Nissan scraps plans for industrial loan charter: report

Nissan Motor Co. has reportedly abandoned plans for an industrial bank based in Utah.

The automaker opted to cancel the initiative to prioritize cost-cutting measures as part of a broader corporate restructuring and shifting economic conditions, according to Automotive News.

Nissan’s captive finance arm, Nissan Motor Acceptance Co., applied in June 2025 to form Nissan Bank US in Salt Lake City. The ILC would have allowed Nissan to tap into low-cost deposits insured by the Federal Deposit Insurance Corp.