VW Credit finances Selma IH-35 auto park lot deal

Selma RE Ltd pledged a lot in the Selma IH-35 Auto Park to VW Credit Inc, Volkswagen’s captive finance arm, securing a loan against the property, according to a deed of trust recorded Oct. 28 with the Bexar County Clerk. The same day, the clerk recorded a deed transferring that lot to Selma RE Ltd from I-35 Selma Land Venture Ltd.

Both instruments are dated Oct. 26. The collateral is Lot 1, Block 1 of the Selma IH-35 Auto Park subdivision, platted at volume 20002, page 1224. The record page requires a sign-in and could not be independently verified; a machine read (OCR) of the recorded deed of trust text shows a principal of $18.15 million, in both words and numerals, but that figure is unconfirmed.

Why it matters

VW Credit Inc mainly finances Volkswagen vehicle inventory and consumer auto loans. An $18.15 million loan recorded alongside a land purchase points to the lender financing dealership ground, not only the cars on it. That is a different kind of exposure than a floorplan line, and it ties the captive lender to a site on Selma’s IH-35 commercial corridor.

The numbers

A machine read (OCR) of the deed of trust shows a principal of $18,150,000, secured by a single platted lot. The figure is unconfirmed, since the record page sits behind a sign-in and could not be independently verified. The companion deed carries no sale price, since Texas deeds never show one. Both filings were signed Oct. 26 and recorded with the Bexar County Clerk two days later.

What’s next

A City of Selma building permit on the lot would show whether the loan funds new dealership construction or the land alone. Neither filing names the dealership brand that will operate on the site. A later deed or release of lien on the parcel would show whether this debt is refinanced or paid down.