Nissan Motor Acceptance Co. (NMAC), the financial services arm of Nissan North America headquartered in Franklin, Tennessee, has submitted an application to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions to form Nissan Bank U.S. LLC, an industrial bank headquartered in Salt Lake City.
Nissan said its proposed bank “will focus on commercial financing for dealerships, enhancing the services currently provided by NMAC while enabling greater efficiency, competitive rates and a deeper ability to serve Nissan, Infiniti and non-Nissan dealerships across the United States.”
In addition to operational efficiencies, Nissan wants the bank to strengthen support for independent, locally owned dealerships.
“For over 40 years, NMAC has supported our dealer network with stable, relationship-driven financing,” said Kevin Cullum, president of NMAC. “Forming Nissan Bank U.S. gives us greater flexibility to serve dealers more efficiently and competitively, so they can better serve their customers. It also deepens our support for locally owned dealerships, many of which are small businesses that anchor their communities. From small towns to major markets, this bank will help dealers access the tools they need to grow while reinforcing our long-term investment in the U.S. market.”
Consumer auto loans will continue to be offered directly by NMAC, the company said.
The formation of the bank is subject to approval by the FDIC and Utah Department of Financial Institutions.