MEXICO: New Renault-Nissan finance alliance targets 50,000 customers in 2004
The new Renault-Nissan Alliance financing programme in Mexico expects to reach 50,000 customers by the end of 2004.
NR Finance México (NRFM) provides vehicle loans to Renault and Nissan customers and NR Wholesale Mexico (NRWM) offers financing to Renault and Nissan dealers.
NRFM operates as a non-bank bank (known as SOFOL in Mexico) and is regulated by the National Banking and Securities Commission as well as by the Ministry of the Treasury and Public Credit. Nissan Motor Acceptance Corp. (NMAC), the financial division of Nissan North America, is the majority shareholder (51%) of both NRFM and NRWM along with Nissan Mexicana (49%).
Dominique Signora, general manager of NRFM and NRWM, said that the current workforce of 140 employees is expected to expand to 200 by the end of 2004. With approximately 9,000 loans approved since the start of operations, the objective is to reach 50,000 customers in Mexico this year, of which 12% are expected to be Renault customers and 88% Nissan.