SOURCE: Volkswagen Group of America

Volkswagen Group of America

SOURCE: Audi Financial Services

Audi Financial Services

April 16, 2015 12:37 ET

Volkswagen Credit and Audi Financial Services to Support Automotive Financing Options in Puerto Rico in Agreement With Reliable Auto

SAN JUAN, PR--(Marketwired - April 16, 2015) - Volkswagen Credit and Audi Financial Services are pleased to announce an agreement with Reliable Auto to introduce enhanced retail financing options in Puerto Rico. The collaboration, effective immediately, will help increase Volkswagen and Audi market share in Puerto Rico, and enable Volkswagen and Audi dealers to offer customers in Puerto Rico attractive financing options toward the purchase of new vehicles. VW Credit, Inc. (VCI) is the captive finance subsidiary of Volkswagen Group of America (VWGoA), and serves the Volkswagen, Audi and Ducati brands in the United States.

Reliable Auto (Reliable), a subsidiary of Wells Fargo Corporation, which is one of the world's largest financial services companies, currently holds 135,000 active clients in Puerto Rico.

During a press conference, Néstor Vale, executive vice-president of Reliable, indicated that the new alliance "is a vote of confidence in Reliable's capabilities and validates the company's leading role in the local industry. The agreement presents an opportunity to offer quality service to more Puerto Ricans and strengthen its position in the market, while increasing sales for the Volkswagen and Audi Brands."

Richard Howse, VP Marketing & Business Development for VCI, said that after evaluating several auto financing institutions in Puerto Rico, VCI selected Reliable Auto for this strategic agreement because "of its recognized position in the local automotive market, which illustrates the company's knowledge, experience and customer service acumen."

"Our goal is to increase our brands' market share in Puerto Rico, and enable Volkswagen and Audi dealers to offer customers attractive financing options toward the purchase of new vehicles," said Howse.

Audi brand automobiles are available at Audi franchised dealer Gomez Hermanos Kennedy, and Volkswagen brand models are available at franchised dealers Autos Vega Kennedy and Flagship Volkswagen in Bayamón.

About Reliable Financial Services

Reliable Financial Services was founded in 1987. In 1997 it became part of Norwest Financial. The following year, Norwest Financial merged with one of the largest financial services in the world, Wells Fargo Financial, a subsidiary of Wells Fargo Corporation, the fourth-largest company of financial services in the United States. For years, Reliable Financial Services has been dedicated exclusively to the financing of motor vehicles, focusing all efforts on assisting each dealer in offering the best business deals to its clients. Currently, Reliable is the largest vehicle financing company in Puerto Rico, with approximately 135,000 active clients. To complement its services, Reliable also offers a wide selection of insurance products that suits clients' needs through Reliable Insurance.

About VW Credit, Inc.

VW Credit, Inc. (VCI), was founded in 1981 to function as the captive financial services arm of VWGoA and is affiliated with Volkswagen of America, Inc. and Audi of America, Inc. VCI services Volkswagen and Audi customers, authorized automotive dealers and their affiliated stores as Volkswagen Credit and Audi Financial Services. The company provides competitive financial products and services to dealers and their customers in the United States. VW Credit, Inc. also manages and markets co-branded financial services through third-party providers. The company is headquartered in Herndon, VA. It maintains operational and customer service centers in Libertyville, lL, and Portland, OR, a remarketing department in Auburn Hills, MI, and regional offices in Woodland Hills, CA, Alpharetta, GA, Woodcliff Lake, NJ, Irving, Texas, and Rosemont, IL.

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