Mitsubishi’s new ownership spells big changes for the automaker’s product future, but the controlling stake recently purchased by Renault-Nissan also means the newly joined automakers will partner on financial services.
As such, buyers in three markets will soon be able to turn to Nissan for a loan on a new Outlander or Mirage. Sorry, AmericansÂ â€” there’s good reason why Mitsubishi’s U.S. financing arm is staying put for now.
Announced today, Mitsubishi and Nissan will combine forces to launch a branded sales finance operation in three British Commonwealth countries: Canada, Australia and New Zealand. While Mitsubishi customers are the target, Nissan is the shooter. The latter automaker’s financing divisions will craft the products for its new corporate sibling and offer wholesale and retail financing options.
The automaker hopes the newly created financial arms “will attract more buyers, encourage loyalty among customers and provide additional support to dealers,” it said in an official statement.
â€œWe will win customersâ€™ loyalty with competitive rates and a broader range of financing options, and create a branded service experience,” stated Koji Ikeya, Mitsubishi Motors’ chief financial officer.
The alliance of automakers hopes to have the new financing arms up and running in Australia and New Zealand this month, while Mitsubishi Motor Sales of Canada should begin offering leases and loans through Nissan Canada Finance (rebranded in this role as Mitsubishi Motors Financial Services) on July 1st. Work is afoot to bring joint financial services to other markets, Nissan claims.
Why isn’t this also occurring in the United States? While some services could change, Mitsubishi already has a dance partner for U.S. consumer financing. In early January, Mitsubishi Motors North America’s chief operating officer, Don Swearingen, announced it would honor its contract withÂ Ally Financial Inc. That contract has another five years of life left, ending in April 2022.
[Image: Mitsubishi Motors]