LAS VEGAS — Nissan Motor Acceptance Corp. has been engaged in a pilot program with Modal — formerly known as Drive Motors — to connect additional customers to the captive for vehicle financing, said Colin Cooke, director of financial products, at the Auto Finance Summit.
“That’s been our focus over the last 18 months,” Cooke said during a panel discussion. “Specifically, bringing that consumer the opportunity to finance and buy a new Nissan, which is the ultimate goal.” Although the captive’s fintech partnerships currently are focused on connecting consumers with NMAC, it also could lead to connecting consumers with dealer partners, he noted.
Modal’s partnership with NMAC allows a customer to visit a third-party website and find a vehicle; apply for and receive approval for financing; secure extended service contracts; value their trade-in; and download two or three documents necessary for the transaction, Cooke said.
NMAC’s immediate focus is on its partnership with Modal for a few reasons, Cooke said. First, Modal is further along in its integration than some of NMAC’s other partners. Another reason is that many of NMAC’s dealer groups already are integrated with Modal’s platform. “We were losing the opportunity to see that customer,” he said. “We wanted to receive that credit application like some other lenders. That’s what really started us off [with Modal].”
When approaching fintech partnerships, it isn’t a “one-size-fits-all approach” for the captive, Cooke explained. “We look at the opportunity to work with multiple partners — our dealers are going to choose different partners.”
Currently, there is no definite nationwide launch date, Cooke said. “There have been some things that we’ve found [in the pilot] along the way that’s required to move [a release date] aside,” he added, but he declined to specify.
