Source: Huaxia Times
Wangfujing Xiaomi Auto Direct Shop Our newspaper (chinatimes. net. cn) reporter Fu Leran Xuedong took photos and reported in Beijing
"0 down payment, installable", "collect the car now, and the annual rate can reach 2.99%". The reporter of Huaxia Times visited on April 16 Wangfujing We found that the "zero down payment" scheme for some 4S stores has been implemented. The experience director of Lutes Experience Store in Wangfujing said that since this month, the store has started to implement the "zero down payment" activity, which means that the capital threshold for consumers to purchase cars will be further reduced.
Recently, 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 optimized the maximum proportion of auto loans and increased financial support for the car trade in scenario.
With the implementation of the policy and the recent explosion of Huawei New Intelligencer S7 and Xiaomi Auto SU7, financial institutions have rushed into the automotive consumer financial market and launched financial preferential schemes such as "zero down payment" and "low rate".
"Auto consumption is a key area to promote consumption and expand domestic demand in this round." Dong Ximiao, the chief researcher of Zhaolian Finance, told the Huaxia Times that auto consumption financial products and services, to a certain extent, provide convenience for consumers to buy cars, boost residents' willingness and ability to consume cars, and promote the steady growth of auto consumption.
Increase financial support
In November 2017, the People's Bank of China and the former CBRC issued the Notice on Adjusting Policies on Auto Loans, which clearly stated that the maximum proportion of loans granted for self used traditional power vehicles and self used new energy vehicles was 80% and 85% respectively.
After more than six years, the proportion of auto loans has been adjusted.
Staging scheme for different models According to the latest requirements of the Notice, each financial institution, on the premise of legal compliance and risk control, reasonably determines the specific issuance proportion, term and interest rate of auto loans based on the borrower's credit status, repayment ability, etc., in combination with the agency's auto loan issuance policy, risk prevention and control and other factors.
Specifically, the maximum loan granting ratio of self used traditional power vehicles and self used new energy vehicles is independently determined by financial institutions; The maximum proportion of commercial traditional power vehicle loans is 70%, and the maximum proportion of commercial new energy vehicle loans is 75%; The maximum proportion of second-hand car loans is 70%.
"It is clear that the distribution proportion of self use automobile loans (including fuel vehicles and new energy vehicles) is determined by financial institutions, up to 100%, to further improve the ability of residents to purchase automobiles with automobile loans." Dong Ximiao said.
Wangfujing Auto 4S Store "Our store now has two options for buying a car: 0 down payment starts from this month, and you have only paid purchase tax and insurance in the earlier period. There has always been a low down payment, and now the minimum payment is 15%. The interest on the low down payment should be less, and the 0 down payment should be higher." said the salesperson of a 4S store.
From the perspective of supply entities, the institutions providing automobile consumption finance include commercial banks providing automobile loans, credit card purchase installment, auto finance companies providing automobile loans, and small loan companies. Dong Ximiao said that in view of the phenomenon that there were many frauds in the field of auto loans before, he required to strengthen the whole process management of auto loans, strictly prevent loan funds from being used for other purposes, and reduce the credit risk that may increase after the policy is relaxed.
The notice also proposed that financial institutions should be encouraged to strengthen the innovation of financial products and services in combination with the segmentation scenarios of new cars, second-hand cars, and old for new cars, and appropriately reduce the liquidated damages generated by early settlement of loans in the process of old for new cars, so as to better support reasonable automobile consumption demand.
Dong Ximiao believes that encouraging financial institutions to appropriately reduce the liquidated damages incurred by early settlement of loans in the process of "old for new" vehicles will help reduce the burden of residents buying new cars through "old for new", and boost the willingness and ability of residents to consume cars.
In March this year, the State Council issued the Action Plan for Promoting Large scale Equipment Renewal and Consumer Goods Trade in, clearly encouraging banking institutions to appropriately reduce the down payment ratio of passenger car loans and reasonably determine the term and amount of auto loans under the premise of legal compliance and risk control.
Automobile consumption is an important part of China's total retail sales. In the view of the industry, the relaxation of auto loan policy is conducive to reducing the threshold for consumers to buy cars, stimulating the demand for replacement, broadening the financing channels for upstream and downstream enterprises of automobiles, driving the development of the industrial chain, and thus promoting the overall growth of automobile sales.
Banks compete in auto financial market
In recent years, the policy level clearly encourages financial institutions to support automobile consumption. There are rich scenes between banks and the auto industry, covering multiple links and participants in the auto industry chain, including auto consumption credit, auto dealer financing, auto leasing, used car finance, credit card auto installment, auto supply chain finance, etc.
Auto retail loan service is an important part of bank retail business. stay China Merchants Bank In the handheld life APP, consumers can view the car sales list, popularity list, and local 4S store recommendations. In the "owner service", they can choose 4S stores, car washing stores, and join the car buying discount community. They can watch the live photos and cut car prices in groups.
In addition, credit cards are also a powerful channel to promote automobile consumption. On April 8, the Credit Card Center of China Merchants Bank issued 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, which involves the car purchase quota, installment number, annualized interest rate, etc. of the installment business of car purchase, and will take effect from May 23.
Online commercial banks have applied AI big model capability to the field of automobile industry chain, and have provided credit lines for more than 1 million small and micro enterprises. Among the users who have access to financial services, 64% have obtained pure credit loans for the first time, nearly 3 have become science and innovation enterprises, and have obtained higher quotas.
"By introducing key data into the auto industry chain, such as industry and commerce, water and electricity, we can support the credit extension to small, medium-sized and micro enterprises. With the ability of AI's big model, we can more accurately restore the business status of enterprises, including accounts receivable, profits, turnover times, etc." said Yang Wang, general manager of auto and medical department of online banking industry finance.
Small and medium-sized banks also began to participate in the auto financial market. For example, the official WeChat of Credit Card of Guangzhou Rural Commercial Bank announced that it would launch credit card auto installment discounts from March 16 to May 31, with the amount of up to 500000 yuan, the annual interest rate of the time limited discount as low as 3.3%, and the installment period as long as five years, with up to 85% of the price of naked cars. New energy and fuel vehicles can apply.
In addition, Chongqing Rural Commercial Bank launched the "Chongqing Express Car Purchase 2.0" activity. During the period from March 28 to December 31, customers who make an appointment to register and complete the installment purchase of millet SU7 can get cash at one time according to the installment amount.
From the 2023 performance report, it can be seen that many banks have optimized and innovated their product systems in the automotive consumer financial market to meet consumers' personalized and convenient service requirements.
Postal Savings Bank The annual report disclosed that the Bank is gradually building a "3+2" technology finance characteristic model, accelerating the expansion of traditional transformation industries such as automobiles and emerging industries such as electronic information, and providing full life cycle financial services with the growth of enterprises. In terms of innovative scenario service mode, the Postal Savings Bank created a new energy vehicle direct sales business mode, embedded the whole process of loan into the manufacturer's online vehicle sales scenario, and improved the scenario service capability.
Industrial Bank The annual report shows that it has accelerated the development of new energy vehicle business. The financial business related to new energy vehicles has become an important bridgehead for the transformation and development of the company's auto finance, and provides strong support for the company's green financial development. As of the end of the reporting period, the balance of new energy vehicle related assets was 170.07 billion yuan, accounting for 46.64% of auto finance, 6.61 percentage points higher than that at the end of the previous year.
Ping An Bank The annual report disclosed that the Bank planned the new energy vehicle market, optimized the auto consumption financial product system, and constantly improved the customer service experience. By the end of 2023, the balance of auto finance loans of Ping An Bank was 302.475 billion yuan, and the annual personal new energy auto loans were 36.803 billion yuan, up 47.8% year on year.
"Financial institutions should vigorously develop financial technology, increase product and service innovation, further enrich the types of automotive consumer financial products, and promote more inclusive automotive consumer finance. For example, according to the needs of different regions and different customer groups, customized credit products should be provided to improve customer experience. We can also launch exclusive loan products such as second-hand cars and new energy vehicles in line with the consumer goods trade in policy to better meet customer needs. " Dong Ximiao suggested.
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