Ssangyong Motor Co., a Korean SUV-focused producer under India’s Mahindra & Mahindra Ltd., is seeking to rebrand its capital unit SY Auto Capital as Ssangyong Auto Capital to better make use of auto leasing service in a new mobility age where drivers increasingly opt to rent or share cars instead of owning one for long-term period.

The car maker recently filed a suit against Shinhan Investment Corp. to get back the right to use its Ssangyong trademark for its financial business, according to sources.

Shinhan Investment acquired the trademark right for Ssangyong in 2002 when it (formerly Shinhan Securities) acquired Good Morning Securities from U.S. venture investment firm H&Q Asia Pacific. Good Morning Securities is formerly Ssangyong Securities, which was sold to the U.S. venture company in 1999 after its parent Ssangyong Group was broken up in the aftermath of 1997 Asian financial crisis.

Shinhan Securities after the acquisition merged it with its own securities firm and renamed the united entity as Good Morning Shinhan Securities and then Shinhan Investment. It has not used Ssangyong Securities, but holds the rights for the name.

Ssangyong Motor tried to use its brand for an automotive financial service joint venture it set up with KB Capital in 2015. As the trademark right was owned by Shinhan Investment, it named the JV as SY Auto Capital by taking the initial letters only.

Shinhan Investment reportedly is seeking out-of-court settlement to avoid a legal battle with the automaker.

SY Auto Capital is held 51 percent by Ssangyong Motor and 49 percent by KB Capital. Once it retains the Ssangyong brand, the company is expected to be able to more actively market its financial products to customers with an interest in Ssangyong vehicles.

Offering coherent policy for automotive financial services is also becoming more important to automakers these days as most people now prefer financing or leasing a car, as well as using a rental car or car-sharing service than buying a car.

Daimler AG, the parent company of luxury brand Mercedes-Benz, also renamed its automotive financing unit Daimler Financial Services AG as Daimler Mobility AG in July as part of efforts to groom itself as the total mobility services provider, not just a vehicle manufacturer

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