Chinese people buy cars into consumer trends

The "2012 China Auto Finance Report" jointly issued by China Minsheng Banking Corporation and Deloitte China stated that at present, the annual loan amount for auto consumption in China is approximately 140 billion yuan. After 10 years, this figure is expected to exceed 500 billion yuan. As new generations of consumer groups have gradually emerged and consumption habits have become more international, many domestic banks, auto finance companies, and small-scale credit companies have introduced a variety of automotive consumer financial products to attract consumers.

Not long before the poor money could be bought, Mr. Wu purchased a FAW-Volkswagen MAGOTAN. Recalling his own car purchase experience, Mr. Wu was very emotional: “Originally poor money can also buy a good car.” At first, because the budget was only 150,000 yuan, Mr. Wu saw the new Bora. "120,000 car prices, plus insurance, purchase tax, and foreign license fees, 150,000 yuan just enough. But always feel that the car had a bad breath." Mr. Wu unwillingly, in the sales shop several times. Suddenly, a promotional logo for Matang's loan car gave him a bright eye: In the first year of interest-free car loans, he calculated: "The first payment of 100,000 yuan, the monthly supply of 4,000 yuan, for two years, you can buy a loan. The medium-sized MAGOTAN has counted other expenses and did not exceed the budget.” And if you use a safe credit card to pay in installments, the down payment is less, only 60,000, monthly supply of 6,000 yuan for three years, you can also buy loans Under this magotan, although there is more interest, he can be more comfortable. Finally, Mr. Wu chose the latter.

According to a dealership staff in Shanghai, the car loan interest-free plan launched two years ago, although interest is exempt, but the customer also has to pay a huge fee, while the car price does not enjoy the discount; and now the car In the loan plan, the handling fee has been much lower than in the past. Even if some of them are not interest-free in full, the total amount of money paid by customers is still much less.

Currently, almost every car company in the market has car loan financial products such as “zero interest rate”, “low down payment” and “low handling fee”, and commercial banks also provide consumers with installment payment plans because of their convenient and deep procedures. Loved by consumers. In addition, dealers are also keen to promote the use of financial products in auto loans than in the past; for individual models, some dealers have even posted their own money to expand sales on the basis of discounted manufacturers to obtain higher market share.

So, is there such a large number of very attractive car loan programs, whether consumers appreciate?

The "2012 China Auto Credit Consumption Survey Report" from Sina revealed that over 80% of the respondents acknowledged the way they borrowed cars. They said that loans to purchase a car not only eased the cash pressure but also satisfied the demand for cars; among them, 46% of the respondents used loans to purchase cars; from the age structure, “80s” became the main force for loan buyers; models, 200,000 yuan. The most popular models are 300,000 yuan.

In fact, as early as the 1990s, domestic loans for car purchases have emerged as a brand-new way of consumption, but it was not until the year of 2009 that the auto market in China was “good for scenery”. . There are two reasons. First, the rapid development of China's auto market in recent years, the rapid increase in the process of domestic car popular; Second, the concept of personal credit consumption is in a clear transition period, the degree of consumer acceptance of loan car is also increasing.

At present, many commercial banks and auto finance companies have introduced "low down payment, zero interest rate," "low down payment, low interest rate" car loan products. At the time of purchase, consumers can freely choose the down payment ratio according to their economic conditions. The down payment is mostly 20% to 70% of the car price. In terms of handling the final payment, the auto loan product also offers a variety of flexible solutions. Customers can choose to pay off the balance at one time or apply for a renewed 12-month secondary loan to reduce the repayment pressure.

In addition, some automotive finance companies have also launched one-stop services for customers of replacement vehicles. The customer can choose to directly replace the proceeds from the replacement of the old car as the first payment for the new car and easily bring the new car home.

The increase in the loan line of auto credit business, the reduction of repayment rates, and the variety of car loans have really made consumers shine. In an interview with a car dealership in Shanghai, the author discovered that the introduction of these financial products and services for car loans further stimulated consumption, especially for young people who bought cars for the first time, and their desire to purchase was greatly stimulated. From the perspective of China’s population structure, the “80s” new generation of consumer groups are beginning to enter the year. They are more receptive to auto loans, and the ratio of auto consumption loans is expected to continue to increase rapidly in the future.

Many dealers report that about 30% of consumers have used the form of loans to “upgrade” their purchased models when they buy a car – some choose a high-level car, some choose a top-level model, and generally have a difference. Are around 10 million.

The road to growth is still very long. Auto consumption credit originates in the United States. In 1907, the United States introduced the personal car installment payment method for the first time. At present, the proportion of U.S. loans to purchase cars is above 80%. In developed countries, the credit system is relatively complete, personal loans are relatively loose, and auto consumer credit has become the main mode of automobile consumption.

In contrast, China's auto consumption credit is still in the toddler stage. Although China has won the championship in world automobile sales for four years in a row, the development of the automotive financial market has been lagging behind. At present, only about 15% of car transactions use loans, which is a difference from 60% to 80% in developed countries. far.

How to tap the development potential of China's auto consumer credit is becoming a real issue that needs urgent solution.

First, a sound credit system is indispensable. In the second half of 2003, there was a blowout in China's auto consumption. Auto consumption credit once accounted for 22.4% of auto sales. However, due to the imperfect banking supervision system at that time, a large number of bad debts were incurred. In 2005, the Central Bank promulgated and implemented the "Provisional Measures for the Management of the People's Bank of China's Personal Credit Information Fundamental Database". The personal credit information of 127 banks across the country can be queried online. The financial institutions can also share these data, but due to the "subjects" covered by the data Relatively few, in many cases can not distinguish right from wrong. Experts suggest that they can learn from foreign experiences and use personal public records as reference objects, such as whether to go to library reading habits, whether they have given blood, whether they have participated in volunteer activities, etc., and improve the establishment of a credit system.

Second, auto consumer credit also needs to regulate industry standards. In the past two years, various disputes arising from loans for car purchases have shown an upward trend. At present, there are many kinds of consumer auto credits in China, and businesses often steal concepts and set traps when they promote, so that consumers can not “find the North”. For example, some businesses launched "free interest" activities, interest is freed, but with a lot of fees; some businesses introduced "free of charge", resulting in extra fees for no reason. As such species, it is a chest tightness. Experts suggest that the regulatory authorities formulate standardized model contracts to help consumers be aware of what they are getting when they make loans.