Mitsubishi Motors Seeks U.S. Auto Finance Partner

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00003474-mitsubishi-motors-seeks-us-auto-finance-p/

TOKYO – A Mitsubishi Motors Corp. official said the ailing Japanese automaker is seeking a partner to revive the finance unit that contributed to its biggest-ever operating loss in North America, according to a published report Wednesday.

Mitsubishi Motors Credit of America Inc., whose zero interest, no-deposit financing policy of 2001 caused the company 86 billion yen ($783 million) in loan losses over the two fiscal years ended March, is in talks with four finance companies, managing director Osamu Masuko said in an interview with Bloomberg News.

Masuko declined to name the four companies, the report said.

Mitsubishi Motors, Japan’s fifth-largest and only unprofitable automaker, is struggling to turn itself around after a spate of recalls and defect cover-up scandals.

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Mitsubishi Motors Seeks U.S. Auto Finance Partner

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