"10% ultra-low down payment, including purchase tax/transfer fee, send 1 year of insurance, provide on-board service, buy back after 1 year, choose more space, and use less capital."
Recently, such "low down payment" car advertisements have been quietly spread all over the corner. Zero down payment "playing a car" has also become a mantra for young consumers. However, the Consumer Council of Guangdong Province reminded consumers in the latest car consumption reminder that there is a consumption trap in the “lease-for-sale†model to avoid infringement of consumer rights.
So, this kind of "do not pay the full amount, low down payment, can pay a rent every month can take away a new car," the new consumer model it?
Insiders pointed out that the use of rent for sale as a new model of automobile consumption has matured in foreign markets. However, due to the start of the domestic market and the uneven service levels of various types of financial leasing companies, consumer rights have been infringed upon. Some happened and suggested the introduction of multiple sources of credit to enhance industry transparency. In addition, as the market matures and the cost of acquiring customers increases, the “toll-for-sale†market will usher in a new round of reshuffling.
Case: "Tenancy sale" service disputes occur from time to time
In May 2016, Ms. Kang signed a “car rental contract†and a “vehicle transfer agreement†through a trading company to purchase an independent brand sedan. The contract period began from May 7, 2016 to May 6, 2019. The first paragraph of the 25,000 yuan, including the card, purchase tax, 3 years of travel tax, insurance payments, the first six months of 6388 yuan per month, the first 7 months from the monthly 3388 yuan, the final paragraph of 15,000 yuan.
According to the contract signed by both parties, the leased vehicles have been insured by the insurance company. The specific insurance policy is based on the effective insurance policy. During the contract period, the company has purchased 3 years of insurance for Ms. Kang, including vehicle purchase insurance, including but not limited to : Motor Vehicle Traffic Accident Liability Compulsory Insurance, Motor Vehicle Third Party Liability Insurance (not less than RMB 500,000), Vehicle Loss Insurance, etc.
However, a traffic accident pulled out the dispute between the two parties. Ms. Kang’s husband had a traffic accident while driving the vehicle and was judged to be the driver’s full responsibility. However, the leasing company did not provide relevant insurance certificates for the vehicle during the accident. After the dispute occurred, Ms. Kang suspended the payment of monthly contributions and the vehicle was recovered by all parties.
For this reason, the two sides cannot coordinate because of their differences, and they can only discuss the case. The final court ruled that the pre-paid contract for the “Car Rental Agreementâ€, “The Renting Shopping Service†and the “Vehicle Transfer Agreement†signed by both parties were cancelled; at the same time, the trading company returned part of the car purchase price.
In fact, the contradiction arising from rent-selling is not uncommon, and there are similar cases in the automobile consumption tips issued by the Consumers Association of Guangdong Province: The Consumer Mr. Wang chose a car rental company to buy a car through the “Rental Purchase Serviceâ€. The lease period is two years. But soon after, the car was driven away by the car rental company.
According to him, shortly after the car was brought up, the car rental company told him that he had to pay nearly 4,000 yuan for the insurance of the vehicle. He couldn’t open it for a time and he had paid 2000 yuan. Who knows that there is still a two-day difference from the remaining cost of delivery, and the car rental company suddenly took away the vehicle. Finally, Mr. Wang reopened the vehicle only after he paid the rental company a total of more than 10,000 yuan for the remaining insurance premiums, liquidated damages, and late fees.
Phenomenon: The lack of industry standards, the market mixed
Why do you choose to rent for sale? In Ms. Kang's view, the main reason is that the threshold for buying cars is low.
At present, the low threshold is one of the greatest advantages of renting and selling. In each of the stores that implement "rent-to-buy" stores, the threshold for the tenants' qualifications is very low. For example, "play a car", you only need to see the individual's sesame credit, and the audit can be completed in two hours. In the face of ultra-low downpayments and ultra-low qualifications, the new model of "rent-to-buy" does attract a group of consumers who are in short supply but have just needed cars.
It is understood that a new car platform such as a car, small white car, and gifted letter, etc., is currently vigorously promoting the "rent to sell" consumption model. What is even more crucial is that behind these large-scale platforms, various types of small and medium-sized car rental companies have mushroomed into the market. On Baidu, when the reporter enters the keyword “zero down paymentâ€, there are 287,000 related search terms.
"Only drivers and ID cards can drive away the same day; provide one-stop service; insurance, on-licensing, purchase tax, etc. have been completed." An employee of a car rental company in Guangzhou told reporters not to pay the full amount, not to pay down. A certain monthly rent, you can take away a new car.
It is understood that the use of "rented for sale" model car buyers, consumers must first apply for a car (two cards submitted a card), through the financial leasing company's risk control review, the two sides signed a lease contract. Financing leasing companies invest in the purchase of vehicles and apply for car insurance purchase tax. Consumers can only pay a small amount of down payment or security deposit to collect the car. During the contract period, consumers pay monthly and get the right to use the vehicle. After the expiry, consumers can either choose to return the vehicle, or they can choose to pay the balance and obtain ownership of the vehicle.
“The prospects for the rental market are very broad. Compared with foreign countries, the penetration rate of China’s auto finance is still low, and the current young consumer groups are less valued for ownership. Since last year, a considerable number of car rental companies have started to flood the market. "An industry source told Nanfang Daily that the biggest problem is the lack of industry standards, low barriers to entry, and mixed finance and leasing markets. The risk control standards of different companies are also different. For example, some companies have "loose before the loan." tight". The approval before the loan is very loose, and the collection process is very rigorous, and even the relevant staff members are harsh and the user experience is very poor.
In-depth: It is recommended to introduce multiple sources of credit to enhance industry transparency
The rapid warming of the "rent-to-buy" model has promoted the influx of a large number of small and medium-sized leasing companies. However, due to the uneven strength, the service level cannot be guaranteed, and service disputes occur from time to time. So how can consumers avoid falling into such consumption traps?
Han Yong, CEO of Vanguard Alliance Leasing Co., Ltd. reminded that although the downsizing advantage of leasing is lower, the corresponding loan line will be larger than traditional car loans, and the monthly repayment amount is not low. For users, match their income and avoid excessive consumption. At the same time, he also suggested that leasing companies could use big data, etc., to introduce multiple sources of credit, strengthen credit review, identify credit ratings of customers, and then approve lending limits.
In addition, the opaqueness of information also creates potential risks in the industry. Some banks and auto finance companies can use the Central Bank's credit system or third-party agencies to inquire about credit information, and more small and medium-sized car rental companies can hardly identify users' credit. There are even cases where car rental companies cooperate with user credit fraud. “Everyone wants to split a piece of cake, and some companies dare to do something. In particular, some late-financial leasing companies will take over all the businesses that other companies do not want to do, virtually increasing the risk of lending.†An auto finance practitioner admitted to the reporter.
In Han Yong's opinion, in addition to imperfect credit system, the lack of standards for determining residual value has also restricted the further development of the industry. In fact, from the perspective of the car rental company, of course, it is hoped that the lower the better the residual value, such as a car price is 100,000 yuan, the dealer set the residual value after the expiration of the two-year contract is 40%, the remaining six achievements are apportioned to During the contract period, if the residual value is lower, the consumer's monthly payments will be higher and the amount paid will be more. If the market price of this car can be sold to 50,000 after 2 years, consumers will choose to give up the car, the vehicle returns to the car rental company, they can also get the difference between the sale of used car sales.
However, the current "rent-to-buy" model is mainly concentrated in the new car sector, and the used car industry is less involved. Relatively speaking, new car products are more standardized, users are more receptive, and the loan link is relatively simple. For used cars, due to the non-standard assessment and limited profitability, the adoption of the "rent-to-sale" model has a higher risk control coefficient and the links are more complicated.
In addition, there is another pain point that can't be solved in the "rent-to-buy sale" - the new car resources are not rich enough. For example, a car rental company wants to get goods from manufacturers. Most of the products are concentrated in inventory vehicles and slow-moving vehicles. The hot models on the market can only get goods from manufacturers if they do not conflict with manufacturers' sales channels. It usually takes one or two months for the waiting period. This is not a good thing for the easy-to-use "rent-to-buy" model.
Consumer tips
Guangdong Consumer Council: Prudent Selection of Financing Leasing Companies
The Consumer Council of Guangdong Province stated that in recent years, the consumption model of renting and purchasing has gradually become popular. Its sales methods such as low down payments, no-target restrictions, flexible financial periods, and repurchase at maturity have attracted many consumers. However, behind the enthusiasm for renting and purchasing, various types of financial leasing companies have risen in leaps and bounds, and their strengths have been uneven. Some of the company’s lease agreements have overlord clauses, and consumers will fall into the consumption trap if they do not pay attention. At the same time, the greater risk is that small companies may experience a transition or closure due to lack of funds. This has uncertainty as to whether vehicles can be transferred to their own names after the lease expires. It is suggested that if consumers choose the "rent-to-sale" model, they should try to find big brands and powerful companies to avoid the risk of consumption. Some analysts also pointed out that as the cost of acquiring passengers becomes higher and higher, the company that will use "rent-to-buy" will face a new round of reshuffling and some small and medium-sized companies will be eliminated.
Industry Watch
New Species Urgently Needs "New Rules"
In the past, it took hundreds of thousands of vehicles to buy cars. Now it only takes tens of thousands of units or even zero down payment to drive the car directly. This new mode of “rent-to-sale†consumption has achieved unprecedented development in the past two years.
The analysis of the "China Automotive Internet Finance Development Report 2017" pointed out that there is a huge space for the development of the automobile Internet finance market. With the gradual shift in mainstream consumer awareness towards advance consumption, demand for auto credit, which is centered on consumer finance, is also increasing.
This can be seen from the influx of various companies and capital into the market. Several months after the launch of the "Bomb Car", several companies launched similar products: such as Youxin New Car, Good Peanut Car, Guazi "Pay Yicheng New Car" and so on. This is the capital that saw the Chinese car. "The huge market.
In fact, the mode of auto financing leases abroad, especially in the United States, is a very mature system. However, in China, it has just started and faces many problems, including the imperfect personal credit information environment, huge financial pressures, vehicle residual value estimation capabilities, and vehicle disposal capabilities, legal and policy environment, and so on. At the same time, the construction of the service system, vehicle pricing, and secondary circulation after repurchase require a gradual process of improvement.
This direct manifestation is that due to the lack of rules in the industry, there have been incidents in which a small number of businesses will infringe the rights of consumers. However, as the more common mode of car consumption in the future, we cannot let its vicious development be allowed like the sharing of bicycles. The relevant departments should speed up relevant standards and urge them to move quickly on a healthy track.
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