The auto leasing business has taken some hits over the last few months, with Chrysler even completely abandoning the segment. The shaky economy will undoubtedly lead to some more changes within the industry, with the latest changes occurring over at Mazda.
Mazda has announced that it will no longer be using Ford Motor Credit as its main source of financial credit. However, instead of completely exiting the finance business, Mazda will be switching to Chase Auto Finance.
Chase will be providing Mazda with both retail and lease programs, according to Automotive News. “This action has mutual benefits in the tough business environment and tight credit markets that are challenging the entire industry,” Mazda CEO Jim O’Sullivan said.
Customers currently financing a Mazda vehicle though Ford Credit will continue to use the Michigan automaker’s financial arm.
Despite the switch, there will be no change in Mazda’s relationship with Ford. Ford owns 33.4 percent of Mazda.
09/26, 11:46 AM
posted by:
6ix
Wowza, now Chase will have BOTH my mortgage and car loan. Yikes. They’d better not fold.
09/26, 11:56 AM
posted by:
beatusmongous
Chase isn’t going anywhere. I actually wish MY mortgage was with them, because I love their customer service. My mortgage company loses payments, and it’s a pain in the @$$ to find them.
Before I paid off my Nissan, my auto financing was through Chase. I loved the way they worked. This is good news for them, as it means more business.
09/26, 12:43 PM
posted by:
yarddog82abn
Ford owns a large stack of Chase… Trust me I know, if you ever finance any thing with Ford Credit why do you thank you are pre-approve for a Chase credit card… that and I used to sell Fords….
09/26, 12:58 PM
posted by:
johnnycanuck
yarddog: that makes sense. Ford and Mazda appear to be one of the better working relationships in the industry. It sounded like there was some sort of rift.
09/26, 2:51 PM
posted by:
HoosierHero
6ix: I’d love for my mortgage and car loans to go away! lol Fold baby fold!