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ORANGE COUNTY BRIEFLY : Mitsubishi Truck Financing Unit Sold

September 04, 1999|John O'Dell

Associates Commercial Corp. said it has acquired the medium-duty truck financing business of Cypress-based Mitsubishi Motor Sales of America's credit unit. Financial details were not disclosed. Mitsubishi sold the business as part of an ongoing effort to focus on the consumer automotive market. Dallas-based Associates is one of the nation's largest providers of commercial truck and trailer financing services, with more than $12 billion in receivables. The Mitsubishi deal adds $75 million in receivables to Associate's portfolio, representing truck financing contracts with customers of Mitsubishi Fuso Truck of America Inc., a subsidiary of Tokyo-based Mitsubishi Motors Corp. Associates said it will form a new division, Fuso Finance, to handle the Mitsubishi Fuso dealers' business.

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