GWA establishes an auto finance company

Great Wall Auto on saturday issued a public notice which said that the apply for the auto finance company had been approved by the China Banking Regulatory Commission and the preparatory work will be completed within 6 months.This means that GWAA will became one of the few privately owned car companies that have auto financing companies.

It is learned that Great Wall and Tianjin Binhai Rural Commercial Bank jointly establish an auto financing company, known as "Tianjin Great Wall Binyin Finance Company", headquartered in Tianjin Binhai New Economic and Technological Development Zone. The business scope includes retail financing of the Great Wall Brand customers and wholesale financing for the Great Wall dealers synchronously and to develop the other businesses regulated in Administrative Rules Governing the Auto Financing Company.

Auto industry experts said that the auto financing company provides more flexible credit way and a lower threshold than bank loans and therefore, become a new choice for consumers. Great Wall PR Dpt. introduced that the private enterprise with an auto financing company is rare, which represents the strength of GWA and it is more convenient for customers to purchase loan business and can improve customer satisfaction. According to the survey, since the first auto finance company was founded in 2004, China Banking Regulatory Commission has approved the establishment of more than more than 10 auto finance companies, the vast majority of which are auto finance companies with foreign background, including Toyota, Volkswagen and General Motors.