Financial Services Association, April 7 (Reporter Zhang Yipeng) After the Ching Ming Festival holiday was “untied” the auto loan policy, the new car terminal market began a new competitive cycle. FAW Toyota, Dongfeng Honda, etc. actively “joined the war” with the help of the latest financial policies.

On April 5, FAW Toyota announced that it will launch multiple financial policies from now until April 30, including a maximum 8-year zero down payment, 36 installments of 0 interest rates, and a 505 flexible financial plan. “In the context of the 'volume' of the domestic car market reaching a new height in 2024, 'trade-in' will become a new engine driving demand in the automobile market. The release of the “Notice on Adjusting Policies Related to Auto Loans” will further promote the gradual consumption and renewal of automobile consumption. The increase in the exchange rate will bring about a significant increase in automobile sales.” FAW-Toyota said.

On the same day, Dongfeng Honda also announced the latest promotion policy, which includes: when purchasing a CR-V, you can enjoy a trade-in 0 down payment, up to 20,000 yuan; when you buy a CIVIC Civic, you can enjoy 0 down payment with an annual interest rate as low as 1.99%; if you buy an HR-V, you can enjoy a trade-in 0 down payment, up to a maximum of 4,000 yuan; if you buy an XR-V, you can enjoy a trade-in 0 down payment, annual interest rate as low as 1.99%, etc.

The aforementioned car companies' financial policy updates are all in response to the “Notice on Adjusting Policies Related to Auto Loans” (hereinafter referred to as the “Notice”) jointly issued by the People's Bank of China and the State Administration of Financial Supervision and Administration. At the time, it was clearly stated in the “Notice” that financial institutions independently determine the maximum loan ratio for private use of traditional power vehicles and new energy vehicles for personal use. This means that the maximum loan issuance ratio for personal use can be raised to “100%.”

While relying on financial policy adjustments to promote automobile consumption, many car companies are also sparing no effort to step up their participation in the “price war.”

FAW Toyota said that from now on, it will launch the “Renew the Old with 2 billion yuan” campaign, which includes benefits such as a replacement subsidy of up to 16,000 yuan, car owners can enjoy a return gift worth 498 yuan when entering the store; according to GAC Honda's April policy, when buying an Accord Supreme, you can enjoy a 43,000 yuan subsidy (11,000 yuan replacement subsidy +32,000 yuan car purchase subsidy), and you can enjoy a 40,000 yuan subsidy (11,000 yuan replacement subsidy +29,000 yuan car purchase subsidy). Yuan subsidy (11,000 yuan replacement subsidy+40,000 yuan car purchase subsidy), you can enjoy up to 51,000 yuan when buying an Odyssey Subsidies (11,000 yuan replacement subsidy+40,000 yuan car purchase subsidy), etc.

According to incomplete statistics from the Financial Services Association reporter, since the beginning of April, nearly 10 car brands have introduced the latest car purchase promotion policies. In addition to the brands mentioned above, they also include Tesla, BAIC, Chery, Jetta, NIO, and Rantu.

“On the one hand, car companies are caught up in a price war vortex and are continuously lowering sales prices; on the other hand, they have to continuously increase investment in product upgrades. Profitability has been greatly tested, and there is an urgent need to adjust profit models.” Cui Dongshu, Secretary General of the Passenger Transport Federation, believes that due to the continuation of the “price war,” many car brands have many potential customers, and many fuel vehicle users are on the sidelines. “It is expected that when manufacturers and countries have clear trade-in policies and the peak market season in May-June, they will jointly drive market recovery.”