Automotive Industry
Industry: Email Alert RSS FeedChina issues rules for foreign lenders; New regulations will boost country's booming market.(News)(Brief Article)
Automotive News Europe, October, 2003 by Webb, Alysha
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Byline: Alysha Webb
China finally has published regulations permitting foreigners to offer auto loans, but a tangle of red tape still confronts car credit companies.
Volkswagen Financial Services, GMAC, Ford Credit and others have waited months for the new rules, which are expected to boost China's already booming car market.
The regulations remove one of the last obstacles blocking foreign automakers from offering car finance to Chinese carbuyers.
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But applications from auto finance companies to the China Banking Regulatory Commission to do business could take up to 15 ...
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