SOURCE: Volkswagen Group of America

Volkswagen Group of America

October 08, 2013 13:56 ET

VW Credit, Inc. Celebrates 1 Million Customer Accounts

Historic Milestone Marks Third Year of Record Growth

ATLANTA, GA--(Marketwired - Oct 8, 2013) -  VW Credit, Inc. (VCI), the captive finance partner of Volkswagen, Audi and Ducati in the United States, announced today that it has reached a new milestone -- one million vehicle finance agreements are now under contract. The milestone contract was for a lease of a Volkswagen Jetta by co-applicants Linda Gaines (Mother) and Kyla Gaines (Daughter) from the Jim Ellis Dealership in Chamblee, GA. Christian Dahlheim, Executive Vice President and Chief Financial Officer, VW Credit, Inc., and local guests and dignitaries gathered at the Jim Ellis Volkswagen Dealership in Kennesaw, to celebrate this occasion. As a special gift, VCI was pleased to cover 12 payments on the 36 month lease of the vehicle.

"Today's milestone -- one million customer accounts -- is another example of VCI's ability to support brands of the Volkswagen Group growth strategy by providing attractive financing solutions and superior service for our customers," said Andrew Stuart, President and CEO, VW Credit, Inc.

"We were excited to learn that the 1 millionth customer account came as a Volkswagen Credit customer through our doors. Volkswagen is our flagship brand. We opened our first Volkswagen dealership in 1971 and now have 3 locations serving Georgia. We couldn't be more pleased," says Jimmy Ellis, Vice President and COO of the Jim Ellis Automotive Group.

In addition to celebrating one million customer accounts, VCI officially launched "FinanceSource," a new integrated solution for Credit & Contract Approvals, Funding, and Digital Document Storage. This system will help dealers to further reduce wait time for customers, eliminate the risk of missing documents and accelerate cash flow for the dealers. "The feedback by the dealers so far has been very positive in terms of accuracy, ease of use, and speed," Dahlheim added.

In the J.D. Power and Associates 2012 Consumer Financing Satisfaction Study, Volkswagen customers rated VCI #1 in the retail loan segment. "We are proud of those results; it tells us we are already doing something right in the eyes of our customers," Dahlheim said. 

In 2012, VCI saw an increase of 28.3 percent in all-new contracts, with 404,947 contracts signed. VCI increased the number of new contracts to 238,400 in the first seven months of 2013. The number of total assets during the business year 2013 rose by 14 percent to a record level of $23.6 billion. To support this growth, VCI recently announced the creation of up to 150 new jobs over the next five years at their service center in Libertyville, Ill.

About VW Credit, Inc.
VW Credit, Inc. (VCI), was founded in 1981 to function as the financial service arm of Volkswagen Group of America (VWGoA) and is affiliated with Volkswagen of America, Inc., Audi of America, Inc. and Ducati Financial Services, Inc. VCI, a captive finance company, 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 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 Woodland Hills, Calif.; Alpharetta, Ga.; Woodcliff Lake, N.J.; Irving, Texas; and Rosemont, Ill.


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