JLR and FGA announce financing partnership:
more to come?
Jaguar XF is JLR’s halo product right now – will it eventually sire a big RWD Alfa Romeo?
THE exciting prospect of the Alfa-Jaguar tie-up that AROnline predicted in December 2007 has taken a step towards realisation following the formal announcement of Jaguar/Fiat tie-up in financial services across Europe.
Jaguar Land Rover and Fiat Group Automobiles Financial Services (FGAFS) have today announced an agreement under which FGAFS will provide a full range of automotive financial services for Jaguar Land Rover’s dealers and customers in the main European markets. The agreement will gradually replace the arrangement with Ford, whose financial arm provided support during the Ford ownership of Jaguar Land Rover.
FGAFS, which is a 50%-50% joint venture between the bank, Crédit Agricole Group, and Fiat Group Automobiles, will start taking on all Jaguar Land Rover’s financing activities in a total of ten European affiliates from February next year and the transition should be completed by June 2009.
Jaguar Land Rover chose FGAFS after a competitive process involving ten potential providers. FGAFS will be able to offer Jaguar or Land Rover branded products with competitive terms to customers and dealers. Crédit Agricole will provide the funding to FGAFS.
AROnline reckons that today’s announcement might just be a precursor to another agreement between JLR and FGA which will see the Jaguar XF’s platform underpinning Alfa Romeo’s 166 replacement, Project 941.
See: Fiat and Tata: an Alfa Romeo and Jaguar JV?
AROnline 17th December, 2007.
Alfa 169 (Project 941): Running on an XF platform would be a wise move…