Dongfeng Honda ties up with SDB on car loan services

Sep. 23, 2008 (China Knowledge) - Dongfeng Honda Automobile Co. Ltd, a 50:50 joint venture between China's Dongfeng Motor Corp and Japan's Honda Motor Co, has teamed up with Shenzhen Development Bank Co. Ltd to launch several trial auto financial services in Shenzhen.

Dongfeng Honda, together with Shenzhen Development Bank, has launched some auto financial services in June this year, which allows its customers, who prefer to buy the Dongfeng Honda's CR-V, Civic, or Civic Hybrid models, to apply for credit purchase with the car as mortgage without requirement for the presence of a third party guarantor.

Separately, Dongfeng Yueda Kia Motor Co. Ltd also tied up with China CITIC Bank Corp's Credit Card Center to launch an installment payment service named "Super Cool 003 Plan". The plan, which has been launched in 11 Chinese cities, including Beijing, Shanghai and Guangzhou, will end next month, sources said.
 
Industry analysts indicate many automakers adopted car financial services to boost their vehicle sales in China, as the country's auto market encountered a month-on-month downturn in July.