BMW is rolling Internet banking products off its assembly line.

The German automaker's Internet-only BMW Bank of North America, which was created in September through an industrial loan company charter in Utah, has $179 million of assets - mostly car loans transferred to its books from the seven-year-old BMW Financial Services. In operation just a couple of weeks, it is gearing up to become a much bigger nuisance to banks and, in the process, push the limits of the rarely used ILC charter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.