Mitsubishi Forms New Credit Unit
Mitsubishi Motors Credit America has partnered with Merrill Lynch to create a new credit union, named MMCA Services LLC.
TOKYO -- Mitsubishi Motors Credit America has partnered with Merrill Lynch to create a new credit union, named MMCA Services LLC.
All new- and used-car loans issued at Mitsubishi dealerships will be handled by MMCA Services, while Mitsubishi Motors Credit will continue to own and monitor lease and dealer loans.
Mitsubishi Motors Credit hopes to "reduce its exposure to default risks" by selling retail loans to MMCA services as soon as they are generated, Mitsubishi Motors North America, Inc. CEO Rich Gilligan told Automotive News. He adds that Mitsubishi will offer market money to MMCA Services, if necessary, to improve the competitiveness of its financing products.
In creating this new credit union, Mitsubishi hopes to increase the percentage of loans to its buyers that it handles "to the 50th percentile" range, Gilligan says. That would be up from its current range in the low 20s.
To reduce costs, Mitsubishi Motors Credit is planning to outsource its claims-management and call-center divisions.
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