Volvo Financial Services
Encyclopedia
Volvo Financial Services (VFS), established in 2001, develops and coordinates AB Volvo's operations in dealer and customer financing, insurance
, and related services. A global organization operating in more than 40 countries, it is focused exclusively on providing financial services
to the Volvo Group's internal and external customer
s.
VFS offers its products under the labels of: Mack Financial Services, Renault Trucks Financial Services, SDLG Financial Services, UD Trucks Financial Services, and Volvo Financial Services. Each line is designed to support one or more of the product brands offered by the Volvo Group. The Group is one of the world's leading producers of vehicles and construction equipment. At year's end in 2009, the VFS portfolio amounted to approximately 14 billion dollars US.
Volvo Financial Services does not provide financing for Volvo Car Corporation which was sold to Ford Motor Company in 1999.
From January 1, 2010 Ford demerged its Car Finance arm (Volvo Car Finance) and sold the book of loans to Santander.
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
, and related services. A global organization operating in more than 40 countries, it is focused exclusively on providing financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
to the Volvo Group's internal and external customer
Customer
A customer is usually used to refer to a current or potential buyer or user of the products of an individual or organization, called the supplier, seller, or vendor. This is typically through purchasing or renting goods or services...
s.
VFS offers its products under the labels of: Mack Financial Services, Renault Trucks Financial Services, SDLG Financial Services, UD Trucks Financial Services, and Volvo Financial Services. Each line is designed to support one or more of the product brands offered by the Volvo Group. The Group is one of the world's leading producers of vehicles and construction equipment. At year's end in 2009, the VFS portfolio amounted to approximately 14 billion dollars US.
Volvo Financial Services does not provide financing for Volvo Car Corporation which was sold to Ford Motor Company in 1999.
From January 1, 2010 Ford demerged its Car Finance arm (Volvo Car Finance) and sold the book of loans to Santander.
External links
- Volvo Group http://www.volvo.com/group/volvosplash-global/en-gb/volvo_splash.htm