – and therefore, by extension, brought a tremendous boost for leasing.
There used to be talk of a certain "leasing spirit." Does that still exist, or do you perceive more of a unified VWFS spirit?
To be honest, I hope we no longer have a separate leasing culture. When I started working here about 23 years ago, it always struck me as odd that people acted as if VW Bank and VW Leasing were completely different companies. Thankfully, we've moved past that. As I see it, a collective VWFS culture has taken root – and that's a good thing. It makes moving between roles and sharing experiences much easier. For me personally, while I'm formally Managing Director of VW Leasing, I feel more like I'm part of the VWFS Germany market organization. At the end of the day, we need to work together with our brands to offer the right product for our customers – whether it's leasing, financing, insurance, or service contracts.
Looking ahead now: what do we need to focus on to remain just as successful over the next ten to twenty years?
In my view, it's used cars and after-sales. Given that we can no longer count on rising new-car volumes, this is where the greatest growth potential lies. Over the past few years, our dealer partners – with a few exceptions – have largely steered clear of older used cars aged three years and above.
Why hasn't this potential been recognized until now?
The used-car business is a special one. It requires building the appropriate structures and being able to act very quickly and flexibly when buying and selling. But we're firmly convinced that it's worth it. It's an investment in a separate business field – crucial for ensuring the long-term profitability of our dealerships.
If we don't act, we can look to Norway and Denmark for a preview of what's to come. Dealer profitability has dropped significantly there in recent years. Why? Because the high proportion of electric vehicles means that repair shops are operating at significantly lower capacity. It's only a matter of time before this happens in Germany too. This development can only be offset through used cars, insurance, and service contracts.
What are your hopes for the leasing business at VWFS in the coming years?
Naturally, I hope the success story continues and that we are now laying the long-term foundation for our future growth. I'm very confident that we're on the right track here – even though, of course, we still have many major projects to bring to fruition. Above all, though, I hope I'll be able to continue working with such wonderful and motivated colleagues in the future. Because, at the end of the day, it's exactly that – our team – that sets us apart and ensures our long-term strength.
Thank you for the conversation!
*Background: The German Federal Ministry of Finance's leasing decree played a central role in the emergence and success of vehicle leasing in Germany. It established clear tax rules for the first time, clarifying to whom a leased vehicle is economically attributable and how lease payments are treated for tax purposes. This legal certainty was a decisive driver of growth.
