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BMW ANNOUNCES FORMATION OF NEW FINANCE CORPORATION

 WOODCLIFF LAKE, N.J., Jan. 5 /PRNewswire/ -- BMW of North America, Inc., the importer of luxury automobiles, announced the formation of BMW Financial Services Corporation as a wholly owned subsidiary of BMW. The United States is the 10th market in which BMW AG has established its own finance company.
 BMW Financial Services will provide finance and leasing products for consumers and financial programs for BMW's 356-member retail dealer organization. According to Karl H. Gerlinger, president of BMW of North America, Inc., the mission of BMW Financial Services will be threefold:
 -- First, to provide competitive financial products and programs for BMW customers and dealers;
 -- Second, to provide a consistent and competitive source of financing for our dealers to enhance their profitability; and
 -- Third, to provide the highest level of quality service in the automotive financial services industry.
 "BMW Financial Services is another example of BMW's overall strength and commitment to our customers and dealers in the United States market," continued Gerlinger. "The creation and growth of this captive finance company will support BMW's aggressive product strategy with a full array of financial and automotive services that will exceed the expectations of our customers and dealers."
 BMW Financial Services Corporation will be headquartered in Woodcliff Lake.
 -0- 1/5/93
 /CONTACT: Richard S. Brooks of BMW of North America, Inc., 201-307-3788, or in Detroit, 313-393-4312/


CO: BMW of North America, Inc.; BMW Financial Services Corporation ST: New Jersey IN: AUT FIN SU: PDT

ML -- DE012 -- 1657 01/05/93 10:46 EST
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Publication:PR Newswire
Date:Jan 5, 1993
Words:250
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