OREANDA-NEWS. February 18, 2008. Alfa-Bank and General Motors CIS announced first-year results of their joint program on auto lending — GM Finance, reported the press-centre of Alfa-Bank.

Under the program Alfa-Bank made 13,000 loans for the total amount of nearly 4,5 bn rubles.

Totally in 2007, Alfa-Bank made 32,000 loans for over 12 bn rubles. Accordingly, aggregate volume of auto loans made by Alfa-Bank under the GM Finance program makes up to 35% of the Bank’s auto lending portfolio.

Under the GM Finance program Alfa-Bank makes loans for purchasing cars of all the models sold by official dealerships of General Motors throughout the Russian Federation. As the program is funded by the carmaker, in 2007 the customers could take specialized auto lending offers with lower interest rates for Opel, Chevrolet, Saab, Cadillac and Hummer. Among other key advantages of the program are: highly competitive lending conditions, quick and top-quality service, convenience and promptness of credit decisions.

The brand Chevrolet takes off half of all the auto loans made under the GM Finance program. This program is especially popular in Moscow, the Volga region and the Urals.

Alfa-Bank thinks highly of the year-end results of cooperation with General Motors. “In 2008, we will continue our joint efforts in strengthening our partnership relations further on. This year Alfa-Bank is planning to make 24,000 auto loans for 7,5 bn rubles under the GM Finance program”, — said Sergey Silantyev, Head of Auto Lending at Alfa-Bank.

“Retail financing is continuously growing and performance of GM Finance exceeded our expectation and clearly demonstrated that innovative banking products developed by Alfa-Bank combined with strong GM brands and attractive and competitive GM products is offer that cannot be resisted for many new car buyers”, — commented Jacek Gorsky, Director General of General Motors CIS.

Alfa-Bank entered the auto lending market in 2006. Since then the Bank has made nearly 50,000 auto loans for the total amount of over 18 bn rubles. Alfa-Bank is offering its retail auto lending services in more than 80 Russian cities, including a specialized target dealership financing — Floor Plan.