Original title: Auto finance companies and banks start the auto loan promotion war

Economic Observer Network reporter Lao Yingying

With the adjustment of the policy on the maximum proportion of auto loans, auto financing companies and banks seized the opportunity to launch financial incentives such as "zero down payment" and "zero interest" to attract consumers.

In this regard, professional researchers told reporters that consumers should choose appropriate loan methods according to their own repayment ability, instead of blindly borrowing. In addition, the relevant auto salesmen do not necessarily have the financial awareness and literacy of compliance publicity, and consumers should pay attention to the words of auto salesmen when buying cars.

On April 24, Tesla Weibo released news that the designated version of Model Y was launched with the financial scheme of "zero down payment for a limited time" and "zero interest for a limited time", and the designated version of Model 3 was launched with the financial scheme of "zero down payment+preferential interest rate".

The reporter of Economic Observer Network learned from the financial scheme displayed on the "Tesla Tesla" WeChat official account that, taking the rear wheel drive model Y of 249900 yuan as an example, if the loan scheme of "new purchase/re purchase privilege 0 down payment" is selected, the down payment amount is 0 yuan, and the installments are divided into 12, 24, 36, 48 and 60 phases, with monthly repayments of 21116 yuan, 107031 yuan, 7232 yuan 5497 yuan and 4457 yuan, equivalent to an annual interest rate of about 1.94%, applicable financial institutions are China Merchants Bank, Ping An Bank and WeBank; If the loan scheme of "zero interest for new purchase/re purchase" is selected, a down payment of 79900 yuan (32% of the total vehicle price) is required. The number of installments available is 12, 24 and 36, with monthly repayments of 14167 yuan, 7083 yuan and 4722 yuan respectively. The limited financial institutions include China Merchants Bank, Ping An Bank, China Construction Bank, WeBank and Bank of Communications.

In addition to new purchase/re purchase customers, replacement customers also enjoy "0 down payment for a limited time" and "0 interest for a limited time". Taking the down payment of 79900 yuan with an annualized interest rate of 0.00% and the 60 phase loan scheme as an example, the monthly payment can be as low as about 2833 yuan, equivalent to about 95 yuan per day.

The reporter noticed that Model 3 only provides the financial scheme of "zero down payment+preferential interest rate", and there is no "zero interest" scheme. Taking the Model 3 rear wheel drive version of 231900 yuan as an example, the preferential interest rate loan scheme has a down payment of 0 yuan, 12, 24, 36, 48 and 60 installments, and monthly repayments of 19808 yuan, 10146 yuan, 6925 yuan, 5314 yuan and 4348 yuan respectively, equivalent to an annual interest rate of about 4.7%. Applicable financial institutions include China Merchants Bank, Ping An Bank, WeBank, China Construction Bank, Bank of Communications Bank of China.

On April 3, the People's Bank of China and the State Administration of Financial Supervision and Administration jointly issued the Notice on Adjusting Policies Related to Auto Loans (hereinafter referred to as the "Notice"), which specifies that financial institutions can independently determine the maximum proportion of loans for self used traditional power vehicles and self used new energy vehicles based on the borrower's credit status, repayment ability, etc., under the premise of compliance with the law and controllable risks. Previously, the People's Bank of China and the former CBRC issued a document in 2017, stipulating that the maximum proportion of loans for self used traditional power vehicles and self used new energy vehicles was 80% and 85% respectively.

Since the release of the Notice, many companies including GAC Huili Auto Finance, FAW Auto Finance, Dongfeng Auto Finance and others have announced the launch of "zero down payment" and "zero interest" auto loan products.

On April 12, Landu Auto, a subsidiary of Dongfeng Motor, launched a series of financial services, including three schemes of "zero down payment", "zero interest" and "zero monthly supply". The WeChat applet of "Lantu Auto" shows that if the "0 down payment" scheme is selected, no matter which model of the whole vehicle series, a down payment of 5000 yuan will be required, and the number of installments is 12-60; If the "zero interest" scheme is selected, the down payment ratio is 50%, and the next 24 periods are interest free. For the new Landau dreamer model, Landau also provides a 12 phase "zero interest and zero monthly payment" scheme, with 50% of the down payment and 50% of the balance payment, and no prepayment is required in the middle. The applicable financial institutions are Dongfeng Auto Finance.

Banks have also launched credit card car installment discounts, "zero down payment" and other programs to attract more potential consumers. On April 3, the official WeChat official account of the credit card of Guangzhou Rural Commercial Bank released information, announcing the launch of credit card car installment discounts, with the amount of up to 500000, the annual interest rate of the limited time discount as low as 3.3%, and the installment period as long as five years. New energy vehicles and fuel vehicles can apply. On April 8, the Credit Card Center of China Merchants Bank released the Announcement on the Implementation of the Agreement on the Installment Business of Car Purchase with the New Exclusive Consumption Installment Credit Card of China Merchants Bank on the official website, which covers the car purchase quota, installment number, annualized interest rate, etc. of the installment business of car purchase, and will take effect from May 23. In the middle of April, Bank of Jiangsu announced the launch of credit card auto installment "zero down payment" activity, with the single interest rate as low as 0.16% and the annualized interest rate as low as 3.6%.

On April 27, Su Xiaorui, a senior researcher of Suxi Smart Research, told the Economic Observer Network that auto finance companies have more say than traditional banks in the marketing of auto finance segments. When consumers go to the 4S store, they first need to buy a car, then they need money. In terms of money demand, they can decide which financial institution is the fund provider. Consumers can choose an auto finance company or a commercial bank.

Su Xiaorui suggested that consumers should choose appropriate loan methods according to their repayment ability, and should not borrow blindly because of "zero down payment" and "zero interest". In addition, auto sales personnel may not have the financial awareness and quality of compliance publicity, and there may be the possibility of exaggeration and misleading when promoting financial products. When buying a car, consumers should pay attention to the words of the car salesman.