Mazda Turns to Toyota for Captive Financing

[MarvBear]

https://www.autodealertodaymagazine.com/358021/mazda-turns-to-toyota-for-captive-financing?utm_source=email&utm_medium=enewsletter&utm_campaign=20190902-NL-ADT-Enews-BOBCD190827012&omdt=NL-ADT-Enews&omid=1000693576

 

No Paywall.

 

WASHINGTON — Toyota Motor Credit Corp. will replace Mazda Capital Services as the captive consumer loan and lease financing company for U.S. Mazda dealers, according to a report filed with the Securities and Exchange Commission Wednesday.

[hegemony]

interesting; what I find odd is that TFS no loonger issues the Toyota visa (comenity does IIRC). ETA: that is, if you want to be a full service lender, why not keep your visa product in-house?

Edited September 2, 2019 by hegemony

[IndyPoolPlayer]

1 hour ago, hegemony said:

interesting; what I find odd is that TFS no loonger issues the Toyota visa (comenity does IIRC). ETA: that is, if you want to be a full service lender, why not keep your visa product in-house?

Probably didn't want the losses associated with a retail credit card. GM and Ford didn't use their credit arms to back their branded plastic. I forget who did GM's but Ford's was Citibank. Then there's BMW who IS backing their own plastic through their Utah domiciled Industrial Loan Company.

[hegemony]

12 minutes ago, IndyPoolPlayer said:

Probably didn't want the losses associated with a retail credit card. GM and Ford didn't use their credit arms to back their branded plastic. I forget who did GM's but Ford's was Citibank. Then there's BMW who IS backing their own plastic through their Utah domiciled Industrial Loan Company.

BMW sold it's visa portfolio to US Skank.  SAD!

[IndyPoolPlayer]

On 9/2/2019 at 9:06 PM, hegemony said:

BMW sold it's visa portfolio to US Skank.  SAD!

Interesting. Was this recently? I have received nothing to date from BMW FS concerning account changes.

[hegemony]

7 minutes ago, IndyPoolPlayer said:

Interesting. Was this recently? I have received nothing to date from BMW FS concerning account changes.

it goes into effect 1/1/2020 IIRC

[bigpoppa09]

On 9/2/2019 at 6:57 PM, IndyPoolPlayer said:

Probably didn't want the losses associated with a retail credit card. GM and Ford didn't use their credit arms to back their branded plastic. I forget who did GM's but Ford's was Citibank. Then there's BMW who IS backing their own plastic through their Utah domiciled Industrial Loan Company.

Crap 1 issues GM Buypower Card.

[IndyPoolPlayer]

On 9/4/2019 at 7:34 PM, hegemony said:

it goes into effect 1/1/2020 IIRC

I finally received my notification of the BMW card transition to Elan/FIA/USBank. Not only that but its converting from a Visa to MC.