$31 Million Line of Credit Granted to Wheels, Inc.
Wheels has been extended a $31 million line of credit from the Continental Illinois National Bank and Trust Co. of Chicago.
Wheels Inc. has been extended a $31 million line of credit from the Continental Illinois National Bank and Trust Co. of Chicago.
David M. Kennedy, Continental board chairman said the credit is one of the largest ever granted by the bank to a privately owned company and said it is an "expression of confidence in the future of auto fleet leasing."
The Continental is the largest bank in Chicago and the 8th largest in the nation. Unlike several other Chicago banks, it does not engage in leasing vehicles on its own.
Zollie Frank, board chairman of Wheels, said that the constantly increasing demand for more vehicles, both from the company's present roster of 450 clients as well as prospective lessees, has required a major expansion in the company's operation.
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