Ally Financial Will Take Over Financial Services for Mitsubishi

Ally Financial Inc. has agreed to buy Mitsubishi Motors Corp.'s book of business in the U.S., Automotive News reports. The price was not disclosed.

Under the agreement, Ally will become the preferred lender to MMC's customers and nearly 380 dealers. Last year MMC sales in the U.S. surged 25% to 77,600 units, according to Autodata Corp.

AN says dealers have been told MMC's 24-year-old lending arm, Mitsubishi Motors Credit of America Inc., will stop issuing new-car loans at the end of May and transfer its wholesale financing operations to Ally a month later.