The Cypress, Calif.-based financing unit, which will play in the nonprime space, piloted operations with a small group of dealers two weeks ago. YMFUS will continue to roll out to the motorcycle-maker’s 1,700 U.S. dealers throughout the year, with an initial goal of being in all states by early 2016.
The new company will provide retail financing solutions that complement existing arrangements with Capital One Financial Corp. and Synchrony Financial, which offer promotional financing for the purchase of Yamaha’s motorsports, watercraft, and marine products.
Kim Ruiz, vice president of finance and accounting at parent company Yamaha Motor Corp., has been appointed president and chief executive of the captive. “Yamaha Motor Finance will primarily focus on younger, first-time buyers and those re-establishing their credit,” she said in a press release. “By focusing on this underserved market, Yamaha Motor Finance can help customers establish a good credit track record while attracting them into the Yamaha brand.”
A pair of Mitsubishi Motors Credit of America executives have joined the Yamaha team, as well. Jeff Young, MMCA’s former president and chief executive, will manage YMF’s daily operations, and Vijay Patil, MMCA’s former head of risk management, will serve as the captive’s chief risk and strategy officer.
Yamaha motorcycles range in price from about $5,000 to $22,000, but the captive expects its average amount financed to hover around $10,000.