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Romanian lender Porsche Bank allots 78% more car loans last year, to EUR 32m, despite the crisis

Porsche Bank, the financial division of luxury carmaker Porsche, granted car credits of 32.3 million euros last year, a 78 percent boost compared to the previous one, despite the financial crisis settling in Romania, but underpinned by the "Rabla" program, the bank announced through a release.

The lender assigned car loans of 18.2 million euros in 2007. Porsche Bank inked 1,708 new financing contracts last year and the average value of a car credit stood around 12,000 euros.

The central lender BNR recently OKayed Porsche Bank to increase the degree of indebtedness to 65 percent of the clients' incomes, according to the GM of Porsche Finance Group, Kurt Leitner.

The group's officials deem the "Rabla" program through which people who give up their old cars receive a stimulus to buy a new one had a substantial impact over the bank's results.

The "Rabla" program included 40,000 vehicles last year, for which the government paid a 3,000 lei cassation bonus per each unit. This year, the program was expanded to 60,000 cars and the bonus was hiked to 3,800 lei. The value of goods financed by Porsche Bank through the "Rabla" program soared140 percent last year versus the previous, to 4.8 million euros, following 395 contracts, with 158 percent more than in 2007.

The car credit accounted for 10 percent of Porsche Finance Group's portfolio last year, while the financial leasing remained the core product with an 80 percent weight.

Porsche Finance Group finances buying of cars belonging to Volkswagen, Seat, Skoda, Audi and Porsche. The group has been present on the local market since 1999 and includes five companies: Porsche Leasing, Porsche Bank, Porsche Broker de Asigurare, Porsche Mobility and Porsche Asigurari.

However, since the fall of last year the car market in Romania started to shrink significantly under the effects of international slump. The crash of the local market for new vehicles was caused by the financial turmoil which reduced the clients' access to crediting, by the invasion at full speed of second-hand cars in Romania and by the customers' indecision amid the potential modification of the pollution tax.

Sales of new vehicles in Romania dropped 65 percent year-on-year in January to 8,187 units, following the global economic crisis and a weaker national currency which curbed demand, statistics from the Association of Car Producers and Importers (APIA) showed last week.

 

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Tags: porsche program percent crisis lender car audi bnr

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