SOURCE: Volkswagen of America, Inc.
LIBERTYVILLE, IL--(Marketwire - Feb 6, 2013) -
- New retail loan and lease contracts: Rise of 28.3 percent to 404,947
- Total assets increased by 17.5 percent to $23 billion
VW Credit, Inc. (VCI), the captive finance partner of Volkswagen and Audi in the United States, increased the number of all new contracts signed by 28.3 percent in 2012 to 404,947, compared to 2011. The total number of current contracts increased by 13.4 percent to 950,873 -- the highest amount ever. The number of total assets during the business year 2012 rose by 17.5 percent to the record level of $23 billion.
"We are supporting the brands of Volkswagen Group of America in their growth strategy with attractive financing solutions and superior service for our customers. VW Credit, Inc. financed 60 percent of all vehicles sold by the Volkswagen brand and 54 percent of the Audi Brand, this allowed us to accelerate our growth during the business year 2012," said Dr. Christian Dahlheim, Executive Vice President and Chief Financial Officer of VW Credit, Inc., on the occasion of the expansion of the new Service Center in Libertyville, Ill.
In the wholesale financing segment, the receivables from Volkswagen Group dealers increased 38.3 percent to $2.5 billion. This volume essentially covers the financing of vehicles in stock, plus equipment and investment loans. VCI increased the number of employees from 1,008 to 1,100 in the last 12 months, an upsurge of nine percent. The Management Board of VCI anticipates continuous growth in 2013.
About VW Credit, Inc.
VW Credit, Inc. (VCI), was founded in 1981 to function as the financial service arm of VWGoA and is affiliated with Volkswagen of America, Inc. and Audi of America, Inc. VCI, a captive finance company, services Volkswagen and Audi customers, authorized automotive dealers and their affiliated stores as VW Credit, Inc. 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 was founded in 1981, with headquarters in Herndon, Va. It maintains operational and customer service centers in Libertyville, Ill. and Portland, Ore.; a remarketing department in Auburn Hills, Mich.; as well as regional offices in Westlake Village, Calif.; Alpharetta, Ga.; Woodcliff Lake, N.J.; Irving, Texas; and Pleasant Prairie, Wis.