Chase and Mazda North American Operations have expanded their relationship by signing a multi-year private-label agreement under which Chase will be the exclusive U.S. auto finance provider for Mazda.
The Mazda Capital Services brand will roll out to Mazda dealers and consumers later year.
“Since we began our relationship a little more than a year ago, both our dealers and our customers have been extremely pleased with the quality of the financial services provided by Chase,” says Jim O'Sullivan, president and chief executive officer, Mazda North American Operations.
“I fully expect this new long-term strategic financial alliance will result in even greater benefits for our Mazda dealers and customers and will be a prime contributor to our future growth in the U.S.”
Chase became the exclusive U.S. auto finance provider for Mazda, under the Chase brand, in January 2009.
That came after Ford Motor Credit Co. stopped providing consumer auto loans for Mazda buyers and commercial loans for Mazda dealers, as Ford Motor Co. reduced its stake in Mazda.
Since that time, Chase has offered retail and lease financing to Mazda's customers through the more than 625 U.S.-based Mazda dealers.
“This is a win-win agreement that will benefit Mazda consumers as well as dealers,” said Marc Sheinbaum, chief executive officer-auto finance at Chase.
He says the bank and auto company “will use our combined strength to provide dealers and consumers with products and services to drive sales under the Mazda brand.”
Chase was the No.1 auto lender in the U.S. in new loan production in 2009, lending $23.7 billion to finance 1.1 million new and used vehicles for consumers.