Auto Finance management of new approaches to improve creditStressed that the new approach to "promote car sales and purchase" at the core of financial services, Automobile finance company car leasing possible
Auto finance industry in China based on the national policies of the past, really allowed to car leasing business in China started late and progress has been slow, which comes from the laws and regulations on the barrier, is the main reason led our auto leasing is not carried out.
By 1990, our car rental is primarily an operating lease, because since 1986, the Ministry of Finance has issued a no financing leasing cars. To the end of 1997, the Ministry of Finance issued a notice again, only in accordance with the regulations to control shehuijituangoumaili, in accordance with the regulations of approval procedures and access to capital for the purchase procedures, may not be sold to financial leasing means car shall pay rent as sold. Therefore, the car leasing business in China for nearly half a century later than developed countries.
All along, the State must be regulated by the banking finance lease included in the category, and allowed the mainly non-bank financial institutions engaged in financial leasing leasing companies, trust and investment companies, financial companies and asset management companies. Automobile finance leasing business, can consist of a large group of finance companies and finance leasing companies. In 1993, the heavy truck Group's financial companies began to handle heavy truck leasing, which was formally approved by the State motor vehicle leasing business, can be seen as automobile finance leasing in China started. However, the slow progress in the car leasing business.
Automobile finance leasing in China without reason, mainly legal obstacles. Finance lease purchased by the lessor is the legal characteristics of cars leased to a lessee for use in financial leasing contracts because car ownership is the lessor of the purchaser, car ownership belongs to the purchaser that the leasing company, in accordance with the provisions of the measures for Administration of registration of motor vehicles in China, handling motor vehicle registration, driving license and issuing license plates must be handled by the owner. And whether by the leasing company registration procedures for vehicles, and then leased to the lessee's use of the vehicle has not been clearly defined. Because the manufacturer issued an invoice to the leasing company, the lessee is not titled, the procedure cannot be handled by the lessee. If the invoice is issued directly to the lessee, the lessee shall complete all formalities, invoice, license plate, registration certificate and other documents show that the vehicle belongs to the lessee in a lease, title to the vehicle rental and leasing the contract contradicts the man. In addition, if the tenant and lease companies in remote, vehicle handling and dependency problems encountered.
Chinese Automobile finance industry to the current stage of development, from original automobile consumption loan market business single change for market diversification.
On October 3, 2003, the auto finance company regulations enacted. On November 12 of that year, once again, the China Banking Regulatory Commission issued the administrative measures for auto finance company regulations. Allowed foreign automakers to set up auto finance company, will facilitate the introduction of foreign advanced experience in auto financing business, more choices for consumers of financial services in China. Birth of the auto financing company, changing the present situation of Chinese automobile consumption loan market business single, promoted the diversification of market competition.
Since 2004 the first auto finance company since its establishment, the CBRC approved the establishment of a 9 car finance companies in succession. At the end of December 2007, has opened 8 auto finance company with total assets of 28.498 billion yuan, of which loans 25.515 billion yuan, total liabilities of 22.822 billion yuan, 5.676 billion yuan in equity, when the accumulated profit of 16.47 million Yuan. With the development of China's automobile industry and car consumer credit market, Automobile finance service industry development will be accomplished.
On January 24, 2008, with 2008 1th order of China Banking Regulatory Commission issued a regulation on new auto finance company. Development of the new approach has three main objectives:
1, and long-term development needs to adapt to the reality of auto financing companies, broadening financing channels and increase of company business, and promote the sustained and healthy development of the industry as a whole. 2003 introduced of original approach) and rules is in perform WTO commitment, and opening car consumption credit market of background Xia developed of, for carefully sex consider, original approach provides allows car financial company carried out of business range compared narrow, provides China of car financial company only engaged in single of car loan business and transfer and sold car loan should collection business, cannot involved car rental and financing rental, profit sex high of middle business, this is and international practice significantly different of place. From 3 years of practice, gradually revealed normal business development needs conflict with the narrow scope of business, to be solved by modifying the original measures, adjusting the scope of business and increasing business varieties to be addressed.
2, with new laws and regulations in recent years to maintain consistency. Near 3 years to have issued or amendment has series related legal regulations, as People's Republic of China banking supervision management method, and People's Republic of China company law, and People's Republic of China administrative license method, and China banking supervision Management Committee non-bank financial institutions administrative license matters implementation approach,, for better to and related legal regulations coordination consistent, enhanced regulations implementation of seriousness, and effectiveness, has necessary on original approach and the rules for modified.
3, adjust the regulatory requirements for risk, make the setting more scientific, non-spot supervision more targeted. Original approach and the individual targets set out in the rules, do not meet the needs of operational and risk management (such as the top 10 customer credit concentration index). Also need to add the necessary risk supervision indicators (a single group customer credit concentration), that some of the indicators monitored by the monitor into (such as liquidity indicators monitored by the monitor into focus), so that non-spot supervision is more flexible, more scientific and effective.
In accordance with the provisions of the original approach, funding constraints of the auto finance company. Auto finance companies in the country have only two ways of financing: one is to accept positions in the territory for more than 3 months term deposits; the second is to borrow from financial institutions, but lots of difficulties, because the banks themselves are also auto credit, car finance company competitors in the car loan market. In addition, the auto finance company business scope is limited and is not allowed to set up branches.
New measures remove restrictions set up branches, and adjust the scope of the deposit to "accept foreign shareholders and the group in China, a wholly owned subsidiary and shareholders within 3 months (or more) time deposits". Meanwhile, in the new approach clearly auto finance company function and auto finance business premise, widening financing channels, and new addition allows the issuance of financial bonds, into the interbank market for financing, to address the auto finance company business development and reasonable financing. Therefore, the new measures will be implemented to promote automobile consumption credit market developments.
Automobile manufacturers in the case of excess capacity in China, needed to find a good way to expand car sales, car leasing is a good road to promotion. In recent years, the rapid expansion of domestic auto production for the automobile provides conditions for the development of financial leasing. Foreign car companies are bullish on China's auto financing and leasing industry, General Motors, Volkswagen, Toyota, Ford, wearing a-g and other foreign investors have set up auto finance company in China. However, the original way not covered in the scope of business of car rental and leasing businesses, foreign only through the other way into the auto leasing industry.
Stressed that the new approach to "promote car sales and purchase" at the core of financial services, based on the original car retail and wholesale loan business, loan, new car leasing business, to form the auto finance company's three core businesses. This makes it possible to direct auto finance company car leasing. Therefore, the implementation of the new approach will facilitate the auto leasing business, and promote the development of the domestic car market.