Ally to Replace Mitsubishi’s Captive Finance Arm
April 27, 2015
DETROIT — Ally Financial and Mitsubishi Motors North America (MMNA) announced Monday that Ally will become the preferred financing source for Mitsubishi Motors in the United States, replacing the brand's captive finance company, Mitsubishi Motors Credit of America.
The agreement broadens the existing relationship between Ally and MMNA. Through the agreement, Ally will provide its services and product offerings, including retail and lease financing, wholesale financing, remarketing and insurance offerings, to Mitsubishi's nearly 380 dealerships across the United States. Mitsubishi dealers will also be able to leverage Ally's education and training programs, customized marketing benefits and its Dealer Service Center, available seven days a week.
"Ally is committed to the success of our OEM and dealer relationships, and is continually looking for opportunities to strengthen those interactions with premium product offerings, best-in-class service and innovative ideas," said Tim Russi, president of Auto Finance for Ally. "We are pleased that Mitsubishi Motors North America has chosen to place its trust in Ally to support its retail sales growth plans and improved customer experience."
The agreement with Ally is part of a number of initiatives that Mitsubishi Motors is undertaking as it grows its brand and continues to deliver strong sales momentum in the United States, officials said.
"Mitsubishi Motors has seen resurgence in sales with five quarters of year-over-year sales increases. We have accomplished this by bringing new models to market and, in large part, thanks to a loyal dealer network that has stayed with us during good times and bad. We are excited about our new models and the promise they bring," said Don Swearingen, executive vice president MMNA. "As we pursue our growth plans in this dynamic landscape, we are pleased to have a financial partner like Ally that can support us with the products and services that our dealers need and that will be integral to our success."