China | Auto Finance News | Page 3 | Auto Finance News - Part 3

China to Open Up to Foreign Ownership in Auto Finance, Central Bank Says

China delivered more specifics on how it plans to open up the country’s financial services sector by yearend, which will include the encouragement of foreign ownership in auto finance, the central bank announced in a press release today. On Tuesday, President Xi Jinping made a broad announcement about China’s efforts to expand reforms and open […]
  • William Hoffman
  • April 11, 2018
  • Asia

Chinese Ride-Hail to Raise $1.6B ABS for Lease Partners

Chinese ride-hailing company Didi Chuxing received approval this week from the Shanghai Stock Exchange to securitize $1.6 billion of leases originated by some of its partners. Didi acts as a middleman between leasing companies and Didi’s ride-hail drivers. The timing of the first $47 million issuance is unknown. “The [leasing] companies can use the funds […]

Asian Rideshare Rolls Micro-Lending Into Platform

Grab, a Southeast Asian rideshare company and online financial services platform introduced micro-loans and insurance options on Tuesday for Grab drivers and businesses. For the new offering, Grab formed a joint venture — called Grab Financial Services Asia — with Japanese credit card company Credit Saison. Separately, U.S.-based insurer Chubb signed on as a partner. […]

Toyota Captive Seeks Penetration Growth in Slowing Chinese Market

Toyota Motor Finance China (TMFCN) aims to grow originations to 22% of Toyota and Lexus vehicles sold in China, Auto Finance News has learned. That compares with a 21% penetration rate — or 273,000 vehicles — in 2017. Though China has been the largest new-car sales market since 2009, its finance rate is only about […]

Nissan Chinese Captive Issues First Securitization of 2018 Amid Bull ABS Market

Dongfeng-Nissan Auto Finance Co. (DNAF) released its first securitization of 2018, and just as the China ABS market is heating up, according to Moody’s Investors Service. The portfolio consists of renminbi-denominated floating-interest-rate auto loans granted by DNAF to private individuals in China. The renminbi is the official currency of China and converts to a portfolio balance […]

Chinese E-Commerce Company Debuts Auto Finance Business

Qudian Inc., a Chinese e-commerce business that provides cash credit products via mobile technology, extended its business into the auto finance sector. The company allows borrowers to apply for credit on their mobile phones and receive approval within seconds, according to a company press release. Approved borrowers are then able to draw down on their […]

China Ripe for Auto Finance Boom as Consumer Penetration Rate Rises

Since 2009, China has surpassed the United States as the largest market for new-vehicle sales, according to Deloitte Consulting LLC. And now, auto finance is starting to catch up. For many years, the Chinese automotive market has been propped up by government incentives like tax breaks, which encouraged customers to purchase cars. So far, this […]
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