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MEDIA INFORMATION
Thursday, April, 16, 9:30am (EST)
CONTACT:
Carsten Krebs
(703) 364-7165
[email protected]
Volkswagen Credit and Audi Financial Services to Support
Automotive Financing Options in Puerto Rico in Agreement with
Reliable Auto
(San Juan, Puerto Rico, 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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