China National Heavy Truck Loan Sales Heavy Truck
The global financial crisis, which originated from the U.S. subprime mortgage turmoil, has continued to intensify this year, leading to a deteriorating international economic environment. As a result, the global automotive industry has suffered significant setbacks, and the domestic heavy truck market is now experiencing unprecedented challenges. In response, China National Heavy Duty Truck Company (CNHTC) has introduced a new strategy to boost market demand by offering direct auto loans, partnering with Pacific Insurance to provide loan insurance solutions.
In recent months, CNHTC has been actively expanding its market presence. Through extensive discussions and coordination, the company has successfully integrated production and financial resources, leveraging the financial platform of its affiliated finance company to launch an in-house auto loan program. This initiative involves collaboration with China Pacific Property Insurance Co., Ltd. and China National Heavy Industries Finance Co., Ltd., which have provided 1.5 billion yuan in automobile consumption loans. Pacific Insurance offers performance guarantee insurance, while Shandong Xinhai Guarantee Co., Ltd. provides additional guarantees, making this a joint effort to support car loan insurance.
Under this model, CNHTC Finance Company covers up to 60% of the total price of commercial vehicles for qualified individual buyers, with a maximum loan term of two years. Pacific Property Insurance provides personal mortgage performance guarantee insurance, while Shandong Xinhai Guaranty covers the 10% deductible portion. In the event of a claim, Pacific Insurance assumes responsibility for compensation, as well as the recovery and disposal of the mortgaged vehicle.
Market analysts suggest that commercial banks have made their auto loan approval processes increasingly strict in recent years, especially since the beginning of this year when many banks raised their lending thresholds or even suspended auto loan programs. Despite this, there remains a strong demand for car financing in the market. By utilizing the financial services of its own finance company, CNHTC is actively developing tailored financial products to meet consumer needs, potentially attracting a large number of customers looking for more flexible and accessible loan options.
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