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Mitsubishi wants to sell more cars to lower rated borrowers -- so it's called in regular subprime auto ABS issuer Ally Financial to help out.
Ally, the rebranded former General Motors financing arm that the government bailed out in 2008, has entered into a partnership with Mitsubishi Motors to finance auto loans, leases and dealer floorplans, the companies announced on Monday. Ally will purchase Mitsubishi's existing portfolio of $750m retail loans and leases as part of the deal.
Mitsubishi is winding down its captive finance arm, Mitsubishi...