Nissan is latest automaker to pursue industrial loan charter
Nissan Motor Acceptance Co., the financial services arm of Nissan North America, applied for an industrial loan charter.
The Franklin, Tenn., company said in a press release that it submitted its application with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to form Nissan Bank U.S. The industrial bank would be based in Salt Lake City, Utah.
The proposed bank will focus on commercial financing for dealerships, enhancing services provided by NMAC with greater efficiency, competitive rates, and a deeper ability to serve U.S. dealerships.
“Forming Nissan Bank U.S. gives us greater flexibility to serve dealers more efficiently and competitively — so they can better serve their customers,” Kevin Cullum, NMAC’s president, said in a press release. “It also deepens our support for locally owned dealerships, many of which are small businesses that anchor their communities.”
Consumer auto loans will continue to be offered directly by NMAC.