Mazda to choose TFS over JPMorgan for loan, lease

The Japanese brand, Mazda is all set to tie-up with Toyota Finacial Services for the consumers’ auto loan and lease etc. After a comprehensive and careful review. The company had JPMorgan Chase as it’s financial arm under the name of Mazda Capital Services. But the collaboration will be ending on April 1st. After a lot of consideration, Mazda has decided to switch to TFS. Jeff Guyton, the president of Mazda, said, "The intent of this partnership is to provide enhanced financing and protection options for customers and dealers," He also said "Chase has been a great partner for Mazda for the last ten years, and after a thoughtful review of many options, it was clear TFS can best meet Mazda’s business needs moving forward. Their deep knowledge of financing within the auto industry will be a good fit for our dealers and customers."

The new alliance between Toyota and Mazda means the companies are getting even more involved. Toyota has been helping the company to set up its new production unit which is under construction Alabama apart from the production agreement in Mexico that would see Toyota selling subcompartment cars sold in the US under the brand name of Toyota Yaris. Guyton further added that the two companies have been working side by side with careful observation where both of the companies can have profit such as developing electric vehicle architecture in Japan apart from the production units in Mexico and Alabama. 

In a Wednesday filing, Toyota has announced that it has started preparations to launch “private-label finance services for third-party automotive and mobility companies” and has confirmed that they are collaborating with Mazda. It also said that it would offer exclusive private label automotive finance, lease, and wholesale dealer who would be financing products and services, and vehicle protection products and services, to Mazda customers and dealers in the United States. The various products will be launching at various times through the fiscal year of 2021.