MAZDA TO DROP FORD AUTO FINANCE FIRM FOR JPMORGAN UNIT IN U.S.

NEW YORK, Sep 29, 2008 (AsiaPulse via COMTEX) -- MZDAF | Quote | Chart | News | PowerRating -- Mazda Motor Corp. (TSE:7261) will next month no longer use a group company of No. 1 shareholder Ford Motor Co. for financial services in the U.S., switching instead to a JPMorgan Chase & Co. auto financing firm.

Mazda will entrust Chase Auto Finance to provide financing for U.S. dealerships as well as for customers leasing autos or taking out auto loans. The move was triggered by the credit crunch on financial markets. Ford has been given priority for funding as the U.S. automaker's financing firms face difficulties raising funds.

Mazda decided to join with Sumitomo Mitsui Banking Corp. (TSE:8318) and others to buy Ford's Japanese financing firm this past spring.

Despite deepening their ties in areas such as subcompacts, Mazda is breaking its reliance on Ford for financing.

(Nikkei)

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