Vauxhall Finance, along with its German sister Opel Finance, was part of GMAC under its previous owner General Motors. Following the sale of GM’s two European car brands to PSA Groupe, the finance divisions have now also been transferred to PSA’s finance operation.
Although the switch may not seem significant, it will affect nearly every customer buying a new Vauxhall as the finance offered at Vauxhall dealers is almost always provided by Vauxhall Finance. The 400 Vauxhall dealers themselves also use Vauxhall Finance to buy in vehicles, fund showroom improvements and other interests.
Vauxhall Finance and Opel Finance will now be set up as a new organisation under the control of Banque PSA Finance and major French bank BNP Paribas. With a total of 1,800 Opel and Vauxhall dealerships in 11 countries added to PSA’s existing operations for Peugeot, Citroën and DS dealerships, Vauxhall dealers will be hoping that the new arrangement will allow them to offer the most competitive finance deals possible for customers.
What does this mean for car buyers?
There is unlikely to be any visible difference to Vauxhall customers in how finance products are sold at dealerships (apart from a few lines in the fine print on all new contracts), but it remains to be seen how the new owners will approach the UK’s uncertain finance market.
Existing finance contracts will not be affected by the change, and all currently advertised offers are still available with no changes.
Management of the new operation has pledged to present its strategic plan for the future of Vauxhall Finance and Opel Finance within the next 100 days. Commenting on the transaction, Chief Executive Officer Alexandre Sorel said: “We are now thoroughly committed to building the strategic plan with the clear purpose of improving the performance of the company’s businesses and the competitiveness of our financial solutions for Opel and Vauxhall customers.”