Global financial crisis spills over domestic auto market
Since the beginning of this year, the global financial crisis triggered by the US subprime mortgage crisis has intensified, the international economic situation has been declining, the global auto industry has been greatly affected, and the domestic heavy truck market is also facing unprecedented market pressure. In order to increase the purchasing power of the market, CNHTC announced today that it will stimulate sales of heavy trucks by directly issuing loans, and has signed an auto loan insurance agreement with Pacific Insurance.
In the recent past, CNHTC has been focusing its efforts on the development of the market. After many discussions and coordination, CNHTC implemented the combination of production and financial resources, and used the financial platform of the financial company to launch its own auto loan business. In the cooperation model of auto loans, CNHTC Group has taken over China Pacific Property Insurance Co., Ltd., and China National Heavy Industries Finance Co., Ltd. has provided 1.5 billion yuan in automobile consumption loans. Pacific Insurance Company provides performance guarantee insurance, and Shandong Xinhai Guarantee Co., Ltd. Provide guarantees and jointly launch car loan insurance business.
In the process of customer loans and car purchases, China National Heavy Duty Truck Finance Company paid for the sales trucks of China National Heavy Duty Truck Group and the amount of qualified natural persons does not exceed 60% of the total price of the business vehicle, and the maximum period of time is not more than two years. Personal mortgage loans. Pacific Property Insurance Co., Ltd. provides personal mortgage performance guarantee insurance for loan buyers. Shandong Xinhai Guaranty Company provided guarantees on the 10% deductible portion of the insurance clauses. After the occurrence of the insured incident, Pacific Property Insurance Co., Ltd. fulfilled the liability for compensation as stipulated in the insurance clause, and assumed the responsibility of collecting the vehicle and disposing of the mortgaged property.
Market analysts believe that in recent years, the approval conditions for commercial banks to provide loans for individual car purchases have been relatively "harsh". In particular, since the beginning of this year, various commercial banks have raised the threshold for loans, and some banks have even stopped auto consumption loans. However, the demand for loans to purchase cars in the market is still relatively large. Under such circumstances, the CNHTC Group will play a financial service function of the financial company, actively develop financial products, and provide loans to car users, which may attract many consumers.
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