Financial Institution to Help Mitsubishi Offer Cheaper Financing
Mitsubishi Motors Corp. has entered into a partnership with a U.S. financial institution so that it can offer cheaper loans. The financial institution would fund and service the loans Mitsubishi Motors Credit of America offers dealerships and car buyers.
Mitsubishi Motors Corp. has entered into a partnership with a U.S. financial institution so that it can offer cheaper loans. The financial institution would fund and service the loans Mitsubishi Motors Credit of America offers dealerships and car buyers.
Mitsubishi signed a letter of intent with the unnamed financial institution in September and the deal should be finalized by the year´s end, according to Automotive News.
In 2001, the finance unit offered zero-interest, no-money-down financing. This policy cost the company $783 million in losses over the two fiscal years ended August 2004. The high number of credit defaults led to a downgrading of asset-backed securities issued by Mitsubishi. Because of this, Mitsubishi is shut out of the asset-backed securities market and must depend on costlier loans from banks and financial institutions to offer customers auto financing.
Mitsubishi says it is considering selling its credit arm´s outstanding asset portfolio, Automotive News reported.
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