Volvo Finance North America Launches Volvo WearCare

MONTVALE, N.J., Oct. 31, 2002; Volvo Finance North America, Inc. (VFNA) has introduced Volvo WearCare(TM) as a standard feature on all VFNA new car lease contracts dated November 1, 2002 and beyond.

Volvo WearCare(TM) waives or reduces a lessee's excess wear and use charges at lease termination. Every new car lease customer is eligible for a waiver of up to $1,000. The waiver covers an extensive list of items including damage to windshields, tires, body panels, upholstery, and bumpers. This peace of mind protection is designed to enhance the Volvo leasing experience by minimizing customer concerns with lease-end inspections and charges.

"We are very excited about launching WearCare(TM)," said Tony Nicolosi, Chief Operating Officer for Volvo Finance North America, Inc. "Every month we survey our terminating lease customers and the results consistently show that customers are anxious about excess wear and use charges. By eliminating this concern for maturing lease customers, WearCare(TM) will play an important role in ensuring that the brand experience remains positive as customers complete their existing lease and move into their next Volvo."

"Volvo WearCare(TM) reinforces the spirit of Volvo's brand strategy and Volvo's commitment to providing an exceptional customer experience," said Vic Doolan, President and CEO of Volvo Cars of North America, LLC. "This enhancement to our leasing program further distinguishes Volvo as a company with a conscience."

Volvo Finance has partnered with Premier Lease & Loan Services, a division of Great American Insurance Company, to provide this coverage to Volvo customers. "Premier Lease & Loan Services is pleased to be working with Volvo in its endeavor to enhance customer satisfaction," said Lisle Greenweller, Assistant Vice President, Premier Lease & Loan Services. "We are confident, with our experience in offering excess wear and tear products through a network of lenders and dealers nationwide, that our partnership will bring success to the Volvo WearCare(TM) program."