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China promulgates new regulations on car-leasing
Shanghai, January 31, (Gasgoo.com)--China Banking Regulatory Commission released new regulations on auto financing companies yesterday, the Commission announced on its official web.
Under the new regulations, auto financing companies could provide leasing service to Chinese car consumers. The service, which is widely accepted in America and Europe, will encourage automobile consumption.
According to these regulations, individual consumer or fleet leasers like a company can lease a car on loans or choose to purchase the vehicle when the lease is up.
Before the leasing service is available, only individual buyers or auto dealers are eligible to apply for auto loans from a bank or auto financing company.
Statistics show that auto leasing account for about 30% of the fleet sale in the US; worldwide, 70 percent car purchases are made via auto financing, of which 60 percent are in the form of leasing. By contrast, only 2 percent to 3 percent of the buyers in China buy cars on credit or loans.
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