TOKYO -- Mitsubishi Motors Corp. and Merrill Lynch will form a joint venture to service auto loans in North America.
By tapping Merrill Lynch's better credit rating, Mitsubishi Motors Credit of America Inc. will be able to raise funds more cheaply. That should allow it to offer better loan rates.
The structure of the joint venture will be determined this month.
Mitsubishi Credit will remain the contact point for loans provided by Mitsubishi dealers. Merrill Lynch will take a back-office role.