Financing for Auto Distributor’s Trial Driving Cars
(I) Product Definition
It means a car distributor pledges trial driving cars that are recognized by the Bank to us (or free of pledge on certain condition), thus receiving short term financing for purchasing trial driving cars.
(II) Product Features
The borrower may choose single shop model or batch loan/repayment model according to their own needs; and trial driving cars of some large auto distributor group may be exempted from pledge registration.
(III) Target Customers
Auto distributor group or its subsidiaries that have auto distributor group financing business with the Bank and meet admittance criteria set forth in the Bank’s relevant regulations.
(IV) Application Procedures:
1. Single shop financing: auto distributor group or its subsidiaries (single shop), as the borrowing entity of trial driving car financing, apply for financing to the Bank. The subsidiaries pledge self-owned trial driving cars recognized by the Bank to us and conduct pledge registration at local vehicle administration bureau (except for those exempted from pledge registration), and use funds under financing directly to pay auto manufacturer of relevant car brand or agent payee of such manufacturer.
2. batch loan/repayment: the parent company in an auto distributor group or a core subsidiary with large size and good earnings in XX group enterprises or a investment management platform company, as the unified borrowing entity of trial drive car financing, apply for financing to the Bank. The parent company or core subsidiary pledge trial driving cars owned by itself or other subsidiaries of the group and recognized by the Bank to us and conduct pledge registration at local vehicle administration bureau (except for those exempted from pledge registration), and after the financing is approved by the Bank, the borrowing entity makes overall use and management of the money and pays auto manufacturer or agent payee of such manufacturer directly or via its subsidiaries for purchasing trial driving cars.TOP