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German automaker Volkswagen has initiated its automobile credit business in China.
Among its two credit services, buyers can choose a similar installment plan with bank loans or pay a lower monthly installment but return the rest of loan when the contract ends.
Klaus-Uwe Schaffrath, general manager of Volkswagen Finance (China) Co. Ltd., said that if the consumers are not willing to return the rest of the loan once, they can trade in their used car for a new Volkswagen or ask for another 12-month credit.
The company received approval from the Chinese government to offer loans in Renminbi in August this year to be the first wholly-owned foreign car finance company.
(CRI.com October 22, 2004)
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