CEO, Volkswagen Financial Services
In 2016, we launched a product as a pilot called A Tu Medida, where we targeted exactly the segment of people who may not be able to present us with a salary slip or any formal proof of an income. We used interview techniques, which mean visiting customers directly and building a relationship based on this. We have had a large ramp-up phase; in 2017, we had more than 150 contracts based on this product. We distribute this product through dealer networks and in this case, dealers are asked to organize events where they call people from this segment and they explain our product to them. We are still in the pilot phase; we want to determine if this is truly the way in the future to go bigger with this. If it does well, then we will go bigger; we might even consider having national campaigns, though we are not yet at that stage.
CEO, Nissan Renault Finance Mexico (NRFM)
We have an opportunity to increase the penetration to close to 85% in 2018. That is because in such economic conditions, the number of people purchasing vehicles with cash falls. History shows that in such times of crises, the participation of credit is higher. Our expectation is to increase our penetration by 15%. We work with third parties, OEMs, and dealer networks, which in our case is NRFM, to demonstrate low, one-digit rates in the market. It is possible to get credit with 5% annual percentage rate (APR), which is extremely attractive. It is possible for companies to book a leasing contract with zero down payment. This is a competitive market compared to others. Súbete and Llévatelo—our programs for unbanked people—as well as self-financing represent 4% of the market. We have many different alternatives available to open possibilities for all customers.
CEO, Cédric Desplats-Redier
One of the main characteristics of BNP Paribas Personal Finance on a worldwide basis is its footprint in terms of car finance loans. This is a unique characteristic that makes BNP Paribas Personal Finance able to anticipate the major trends of the market. We have regular meetings where we assess the new trends of the car market before the car financing market, and we are getting ready not only for the electric vehicle trend, but for what is coming next, which is driverless vehicles. This is a huge question for financing companies, as the ownership will not necessarily be clear. We are preparing to finance electric vehicles though we are going even further and are watching the medium-term trends in many countries. The big disruption in terms of credit will come when eventually there are no longer any owners or drivers as ownership will be shared. It will be more about usage and access.
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