Volvo Subscription Service Limits Vehicle Choice, Lengthens Term to Keep Prices Down

Volvo Financial Services’ subscription model Care By Volvo undercuts other luxury OEM programs on the market with a subscription that’s less flexible but more affordable to a younger audience, said Peter Wexler, Volvo Cars USA’s director of mobility. Where similar programs such as Book By Cadillac and Porsche Passport start at $1,800 and $2,000 a […]
  • William Hoffman
  • February 2, 2018
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Bank of America Enters Car Subscription Space With Volvo

Bank of America is the finance provider for Volvo Cars’ new subscription service launched late last year, David Hollodick, the bank’s senior vice president of consumer vehicle lending, told Auto Finance News. All of Volvo Car Financial Services’ loan and lease originations end up on Bank of America’s balance sheet, Hollodick explained, including subscriptions to […]
  • William Hoffman
  • January 24, 2018
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Bank of America Grows Portfolio in 4Q, Preps for ‘Softening’

Bank of America grew its auto portfolio by $3 billion in 2017, but expects some “softening” in the coming year, the company reported in fourth-quarter earnings this week. Average loans and leases topped $53 billion in the quarter compared with $50 billion during the same period the year prior. Although the company does not break […]
  • William Hoffman
  • January 18, 2018
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Volvo Eyes Financial Services for Future Growth

Volvo Financial Services is still an “untapped potential” for Volvo Group and is key to deepening the relationship with customers, Chief Executive Martin Lundstedt said in the OEM’s third-quarter earnings report last Friday. “Volvo Financial Services delivered a good return on equity with low credit losses,” he said. “Financial services are key in our work to […]
  • Emma Sandler
  • October 23, 2017
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Volvo Sticks to Finance Strategy Amid EV Push

Volvo Cars became the first automaker to commit to producing a full line of electric or hybrid vehicles by 2019 last July, but this plan is not prompting a shift in the OEM’s financing strategy. “We see no difference in how we approach electrified cars from our finance company perspective,” a company spokesman told Auto […]
  • William Hoffman
  • October 4, 2017
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Volvo Offers New 24-Month Subscription Service

To coincide with Volvo Car’s new Volvo XC40, the luxury automaker is also launching its Care by Volvo subscription service. Care by Volvo is a national subscription service with a ready-negotiated monthly fee that allows someone to get a new car every 24 months. While it is unclear what connection Volvo Financial Services will have with […]
  • Emma Sandler
  • September 25, 2017
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