Ford No Longer Financing Mazdas, Chase Auto Steps Up
Posted on 26. Sep, 2008 by DeuxEx3 in Mazda News, Mazda3 Guide, Mazdaspeed3 Guide, What's Hot
In shocking news that drives home the current state of the auto industry, Ford Motor Credit Co. will cease being the primary lender of purchase and lease loans for Mazda USA on October 16th and Chase Auto Finance Corp. will step in on the 16th as their new lender of choice.
Mazda is quick to note that it was a joint decision made by Ford and Mazda. Ford’s take on the decision is that it will allow Ford to refocus its financial arm on Ford wholly owned brands like Ford, Lincoln and Mercury. Still, one must wonder if this beginning separation is a sign of things to come as analyst rumblings earlier this year pointed towards the possibility of Ford selling its one-third stake in Mazda.
This news comes at a time when Congress is in the midst of pushing a $25 billion dollar loan to the auto industry through to the Senate for approval and on the morning of the latest (and largest) bank failure in U.S. history as Washington Mutual was sold off to J.P. Morgan Chase.
Source: Bloomberg News
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