AUBURN HILLS, MICH. - VW Credit Inc., a subsidiary of Volkswagen of America Inc., submitted a bank charter application Wednesday to the Federal Deposit Insurance Corp.
Volkswagen Bank USA would be incorporated as a Utah industrial loan corporation, with headquarters in Salt Lake City. Volkswagen AG, Europe's largest manufacturer of passenger cars and the fourth-largest in the world, has a bank in Germany.
Raymond Specht, who will be Volkswagen Bank USA's president, chief executive officer, and chairman, said plans are to take advantage of the Internet and technology and to phase in a full array of financial products and services.
BMW already has a U.S. bank, and DaimlerChrysler AG is planning one in Germany. BMW Bank of North America, a branchless bank in Salt Lake City, offers a range of deposit accounts, card products, insurance, and vehicle financing. DaimlerChrysler announced plans in November to establish DaimlerChrysler Bank in Germany to offer banking services and financial products that go beyond traditional vehicle leasing and financing.
General Motors Acceptance Corp., the financial services subsidiary of General Motors Corp., chartered a bank last April.