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Nissan and Summit Announce National Credit Program

7 July 1998

NMAC, Summit Acceptance Announce National Credit Program

    TORRANCE, Calif., July 6 -- Introduction of a national
program to provide Nissan retailers with sub-prime customer financing was
announced today by Nissan Motor Acceptance Corporation (NMAC), in association
with Summit Acceptance Corporation.
    Under the program, Summit will electronically receive all sub-prime credit
applications declined by NMAC.  Summit -- whose sole business is financing the
sub-prime vehicle buyer -- will again review the application, and rapidly
transmit a credit decision via computer to the Nissan retailer and the
applicant.  This provides Nissan customers with fast credit response and
Nissan retailers with an additional customer finance source, and thus
potential sales gains.
    Since 1997, a pilot test of the program has been underway in eight states.
Favorable test results and dealer response facilitated a decision to expand
the program.  The national roll-out will be to all 45 states in which Summit
is licensed.
    "We're pleased to join with Summit Acceptance Corporation in providing
this important program to Nissan retailers on a national basis," commented
Randy Brown, NMAC's marketing director.  "Helping our retailers to reach the
sub-prime market is important to NMAC.  With Summit we have a strong partner
-- one with experience in serving the specialized needs of this customer
segment," Brown explained.
    Summit Acceptance Corporation is located in Dallas, Texas.  Founded in
1987, it is a privately-held, consumer vehicle finance company with 144
employees.  Summit currently funds approximately 1500 loans per month and has
in excess of $100 million available for loan operations.
    Nissan Motor Acceptance Corporation is a division of Nissan North America.
Its Torrance, Calif., corporate offices, a customer service center in Dallas
and a field sales force are staffed by approximately one thousand employees.
NMAC provides loan and lease financing to Nissan and Infiniti customers and
wholesale inventory, capital and mortgage financing to Nissan and Infiniti
retailers.  NMAC currently services $15 billion in loans and leases for
900,000 customer accounts.