Car leasing practice research

Source: Shanghai financial leasing Vice President / Limited by Share Ltd vice secretary of Shanghai city rental industry associationYang Boqin

Mesh Record

First chapter Current situation of domestic and foreign car rental market and related policies

The first sectionInternational car rental industry development and background

A, Survey of international car rental industry

Two, Financing lease is one of the main mode of operation of foreign car

The future trend of development three, car rental industry

Development status of second domestic car rental industry and related policies

A, Current situation of domestic car rental industry

Two, Relevant laws and regulations of car leasing legitimacy and car rental

Comparison of second chapter, car rental and other operations of the

The first section automobile sales instalments

One, firm credit

Two, bank mortgage loan sales

Three, Auto finance company loan

And comparison of second car operating lease

One, car leasing and operating leasing principle

Comparison of two, car leasing and operating leasing

Three, auto financing lease and installment of comparison

The third chapter automobile lease financing mode of operation

The first section of the principle of auto financing lease

A, The definition and principle of auto financing lease

Two, Criteria of car leasing

Transaction structure section second auto financing lease

A, Lessor

Two, Lessee

Three, The supplier

Four, Guarantee institutions and mortgage

Five, Relationship between the parties

Elements of the third day of car leasing

A, Leasehold property

Two, Amount

Three, Rental rates

Four, Lease term

Five, Lease

Six, Lease guarantee and bond

Seven, Calculation and payment of rent

Eight, Fee

Nine, Insurance for

Ten, On the normal operation of vehicles offer

Eleven,Device for treatment of residual value

Twelve,Project joint rights

The business process and model figure fourth section of car leasing

A, The implementation of auto financing lease sales model

Two, Auto financing lease business process description

Three, Auto financing lease business process

Four, Fig. the financing lease business process model car

Function and advantages of fifth joint auto financing lease

A, financing lease on automobile manufacturers or dealers

Two, the financing lease to the lessee the benefits to the customers

The fourth chapter, the risk control of car leasing

The first section auto financing lease customer choice

A, financing lease customers should mainly consider the group customers and individual customers credit

The main object of two, customer financing lease

The second section auto financing lease term selection

Identify, automobile lease financing lease

The relationship between the two, auto financing lease rent and profit

The third section auto financing lease vehicle registration

A, auto financing lease the property right registration method

Two, auto financing lease the property right registration method two

Prevention of fourth section auto financing lease rent, rent has cheated

A, auto financing lease risk causes

Two, how to deal with the risk of car leasing

Cash fifth car leasing market

A, auto financing lease second-hand market liquidity risk

Two, the countermeasures to reduce car second-hand market risk

The fifth chapter car rental market marketing

The first sectionThe development of Chinese automobile finance service industry prospects

A, The automobile financial service in our country has a bigger development space

Two, Financial leasing is an important part of the automobile finance service

Three, Financing lease promotion function

Four, Auto financing lease marketing mode

The second section auto financing lease target customers

A, Professional car rental companies and business auto Service Corporation

Two, Government agencies, schools, hospitals, scientific research institutions and other institutions, social organizations

Three, Foreign invested enterprises, private enterprises

Four, The private enterprise owners, the white-collar group

The sixth chapter Auto financing lease financing

The first sectionThe importance of financing lease financing

A, The development trend of the automobile financial service China

Two, Financing is one of the decisive factors in auto Finance Leasing Company

Financing channels and the mode of third auto financing lease financing

A, Bank loan financing

Two, Equity financing

Three, The capital market to raise funds

Four, Corporate debt financing

Five, Secured financing

Six, An auto financing company financing

Seven, Entrusted lease financing

Eight, United lease financing

Nine, Factoring financing

Ten, Lease securitization financing

Eleven,Other financing

The seventh chapter Analysis of automobile lease financing cost, benefit

The first sectionProduction, sales, leasing integration costs and benefits

The second sectionThe cost and benefit of auto Finance Leasing Company

A, The auto financing lease related factors

Analysis of two cases, auto financing lease

The third sectionIn the registered capital as the basis for calculation

A, Calculating basis and conditions

Three, According to the analysis and calculation of the different sources of funds

Bad factors considered in section fourth

A, Considering the bad factors to practice

Three, According to the analysis and calculation of the different sources of funds

The eighth chapter Conclusion

Car leasing market is huge, the controllable risk, earnings is good. The leasing company through leasing platform, effectively connected the credit of customers and manufacturers or dealers, banks and other financial institutions, into the automobile trade and financial transactions, promote the economic development.

First chapter Current situation of domestic and foreign car rental market and related policies

The first sectionDevelopment of international car rental industry

The scale of development and background, international car rental industry

1, the international automobile industry development

The car is one of the major industries in the international. According to statistics, in 2004 the total output of the world car 64616000 cars, which America car production to 11956000 units, ranking first in the world, accounting for 18.50%. In the second to sixth followed by Japan (second), Germany (third), Chinese (fourth), France (fifth) and South Korea (sixth), car production of 10512000 cars, 5565000 vehicles, 5071000 vehicles, 3700000 vehicles and 3469000, respectively, accounted for 16.27%, 8.61%, 7.85% 5.73%, 5.40%. The 2004 world car retains the quantity is 7.7 million, an annual increase of 30000000 units. Is expected to 2020 world car retains the quantity is 1100000000 cars, 140000000 cars which Chinese.

In 2005 China automobile cumulative production570.77Million, ranking fourth in the world, second only to germany. Are USA world car production ranked the top three (1194.7Million), Japan (1078Million), Germany (575.7Million).

In 2006 China automobile production and sales both more than720Million, an increase of more than25%After America, become the world's second largest market for new car sales. In 2006 Chinese automobile production and sales727.97Million and721.60Million, year-on-year growth27.32%And25.13%. Chinese sales double super 7200000 cars in 2006, means that China surpassed Germany to become the world's third largest auto producer; at the same time, more than Japan, become the world's second largest car consumer. Sales double super 7200000 cars, also means Chinese car consumption in the global scale from 20014.3%In 2006 increased to more than10%, while in 2005 this proportion or8.7%.

Attached: China automobile and demand and other relevant data

In 2004 China car retains measure 27420000, grow 12.47% than 2003, the car retains the quantity is 9200000, grow 19.3% than 2003; private car retains measure 14460000, growth of 18.6%, wherein, the private car retains quantity for the 6000000 units. Is expected in 2005 China car retains measure 33200000, the annual demand of 3500000 vehicles; in 2010 57000000 cars, 8000000 cars in 2020 the annual demand; China car retains the quantity is 1.31.4 million. Automotive ultimate ownership China for 2.42.5 million.

In 2005, with the 2004 promulgated the "automobile industry development policy" implementation, the country has issued a series of supporting measures, relates to the automobile import and export, tax, the second-hand vehicle management and safety, environmental protection and other fields, to promote the orderly development of the automobile market has played a good role in promoting. Affected by the policy, began to fall in 2005 car sales growth, but overall still maintained a stable development situation. The automobile market at592Total sales million units surpassed Japan, ranking second in the world. But the difference between the larger market models: the passenger car market from 2004 doldrums gradually returned to the rapid growth in commercial vehicle market, with basically the same as in 2004, while the heavy truck market slumped. 2005 automobile exports exceeded imports for the first time; but exports than imports, respectively, $1595000000 and $5152000000, that China automobile export is still in the embryonic stage. Subject to market demand, investment in 2005 automobile industry for more than 100000000000 yuan, automobile production capacity increased to about 8000000 cars. In the recent three years, the average annual growth rate of automobile investment are more than 40%, the risk of excess capacity will gradually appear. Therefore, to improve the independent brand competitiveness, optimizing the industrial structure, the development of environmental protection and energy saving products will be the main direction of the development of automobile industry in the future. Is expected in 2006 car market will continue to maintain 10% ~ 15% increase, will be sold in 6400000 ~ 6600000 between.

2, international car rental scale and features

(1) scale management is an important mode in the world auto leasing top company

Car rental since the 50's has made great development in the America began, the car is one of the major rental object. The automobile production enterprises, financial institutions have entered the car rental industry. A 87 year history of Hertz (Hertz) leasing company is currently the ball first car brand, is Ford automobile group in order to operate the car leasing business of multinational enterprises, is also the world's largest car rental company, with operations in more than 150 countries around the world more than 7000 car rental outlets, fleet size of more than about 600000 vehicles; second major European car rental companies every day in the outer rental car up18000Car, and realize through the car rental car sales have accounted for the entire car sales30%About. In 1992, America Ge investment company bought with120000The automobile market in 14 countries, Avis Lease European, as Europe's largest car rental company.

(2) bulk purchase and lease network is an important feature of international car rental

In Europe, the car and the car in Europe as a whole range of cars, car rental and airplane, boat, train and other traffic tools complement each other, common for the convenience of clients. For example, a French people in Paris, rent a car can go to Berlin after the plane flew to Switzerland, then drove the car. Such a wide range of different rental service, make the car rental company business expansion to the world, brings convenience to the customer. In America, because of the credit system is perfect, people can rent a car for the national car rental company, then returned in another city. The leasing company is an important partner for automobile manufacturers, currently in the America car sales volume, 30% are sold to the leasing company.

(3) the global auto financing lease amount more than $200000000000 a year in

The global annual auto sales, the financing way, namely, by selling loans and leasing vehicles, accounting for about 70% of total sales. According to statistics, since 2000, the global annual sales income over $1.3, the annual growth rate of around 2%. In 1.3 trillion in new car sales, of which 30% are sold for cash, the 70% is the financing sales. In the financing of sales, sales ratio of 56%, car 44%. In the financing form of sales, loans accounted for 78%, accounting for 22% of the financing lease. That is to say, the global auto financing lease sales in more than $200000000000 annually in recent years.

Two, financial leasing is one of the main mode of operation of foreign car operation

In foreign countries, the main way of automobile business sales for the payment and financing lease,The two modes of the market share reached 70%, which accounted for the total sales amount of 54.60% loans, lease financing accounted for 15.40%, to around $200200000000 a year.

1, installment sale mode

Payment by installments is widely adopted by many countries a traditional financing and sales. In the concrete operation installment sales, auto retailers and consumers signed automobile installment retail contract (Retail Installment Contract). For example: according to the America Florida "car retail finance act" (Motor Vehicle Retail Sales Finance Act) 520.02 (12) provisions: the car payment contract is refers to between the retail car retailers and consumers signed retailer reserves all rights to sell the car, as a sales contract the buyer guarantees. According to the contract, consumers must be in a certain period to pay the amount and the retailer financing financing costs.As the automobile financing institutions in general, commercial banks, trust companies, credit unions and professional auto Financial Services Company can instalment loans to consumers, but the law requires them to have certain difference.

2, mode of financing lease

(1) the concept of car leasing

Car leasing is auto financing for the sale and lease of combining, is a very important. Generally speaking, auto financing lease must have certain conditions, otherwise do not belong to the category of auto financing, but the general car rental. These conditions include:

The consumer must pay the corresponding rent to the seller (car use compensation);

If consumers pay the costs (including rent and tax) is equivalent to or more than the car itself value, in accordance with the car rental contract, consumers have the right to obtain the ownership of the car;

If the consumer (the lessee) at the expiration of the rent amount is less than the car value (the lessee) at this time, consumers have the right to choose (Option), on the expiration of the rear of the car can be processed in any of the following ways:

The balance of A. in make up the lease contract prior agreement after a car owner;

B. if the value is higher than the agreement car balance, consumers can sell the leased vehicle, pay the balance to the retailer, retains the difference between profit from;

C. will be the car returned to the lessor.

D. at the expiry of the lease term, consumers to buy rental car, it does not have to be a one-time payment to Fu Qingwei.

Attached: the difference between the automobile lease financing and payment:

1 American Florida "car retail finance act" bill car payment retail, is essentially a conditional sale (Conditional Sales). Seller retains ownership of automobile, is in fact the creditor to realize that he credits a guarantee, the set but, the purpose of the contract is still the transfer of the ownership of cars. Financing lease is different, it is the combination of the sale and lease, the consumer (the lessee) does eventually become the leased vehicle ownership, right of choice in the consumer (the lessee).

2 financing lease and installment of auto loans, have certain advantages embodied in the:

To the lessee (consumers), "the rent after the first buy" a more flexible way. At the expiry of the lease, the lessee enjoys option (Option), decide whether to buy the leased vehicle. If consumers do not want to buy rental vehicles, may be the vehicle to return the car rental party; if they want to buy rental vehicles, consumers pay the lease contract on determining the depreciation price (or tail) can.

For the consumer (the lessee), such as the use of financing lease, the lessee does not have to worry about resale car, because the car ownership belonging to the lessee settled; and for the traditional installment purchase a car buyer, if before the unpaid balance, once there is not scheduled payments, retailers can car sold, the buyer will be in a very disadvantageous position.

3, Trust lease mode

Trust lease is a special way of financing the trust company to take, is the automobile finance service, trust company for the realization of its property trust functions, through appropriate contractual arrangements, provide financing services for car manufacturers, car dealers and end consumers. The retail car as an example, a car dealer can sign a trust contract and trust company, the transfer of ownership of car dealer inventory car to trust companies, and a beneficiary certificate, certificate for retailers to benefit right secured financing from banks, or transferred to a third people to receive payment, and trust companies accept the Commission, and then signed the relevant financing contracts with consumers, such as retail installment contracts or financing lease contract.

The future development trend of the world car rental industry, three

1, financial leasing is an important mode of automobile production and consumption

Both credit bank, or a trust company, or mature Credit Union, or auto finance companies and installment inseparable, this model has been very mature. But the most important is the lease financing mode, financing lease and auto credit, general leasing have substaintial distinction. Financing lease has a very good model, it allows customers to rent after the first buy, let it have the right to choose independently, without realizing ownership transfer, this just for customers, provide very good marketing opportunities for suppliers. For the operators, lease financing because of "two rights (the right to claim) in hand" model is far superior to the general creditor's rights financing mode. International in scope, financing lease for car sales, for automotive manufacturers sales have successful model and way of the very good sales package.

2, the financing lease of the "two rights" convenient two financing

No matter whether it is an important mechanism for consumers, creditors car or car retailer, after they have with the automobile customer relationship, the most important is the realization of the creditor's rights financing two times, and the creditor's rights and property leasing has the advantage can contribute to this point.

3, auto financing lease is the important direction of the development of the automobile industry

Although the objective existence of a large number of traditional rental car, but car leasing and manufacturers work together is an important development direction of the car rental industry, is the future development trend of the world car rental industry.
　　

　　 The second sectionThe development status of domestic car rental industry and related policies

Present situation, domestic car rental industry

1, the domestic auto industry development

China economy has recognized the achievements of the world, and China automobile industry's progress and the development, is one of the highlights of the most attract sb.'s attention China:
   (1) the automobile industry has become an important factor promoting the China rapid economic growth, has shown the pulling effect of economic pillar industries and the correlative industries. The car began to become an important product consumption upgrade Chinese, and become an important force in promoting social progress Chinese. The car is not only changing the concept of time and space, Chinese public activity rhythm, traffic and way of life, and thus affect the Chinese traffic structure, energy structure, city structure and the economic structure, accelerate the pace of Chinese entered modern society. Can say, the mass consumption trend of the rapid development of automobile industry and the automobile, is a historical symbol China economic and social progress.
    (2) China has become the world's third largest automobile producer, the second largest car consumer market (2006 data), Chinese trend of automobile industry has affected the pattern of world automobile industry. At the same time, Chinese automobile market growth from potential market to the market in third areas of the world, become the world's most important car market, is also the most potential part of. Can say, the rapid development of automobile industry and the rise of China China car market, is the world automobile industry at the turn of the century's most important events.
    (3) China automobile production and consumption will continue to maintain rapid growth in the next twenty years. Car consumption hot Chinese residents be just unfolding. According to statistics, only in 2003, China has 5500000 people get a driver's license, become potential car buyers. According to industry research department of the State Council Development Research Center forecast, Chinese auto demand will continue to maintain two digit annual growth rate in 2008. Before and after 2005, demand for cars will exceed the truck, before and after 2010, car ownership will exceed truck. Even by conservative forecasts, China car ownership in 2010 will reach 57000000 units, 130000000 units in 2020, the annual demand corresponding cars will reach 8600000 vehicles and 17000000. Different agencies predicted data may differ, but the trend is the same. can say continued market, China automobile potential release in early twenty-first Century, is most noteworthy trends of world automobile industry, and industry of the world car will be quite a program development.

Accessories: 2004, 2005, 2006, the basic situation of China's automobile industry

The basic situation of China's automobile industry in 2004

In 2004, China's automobile industry over rapid growth for two consecutive years, production and sales year-on-year growth rate. Consumers have more calm, the operation of the market more rational.
Production and sales of the domestic automobile production enterprises completed 5070500 units and 5071000 units, respectively, than the 14.1% growth in 2003 and 16.5%, but sales of 5071000 vehicles in about 500000 car dealer inventory. Affected by the treatment of overload, heavy truck sales growth, the growth rate reached 44.98%, the market has become the fastest growing models.
The annual export of 136600 cars (including 60000 space car), 176000 imported cars. Throughout the year, new car registrations of 4510000 cars, second-hand car trading volume of about 1490000 vehicles, the total demand for cars more than 6000000 vehicles.

By the end of 2004, car ownership in China reached 27420000 units, up 12.4%. Among them, 9200000 cars, 19.3% growth. Private car retains the quantity of 14460000 units, up 18.6%. Among them, the private car retains quantity for the 6000000 units.
In 2004, FAW, SAIC, Changan, Beijing auto, Dongfeng and other key enterprises and sales are more than 500000 vehicles, FAW sales reached 1007500 vehicles, is the first domestic sales break million enterprises. The 5 companies a total of 3489880 cars were sold, accounting for 68.82% of the total car sales than in 2003, before the 5 companies market share increased 3.84 percentage points, showed that the auto industry concentration has increased.
The impact of macro-control since 2004 April, the automobile market especially in the high-end business car sales appeared relatively substantially glide. Due to capacity greater than the market demand, market competition makes the car prices especially car prices fell sharply, thus inducing consumers Chibidaigou psychological, the short term price had a negative impact on market demand. Affected by the decline in car prices, raw materials rose sharply and manufacturers inventory and cost of sales increased, the growth of automobile manufacturing industry economic benefits, in 2004 industry wide profit of 70000000000 yuan, with basically the same as last year.
In 2004 Chinese automobile manufacturing industry completed 180000000000 yuan of industrial added value, decreased by 3% than in 2003. Fixed assets in the whole industry plans to invest 257200000000 yuan, grow 50% compared to the same period in 2003; completed a total investment 83200000000 yuan, grow 53.3% compared to the same period in 2003. Automobile investment in the market environment is not good situation is high, largely because of continued in 2003, in the construction of the project investment; and this has on the market a greater pressure, the car depreciates inevitably.
Is expected in 2005 the total demand will continue to maintain steady growth, especially the growth of car products; second-hand car trading volume will also have a larger growth; heavy truck demand is expected in 2004 and a flat or slightly increase.

The basic situation of China's automobile industry in 2005

According to the latest data Chinese Association of automobile industry, China's automobile to achieve steady growth in 2005, the cumulative sales of 5707700 vehicles and 575.82, year-on-year growth of 12.56% and 13.54% respectively. Wherein, passenger car sales of 3930700 vehicles and 3971100, year-on-year growth of 19.73% and 21.4% respectively; commercial vehicle sales of 1777000 vehicles and 1787100, year-on-year decline of 0.6% and 0.75%.
From the customs data show: in 2005, the national automobile goods total import and export value of $35028000000, of which imports of $15313000000, an increase of 1.05%; exports of $19715000000, a year-on-year growth of 56%.
   Department of commerce data display, 2005 automobile industry 6315 enterprises realized a total profit of 112163000000 yuan, 7.81% year-on-year decline, decline amounted to 9508000000 yuan; a total profit of 52617000000 yuan, 24.33% year-on-year decline, decline amounted to 16922000000 yuan.
   Department of commerce data display, 2005 automobile industry 6315 enterprises accumulated gross industrial output value of 1192970000000 yuan, a year-on-year growth of 8.60%, an increase of 8.89 percentage points lower than the previous year; realize product sales revenue 1189564000000 yuan, a year-on-year growth of 10.65%, an increase of 6.23 percentage points lower than the previous year.
   According to China Automobile Industry Association statistics, 150000 yuan of the following vehicle became the car consumption. In 2005, the price of 150000 yuan of the following car total sales of 1947400 units, accounting for 69.86% of total sales of passenger cars. It is understood, 50000 yuan of the following cars accounted for 21.68% of the total car sales, Xiali and QQ is the interval of the main, two models accounted for 50000 yuan of the following car sales volume 48.92%; 5 - 100000 yuan cars accounted for 21.37% of the total car sales, the interval of Jetta, fit, Chollima, Qiyun and Fukang 5 models 5 - 100000 yuan car sales volume 68.25%; 10 - 150000 yuan cars accounted for 26.81% of the total car sales, Excelle, Elantra, Poussin 3 models accounted for sales of 10 - 150000 yuan car 56.42%.

The basic situation of China's automobile industry in 2006

In 2006 China automobile production and sales both more than 7200000 vehicles (automobile markets in Europe and the United States, Japan and sustained downturn form bright contrast), an increase of more than 25%, to become second only to American the world's second largest market for new car sales. In 2006 China automobile production and sales of 7279700 vehicles and 7216000, year-on-year growth of 27.32% and 25.13%. Chinese sales double super 7200000 cars in 2006, means that China surpassed Germany to become the world's third largest auto producer; at the same time, more than Japan, become the world's second largest car consumer. Sales double super 7200000 cars, also means China car consumption in the global ratio increased from 4.3% in 2001 to over 10% in 22006, while in 2005 this proportion was 8.7%. Cars have become the main driving force of the automobile production and sales growth. In 2006 increased about 1400000 car sales, car accounted for about 1000000. Chinese automobile industry association is responsible for that, the main reason for the rapid development of China's car market, is the increasing proportion of private purchase a car. In 2001 China's car sales of 800000 units, including private purchases accounted for 58%. At present, the proportion of private cars has increased to about 77%, the private purchase of cars will reach 2800000 vehicles. In 2006, China's total to honor WTO commitments, in the 7000000 car, passenger car sales will reach 4000000 units, an increase of about 25%. Not only that, in 2005 China's auto exports exceeded imports for the first time, the export of cars in China in 2006 will continue to grow at double the quantity, is expected to hit 300000 units. Besides shining figures in 2006 witnessed China's automobile industry growth, many important events of 2006 China automobile industry also represents the growth trajectory of the auto industry of our country. This year, for the energy and environmental protection considerations, China began to implement the "new car consumption tax aimed at suppressing Dayang small". At the same time in order to highlight the "people-oriented", reflects the "jiangyoufalie",In July 1, 2006 China formally promulgated the "motor vehicle traffic accident liability compulsory insurance Ordinance".From the car business, this year the independent brand started close contest, and joint ventures in the same camp Chery take the lead, the monthly sales of two in the top three, the annual sales are expected to break through 300000, and North-South Volkswagen, Shanghai general together into the first camp scale production. In addition to the bright younger generation Chery, Geely and other independent brands, independent brands veteran enterprises SAIC, FAW also begins to send force, and announced to enter the domestic brands almost no involved in high-grade car field, which launched the Roewe and red flag car.

A survey of 2, domestic car rental industry

(1) the concept of national car rental

Car rental is lease operator (the lessor) will rent a car (lease) the lessee for use, a certain amount of rent business activities. Generalized rental car contains two forms of leasing. One is the traditional lease, a lease financing. Traditional lease is often interpreted as "rental", but in the automotive field cannot easily use the term. Because the traditional rental car also has two forms: one is the rental car, two car rental. The former is a kind of public transport luxury, although the use of the term "rent", and "the name of crown lease company", actually has not exactly lease category. The latter is the real significance of the lease, because of its mode of operation is mainly rental vehicles, generally does not include the driver (commercial vehicles).

(2) domestic car rental industry

The taxi (taxi) is the main civil and business, which belongs to the transportation industry.

The car rental (rental) civil and business division. People can rent, there are vehicles for use in production, mainly used in construction, emergency rescue and disaster relief, inspection tour, medical tour, cash and other production, management, public utilities. In the domestic, leasing and operating leasing the same meaning, laws and regulations to follow consistent.

The auto financing lease (lease) is mainly used in the production of car field, now also began to enter the civil and business services. Apparently, laws and regulations, China's relevant lease does not include taxi (taxi), but now many car rental (rental) is by taxi (taxi) company, mainly because the reasons for road, see them as similar management. The lease financing in domestic financial industry, as the offbeat management. Mainly used in the production of vehicles, has recently started a taxi (taxi) Company engaged in automobile leasing business, with the financial means civil or commercial vehicle sales.

(3) the difficulties and the development of domestic car rental once

No legitimate business of financing lease cars

From the first day of the financing lease China, auto financing lease to become the first in China Huopu rental industry, because of policy restrictions, to later cachexia, now become a hot topic in the leasing industry. A few years ago because the car manufacturers have no business financing lease qualifications, and they want to carry out leasing business, shall not be used "to rent consignee" (from the customer point of view called "rent to buy") or "rental increase property" in the form of the financing and leasing business. Because is not standardized, and not protected by law, and tax evasion,Until the end of 2004, the Ministry of Commerce and the State Administration of Taxation issued joint business Jian Fa [2004] document No. 560 issued.

The financial leasing should play an important role in auto sales

From car sales system, the Chinese auto industry should be relatively standardized: whether it is in the 4S store sales (sales (Sale), repair (Services), parts (Spare Parts) and feedback (Survey) as a whole), or tangible second-hand car market. Whether it is the sale or lease, loan, insurance has a series of service scale, is a very good rental environment, but also in other industries do not have. But these benefits did not really play its due role, just floating on the surface, scattered in various industries, not what relationship between them, so the lease sale, lease financing in Chinese not because of the environment and development. The reason for this is because the entire industry, without the establishment of a modern marketing consciousness, not a complete industrial chain of the leasing into the modern marketing system to philosophy. Always take the matter on its merits, as simple imitation gourd art gourd, so there are a lot of problems.For example: the last car loans mainly rely on the credit insurance of insurance companies. As long as the insurance company for credit insurance on customer credit, banks are not afraid of problems, so desperately, not responsible for auto loans. When the insurance company found the problem, cancel the credit insurance, as the car price crazy fall, automobile credit sales problems, the automotive industry has begun to enter the ice age. At the same time, car manufacturers also began to think calmly, what should be the effective way to solve the difficult problem of auto sales. This will promote the birth of car leasing promotion function.

Finance Leasing Company should be as automobile sales links do.

(4) the present situation of our country car rental company

At present, China automobile lease is mainly operating lease,Professional automotive Finance Leasing Company only long rental company, Unicom Group leasing company, Anji car rental company.For Finance Leasing Company, Sino foreign joint venture leasing companies, domestic leasing company can legally carry out auto financing lease, but not any Finance Leasing Company are suitable for financing lease,Only those with professional car manufacturers, car dealers, and even the banks and other financial institutions have close relationship with the rental agencies can do a job with skill and ease in auto financing lease business.

The car rental business in Shanghai, Beijing, Guangzhou, Shenzhen, Chongqing and other big city is very good, because the financing lease tax, the property can be transferred, can not transfer, so the financial leasing institutions in a business environment conditions can well carry out the financing lease business.

3, the domestic car rental vehicle brand, user structure and rental prices

(1) domestic car rental brand:

The Jetta, Passat, polo, protect, Santana, Audi, Buick, Chery, Xiali, Beverly, refine, Jinbei, Wang Ling, Yue, Songhua River, Mercedes Benz, GM Daewoo, American, red flag, liberation, BMW etc..

(2) the car rental users:

Divided into groups and individuals, groups, including government agencies, enterprises, institutions, individual investors mainly is the credit of natural person.

(3) the price of the lease:

For a long lease, short rent, lease financing each are not identical, but are based on price plus reasonable profit as the basic pricing principle.

4, domestic car rental industry development characteristics, existing problems and future development

(1) the development characteristics of Chinese leasing industry

The China automobile finance service lag

Chinese has become the automotive industry great power and potential of automobile consumption power. In recent years, the macroeconomic indicators, the automobile industry has become one of the pillar industries in driving China's economic growth. But because the development of the automobile finance service can not keep up the pace of China automobile manufacturing industry, has a certain influence on the stability of the automobile industry, sustainable development: on the one hand, in recent years Chinese automobile production capacity (especially car) has been greatly improved, on the other hand, the market demand is relatively insufficient. It can be proved from 2004 up to 500000 cars in the inventory.

The car sales of the "Bank - Insurance - dealers" mode is weak

From the practice of foreign countries, the automobile finance service usually refers to the automobile sales process provided by the consumer or dealer financing and other financial services, including dealer inventory financing and consumer credit or financing leasing. From the China practice, the automobile financial service is the main "car payment business" and "Bank - Insurance - dealers" mode of auto consumption credit, since 2002, the automobile consumption credit default rates will rise, affected by this auto consumption credit is shrinking.

Emergence of the financing lease cars

Car rental China most traditional operating lease, financing lease is in "development up to rent consignee" specification process, by the end of 2004, China Unicom rental Group Co. Ltd and long car rental Co. Ltd. and other companies to become the first domestic auto financing lease business pilot enterprises, 2006 April joined the Anji car rental company. In the situation of auto consumption credit of cachexia, auto financing lease as promote the automobile production, sales and stimulate the automobile consumption of the most effective automobile financial service tool, this should be the vigorous development, but due to various objective factors, is in a state of exploration development.

(2) there Chinese car rental industry problems

The financial leasing institutions financial strength is not strong, limited financing capacity

The need to auto financing lease industry to invest a lot of money to buy vehicles, while the funds advanced slowly, no doubt caused great financial pressure to the operator. But in the process of operation, and constantly updated vehicles, to meet different levels of consumer demand, this would require a large number of follow-up funding support. So the auto financing lease enterprise has its own financial strength and financing ability of the higher. Rental agencies must have diversified financing channels.

The auto financing lease and stable development (car price instability) platform are not fully equipped

Automobile manufacturing industry in China has been to profiteering industry, the same type of product profit to foreign markets is much higher, the car has a larger price cut space. But the high profit levels and stimulating the rapid amplification of automobile manufacturing industry investment and production capacity. In recent years, car prices fell faster, and even the lessee in the lease margin after paying the price greatly dump, leading to the lessee psychological imbalance, which stimulate the lessee to pay the rent to a certain extent. At the same time the car belongs to a devalued real estate, in addition to the presence of devaluation risk also exists the risk of devaluation of the market price drop technology.

The lack of social credit system, automobile lease financing risk control difficulty

China's overall social credit system deficiencies, at present only in set up preliminary enterprise and individual credit system to Shanghai City, Beijing, Shenzhen etc.. The credit system is not perfect, not trustworthy because no punishment, no loss. In such a credit environment, auto financing lease rental margin is too low, the lessee the qualification procedure is too loose, the lack of risk control means of supporting strong, will result in a high rate of bad debts. According to the statistics of the financial system, to the end of 2004 6, automobile consumption loans banks bad debts reached 90000000000. According to insiders, car consumption loans bad debts rate up to 30%, the lowest was as high as 10%. This experience for auto financing lease business risk control has sounded the alarm.

The current traffic management and vehicle management laws and regulations with the auto financing lease contract contents conflict, auto financing lease is not legal, regulations should protect and support

Regulatory factors are the main factors that restrict the development of automobile leasing industry. There is no official car rental laws and regulations of the state, the auto financing lease business in the ordinary course of business cannot protect the legitimate rights and interests. Ownership auto financing lease contract clearly rental car is the lessor, the property in the rental side, in the same credit environment, property rights protection is the most effective against credit risk means, at the same time the lessee in the lease period undertake to guarantee the lease object integrity, security and other related responsibility.But "approach to road traffic accidents" clearly stipulates: traffic accident responsibility for the loss caused by traffic accident, it shall bear the liability for compensation. The driver of the motor vehicle liability is temporarily unable to compensation, the driver unit or person responsible for all motor vehicles.

The car leasing property transfer problem may also exist at the end of the lease

Automobile lease financing to buy and rent business, lease after the end of the transfer process is the transfer of ownership form, if the auto financing lease transfer and general business transfer in the program, the cost equally, increased automobile lease financing burden and complexity of operation.

To solve the financing leasing problem as follows:

A.Encourage domestic commercial banks and the strength of the manufacturers to enter the automobile lease financing, broaden the financing channels.

BThe lack of economy and technology. By means of control make up the social credit system, strengthen the automobile lease financing risk control. During the process of building the Chinese social credit system needs a longer, but the car leasing business development opportunities can not wait, do not wait.To control the rental process risk during operation can be a reasonable rental deposit, personal unlimited joint and several liability guarantees and other economic means and electronic control technology.The car is mobility products, so the technology of control auto financing lease than general varieties difficult big.It can be used in the hidden place vehicle installed GPS positioning system, and GPS system and computer system, can use a variety of ways safe parking, auto power off the oil, and the use of terminal auto Finance Leasing Company control the whole system records the credit situation, use and repair the situation. If the illegal demolition of GPS, the car can not be normal use, let the lease default loss of possession of motivation.

CAccording to the different profit space. The selection of lease financing alternatives, the automobile market price risk by increasing the user or the responsibility of the supplier to resolve.

D.In view of the current traffic management and vehicle management laws and regulations, adopt flexible auto financing lease property processing method. Auto Finance Leasing Company to avoid bear all motor vehicle traffic accident compensation liability burden,In the leasing operation can be temporarily put the car leasing property hang on the shoulders of the lessee, but prior to handle the property transfer procedures, waiting for the delivery, once appear problem, can not read the lessee directly transfer property.Development of auto financing lease, lease financing structure design need auto Finance Leasing Company, automobile manufacturers and the supply of funds to establish close strategic cooperation and a win-win, automobile manufacturers should share part sales profit for market, and provide including repair, maintenance, accessories products and services, price compensation commitment, lease object salvage treatment or with old change new services such as leasing risk control services for auto Finance Leasing Company. Automakers leasing risk control services, the lessee the lease security deposit and other security, auto Finance Leasing Company lease technical means of control, as the three barrier of automobile lease financing risk control, ensure the lease capital safety, liquidity, profitability.

(3) auto financing lease has broad prospects for development

China's auto financing lease industry in the face of these problems at the same time, also has a broad space for development. American, Europe, Japan, and China's Hongkong market more mature, automobile consumption of 60% to 70% depending on the automobile financial service. At present, China market, only about 20% of the vehicles are purchased through the car consumption loans. Auto financing lease to the automobile consumption credit, with ownership contributor for control of the car, in the same credit environment risk is relatively small, is the contradiction between the growing automobile production capacity and consumption capacity, promote the best of the further development of the national economy.

5, the development trend of domestic car rental industry

(1) financial leasing has become an important way for car sales. Automobile lease financing, mainly is the bridge between manufacturers and consumers, so that consumers have the right to the use of the car, and then pay a monthly rent, ownership in after the expiry of the lease to purchase equipment. At present the international popular financing lease cars, has become a new sales model a vendor selling cars, the user to buy a car. Foreign financing lease market has entered the mature , financial leasing has become an important part of the automobile finance service. The same, auto financing lease will become an important way for car sales..

(2) auto manufacturers or professional automobile sales company owned or financial capital, compared with the Finance Leasing Company jointly set up the auto Finance Leasing Company. Thus, automobile manufacturers Auto Finance Leasing Company, can easily make use of its existing sales channels, sales, leasing services, operating lease, personalized service according to the different needs of the end customer, as far as possible occupation of the market. But more convenient and perfect technical means of control, and finally through the car repair, maintenance, spare parts service late and Automotive Reconditioning services as the main source of profit. Automobile manufacturers background of the auto Finance Leasing Company not only profit car production, sales, also can obtain financial service profit. Currently the world's major auto financing lease operator, have deep automakers background. Ford Motor Co 20% of the profits from its financial services business, profit general automobile financial service firms contribute more to 36%. This also will be the development trend of financing lease Chinese car.

TwoRelevant laws and regulations, car rental

In China, although there is no special law about car rental car rental, but related policies and regulations are scattered in the relevant provisions in laws and regulations. Because the automobile and road, capital, trade is closely related to the coordination, car rental behavior mainly accept the Ministry of communications, China Banking Regulatory Commission, the Ministry of Commerce and other relevant laws and regulations.

1, the legitimacy of car leasing

In 1997 1985, the finance ministry had banned financing leasing transactions on cars, but with the cash China into WTO open financing leasing market commitment, the people's Bank issued the "measures for the administration of Finance Leasing Company in June 30, 2000" (Nineteenth), foreign economic and trade department in August 14, 2001 issued "Interim measures for the examination and approval management of lease companies with foreign investment" (twelfth after the Ministry of Commerce) (Revised and released in February 3, 2005 "of foreign investment in the leasing industry management approach" (sixth),Notice of the Ministry of Commerce and the State Administration of Taxation issued business Jian Fa [2004] document No. 560, "about the undertaking financing lease business related issues" (third) explicitly traded for equipment, aircraft, vehicle, vessel traffic tools and other fixed assets by financing lease.

2, laws and regulations related to car rental

The laws and regulations related to car rental are listed below:

(1) China "contract law" (thirteenth chapters: Chapter fourteenth: lease contract, financing lease contract), effective October 1, 1999.

(2) the Supreme People's court "on hearing the financing lease contract dispute cases the provisions of a number of issues", method [1996] 19, May 28, 1996 entry into force.

(3) the Supreme People's court "a case about financing lease Chinese orient Leasing Co. v. Henan Dengfeng Shaolin tourist automobile companies, contract disputes reply", [90] by letter No. sixty-first, July 20, 1990.

(4) the "measures" used cars in circulation management, effective October 1, 2005.

(5) Chinese "guarantee law", October 1, 1995.

(6) Chinese "insurance law", October 1, 1995.

(7) China "trust law", October 1, 2001.

(8) "the enterprise bankruptcy law (Trial)", December 1, 1993 China.

(9) China "Arbitration Law", September 1, 1995.

(10) Chinese "general principles of the civil law", January 1, 1987.

(11) "Chinese Business Tax Provisional Regulations", January 1, 1994.

(12) "the Ministry of finance, the State Administration of Taxation on a number of business tax policy issues notice", [2003] 16 tax.

(13) the Provisional Regulations on value added tax "" Chinese, January 1, 1994.

(14) "to" State Administration of Taxation of China's value-added tax, guoshuihanfa [1995] No. 288.

(15) "notice" on the vintage and the old motor vehicle tax policy, tax [2002] No. 29.

(16) "" Circular on promoting technical progress of enterprises financial tax problems, money work word [1996] No. 41.

(17) "enterprise income tax deduction approach", the State Administration of taxation [2000] No. 84.

The Ministry of Commerce (18) "car trade policy", the Ministry of Commerce made [2005] 16.

(19) "" automobile industry development policy, the national development and Reform Commission made [2004] 8.

(20) "management measures" automobile financial company, October 3, 2003.

(21) "measures for the administration of automobile finance company implementation details", November 12, 2003.

(22) "Interim Measures for the administration of pilot work" car rental, domestic trade came into effect in August 13, 1997.

(23) the "Interim Provisions" car rental industry management, the Ministry of internal trade in April 1, 1998.

24."Finance Leasing Company management measures", January 23, 2007.

(25) "" Interim Measures for the administration of foreign-funded lease company, August 14, 2001.

(26) "the Ministry of Commerce, the State Administration of Taxation on the financing lease business related issues notice" Shang Jian Fa [2004] 560 No. 2004.8.

(27) "the Ministry of Commerce, the State Administration of Taxation on the approval of Wanxiang leasing company and other 9 enterprises for the notification" domestic financial leasing companies, business Jian Fa [2004] No. 699, 2004.12.30.

(28) "of foreign investment in the leasing industry management approach", February 3, 2005.

(29) "Enterprise Accounting Standards No. twenty-first --" the Ministry of finance lease, the entry into force of the 2007.1.1.

(30) "enterprise accounting system", January 1, 2001 implementation.

(31) "road traffic safety law", May 1, 2004 implementation.

(32) Chinese "vehicle registration", January 1, 2001 implementation.

(33) "property law", October 1, 2007 implementation.

The second chapter Comparison of car rental and other operations of the

The first section Automobile sales instalments

One, firm credit

For manufacturers of credit, have the following understanding:

1, the seller's credit

"Manufacturers - Bank - dealer or end user (or customer)" mode, bank according to certain conditions will fund loans to auto manufacturers buy form, by customers in installments of the vehicle, the vehicle forms on firm sales have very good promotion. But because of the financial index of enterprise debt rate requirements, manufacturers can not be unlimited.

2, manufacturers of pure installment

"Manufacturers - distributors or end user" mode, which is a living force without the aid of purely rely on the manufacturers strength of short-term business credit, by the customer payment to vendors. In this way, can promote the manufacturers sales, but not its bigger. Manufacturers of installment payment for the firm's main business is very bad, for production and business operation flow caused by normal pressure. Since the installment belongs to the range of financial services firms, why not the financial service outsourcing, and focus on their core business? Of course manufacturers in installment is under the pressure of competition, why not with the automobile financial service institutions (including financial leasing institutions) to cooperate fully to improve their product market competitiveness?

Two, bank mortgage loan sales

Bank mortgage loans car sales target group customers and personal customers. Here, we mainly talk about the "personal car mortgage loan business".

1, personal mortgage loans car business

Personal mortgage loans car business -- is a result of the borrower to the bank and the insurance company designated dealers buy and lack of funds for automobile, to apply for mortgage loans from banks, returned to the principal and interest of the loan in the applicant can not, shall be borne by the insurance company performance guarantee insurance liability business.

Characteristics of 2, personal car mortgage loan business

This is a kind of"Bank loans, insurance, insurance customers and installment"Mode, is a main way of automobile consumption credit. In the developed country's automobile consumption accounted for 70% per share, in the domestic share of 20%, this is one of our main concern the way. The buyer and seller's credit score loan. Buyer's credit that the individual mortgage loans, credit is the manufacturer or distributor of mortgage loans.

3, personal mortgage loans car business obstacles or problems

At present, the domestic automobile consumption loans mainly provided by the bank. For China present automobile credit policy,The biggest obstacle lies in whether the loan to the car as collateral.The maximum and the foreign automobile credit is different, automobile consumption loans of domestic research is mainly composed of a bank loan, guarantee insurance company. But because the insurance company car generation insurance stopped (April 1, 2003), the once radical "bank loans, insurance, insurance customers and installment of" model has been stopped. The car can't do mortgage. If the car can mortgage, there must be a formal legal support, once the user cannot reimbursement, can through legal channels to recover normal car.
Attached: a bank mortgage terms and business process

◇ the borrower's condition:
Chinese Citizen 1, have the full capacity for civil conduct, a dot or permanent residence certificate account in the bank in a certain area, and have a fixed residence;
2, have a stable occupation and income or liquidate assets, enough to repay the loan principal and interest;
3, has been in the bank to open a checking or Huitong debit card accounts;
4, to pay the mortgage payment provisions of measures.
◇ borrowers should provide information:
1, married, the couple should provide the identity card, proof of residence or the police issued proof of permanent residence, marriage certificate, proof of income;
2, unmarried, parents need to do security, and agreed to guarantee certificate; in addition, also need to provide the borrower identity card, proof of income, proof of residence or the police station to proof of permanent residence, guarantor id;
3, with the common property collateral, should provide agreed to mortgage book; a common repayment people also need to provide the common repayment commitments.
◇ business process:
Car 1, at present business car mortgage loans mainly for cars, small buses, other beyond the scope of the car, need to apply for mortgage loans to banks, insurance companies, mutual consent for;
2, automobile mortgage business car down payment of not less than the car 30% of the purchase price, purchase a car loan amount shall not be higher than 70% of;
3, the longest period of the loan shall not exceed 3 years;
4, the loan interest rate by the people's Bank loan interest rate;
5, the bank set up automobile financial supermarket in the personal finance center business department. To buy in the supermarket and for personal mortgage loans car, our business and the insurance company will give customers a vehicle insurance premium of 22% off and from customer data storage fees and other preferential.

Three, financial company of automobile consumer credit

1, the basic business model

The automobile financial company is similar to the bank mortgage consumer credit, the customers are mainly for car dealers and end users, essence is installment payment, customer Shoufu 20% to 30%, the longest period of 5 years, 2-3 days after completing the formalities. For example, forms related to purchase a car customers get the general financial company in dealers there, fill it to the company, the first and the first customer pay decisions in the validation data, by the dealer management. Customers only need to at the dealer can make all the formalities.

The main legal basis, 2 financial company of automobile consumption credit

An auto financing company consumer credit is the main legal basis is in 2003 the introduction of the "management methods of auto finance company" and "the automobile financial company management implementation details".

3, the domestic developing consumption credit of automobile financial company

At present, the domestic auto finance service for the automobile financial company is SAIC GM, Volkswagen, Toyota, Ford, Dai Ke Volvo 6 automobile financial company, the SAIC GM, Volkswagen, Toyota has opened.

4, automobile financial company's advantage:

1.Can let consumer get more benefits

The birth of the auto financing company is a great practice China automobile consumption patterns and business with international practice, China consumers will enjoy directly with foreign consumers of professional services and parity. Auto enterprises in automobile loans, can purchase a car to car, from the maintenance of a dragon, a full range of services to consumers, the automobile enterprise has the right to operate the preferential lending, can not only from the car itself up to the consumer price concessions, but also in terms of the interest rate, loan period, to consumers more profit, so that the whole life cycle cost of car products in the Chinese has a total reduction, of course is the direct consumer good. Moreover, due to the relaxation of the automobile enterprises in the financial business on the range of operation, so that they can more readily available to the operator and 4S after sale service shop financial support.

2.The dealer can have more choice

In the past they only through the banking channel to need a loan purchase a car service, but in fact, as everyone knows, bank lending conditions is more stringent, flexibility is not enough. The car stopped after the generation of risk, the commercial banks have raised the threshold for loans, Shoufu ratio increased from 20% to 30% or even 40%, and new limits set in security conditions. This is quite a few have a stable income but in the young consumer group does poineering work period, lost the first purchase a car may, for dealers, also caused a drop in sales. An auto financing company directly to the giant automobile enterprises to enter the domestic development of foreign auto finance business, they have a more flexible and pragmatic lending principles, and do not need to make money by auto finance business itself, so will be able to give the purchase a car, more preferential conditions, and more chances to the loan,

(3) the manufacturers can have more advantages

"Management measures" auto finance company makes clear a regulation, the main investor shall be an auto enterprise, non bank financial institutions, which paves the way for the strength of the automobile enterprises to enter the field of automobile credit. Compared with and bank financial institutions, automobile credit products, automobile enterprises is obviously more advantages. Because the bank loan product is this a, interest rate is their profits, so from the business theory, they are unable to provide this gift products. While the automobile enterprises to participate in the auto financing company is different, they are not going to do by using interest rates to make money, but as long as the car more quickly to sell, make money more and better back into the production of automobile enterprises, because the enterprises to make money is kept by the automobile production and marketing chain to achieve. They in the competition means the possibility of more advantages.

The limitation of 5, automobile financial company

Since the "management measures" after the introduction of the automobile financial company, many restrictions make people feel worried about the development prospect of auto finance company in the China. Relevant data shows, the SAIC financial companies and Volkswagen automobile finance company opened two or three months to sign the bill, but hundreds of. According to the analysis,Operating funds too little is one of the main causes to the already established an auto financing company, the lack of competitive advantage,The registered capital of 500000000 yuan in capital operation cost is higher, cannot launch cheap car loan products, not up to really push the car consumption effect. In foreign countries, including automobile financial institutions funding sources: the issuance of commercial paper, corporate bonds, savings to purchase a car, accounts receivable pledge to borrow from banks, commercial banks and other institutional investors to sell accounts receivable, accounts receivable securitization. But the domestic automobile financial company can only accept the domestic shareholders units for more than 3 months term deposit, transfer and sale of auto loan receivables, loans from financial institutions. As China's capital projects under control, can not achieve the free convertibility of RMB capital project, so the automobile financial company from its parent company, financial support will be very limited. If you hope to seek loans from other domestic financial institutions, auto finance companies gain from borrowing spreads are very difficult to earn profits.At the same time, auto finance company investment tools is also very single. In fact, the main profit pattern of automobile consumption credit is not foreign auto financial company, diversified business model makes them more like financial institutions is a real sense of. Foreign auto financial company profits of the 60% are not from car loans, lease financing, Trust lease, automobile installment contracts for the transfer and re lease, mortgage insurance, and other smaller risk, rate of return of stable intermediate business is the main source of profit of automobile financial company. However, "the regulations" automobile financial company, China's automobile financial company can be engaged in the single car loan business and the transfer and sale of auto loan receivables, not involving the car rental business. Also, credit risk also let the automobile financial company dares not to carry out the bulk of business. Therefore, in the existing policy and market environment, to solve the credit risk has become the main task facing the auto financing company.

The second section Car operating lease

A , car leasing and operating leasing

1, auto financing lease

Car leasing is auto financing for the sale and lease of combining, mainly is the bridge between manufacturers and consumers, so that consumers have the right to the use of the car, and then to pay the rent, ownership in after the expiry of the lease to purchase equipment. At present the international popular financing lease cars, has become a new sales model a vendor selling cars, the user to buy a car. Generally speaking, auto financing lease must have certain conditions, otherwise do not belong to the category of auto financing lease, but the general car rental. Financing lease has no residual value risk. Financing lease qualifications to the CBRC or the Ministry of Commerce for approval. (see article)

2, the car rental business

Operating lease has two meanings:

(1) is a traditional lease from the definition of "legal" angle (i.e. ordinary lease, or called "rental"), namely ordinary lease is contained "an object, a contract (contract), two parties (the lessor, the lessee the lease), multiple rental transactions". In the accounting according to "accounting method of operating lease".

The lease contract

The leasing company

The lessee (customer)

The lease rental

Payment of rent

(2) two from the "accounting" definition "lease", which is a special form of financing lease (we call it the "rental", it still has "the classic financing lease" characteristics, including "is a subject matter, two (the lease contract sales contracts, contracts for financial lease), at least three parties (the lessee, the lessor, the seller) transactions". Operating lease is not paid in full lease can not be revoked, the leased object can only be a lease, but leave a residual value. In the accounting according to "accounting method of operating lease".

The lessee (customers)

The supplier

Delivery of the leased equipment and equipment maintenance

The lease contract of financing lease contract

The leasing company

(3) the characteristics of operating lease: operating lease refers to the other leasing business except the financing lease business. Operating lease (Operating Leasing) also known as real lease (True Lease), which is characterized in the lease after the lease, the lessor for treatment of residual value risk, the lessor may retain the lease assets or to the market fair price will lease the asset sale. In the business of leasing, the lessee without the leased assets in the balance sheet, the payment of rent can be credited to the financial costs of tax, the balance sheet financing. [balance sheet financing (Off-Balance-SheetFinancing), referred to as the table of financing, is not should be considered in the financing of the balance sheet, the financing is not in assets to increase a certain assets, not liabilities and owners' equity side is the increase in liabilities, the financing only Ming can in table columns. Operating lease is usually used for the fixed assets of the enterprise procurement, as well as to improve the capital structure and corporate financial performance.

Comparison of two, car leasing and operating leasing

In China, car rental includes two kinds of forms, one kind is the financing lease, another kind is the operating lease.
　1, the lease for different purposes

The main purpose of operating lease the car rental is right temporarily used cars, and the leasing lessee mainly through "financing" to "thaw" purpose, namely, to obtain the final car ownership.
　2, the number of different lease

In an operating lease form, relates only to the lessor and the lessee, the lease financing form, at least to the lessor, the lessee, the supplier of three party liability.
　3, the lessor and the lessee's right, obligation of different

The rights and obligations of financing lease, the lessor and the lessee is different from the operating lease, choose the way, these changes include the rental car repair and maintenance, the contract can not be continued.
　4, the termination of the lease, the lease of property disposed of in a different way

In the operating leases, the lessee has the lease or rent two options for the rental car, while in the financing lease conditions, car ownership can be transferred from the lessor to the lessee, the lessee ownership, also can not transfer or lease.

Selectivity is very large.
　5, financial leasing has outstanding financial attributes

Operating lease the lessee to pay the rent, usually less than the cost of buying a car. And in the form of finance lease, the lessee purchase cost total amount of rent paid more than cars. Therefore, the role of financing lease in finance more prominent than operating lease.

Three, car leasing and car loans (payment) compared:
1, for the people, "the rent after the first buy" a more flexible way. At the expiry of the lease, the lessee has the right to choose, decide whether to buy the leased vehicle. If consumers do not want to buy rental vehicles, may be the vehicle to return the car rental party; if they want to buy rental vehicles, consumers pay the lease contract on determining the depreciation price (also known as the tail section).
2, for the people, such as the use of the lease, the lessee does not have to worry about resale car, because the car ownership attribution is not important to the lessee; and for the traditional installment purchase a car car buyers, if not to pay the balance before the car, the retailer will resell, car buyers will be in a very a disadvantage.

3, the retail car payment, is essentially a conditional sale. Seller retains ownership of cars, in fact, is a kind of guarantee for the realization of creditor's rights, the creditor protection set but, the purpose of the contract is still the transfer of the ownership of the car. Financing lease is different, it is the combination of the sale and lease, the consumer (the lessee) does eventually become the leased vehicle ownership, right of choice in the consumer (the lessee).

4, according to state regulations, at this stage, banks and automobile Finance Leasing Company are not engaged in auto financing lease and rental business.

The third chapter Automobile lease financing mode of operation

The first sectionPrinciple of auto financing lease

The definition and principle, financing lease

Auto financing lease refers to the lessor (Finance Leasing Company) according to the lessee's request, to the lessee designated by the Lessee agrees to seller, the conditions, the asset purchase goods specified (car), and the lessee to pay rent for conditions, the asset is possession of the goods, use and usufruct transfer to the lessee. "Finance lease refers to a lease transfer substantially all the risks and rewards related to the ownership of the assets". The termination of the lease, the lessee may 1 yuan nominal price get leasehold ownership. Direct financing lease is the most typical financing lease, also called "classic financing lease".

Direct financing lease and basic process flow diagram as follows:

Contract of sale of cars

The supplier (manufacturer or distributor)

The leasing company

The purchase of the leased object

Payment of the purchase price

Taxi

The auto financing lease contract Payment of rent Vehicle delivery and maintenance

Lessee

Car leasing is auto financing for the sale and lease of combining. Auto financing lease refers to the lessor financing to provide the required vehicle as the lessee, has dual functions of financing, financial leasing transaction, which mainly relates to the lessor, the lessee and the three party, and composed of two or more than two of the contract. The lessor according to the lessee's request and select a car purchase, contract and payment and the supplier, and the party to enter into a lease contract, will buy a car rental for the use of the lessee. During the period of lease, the lessee in accordance with the contract, pay rent to the lessor staging. The ownership of the leased vehicle belongs to the lessor, the lessee in the lease period of the automobile has the right to the use of. Upon expiration of the lease, the cars can be by the lessee in accordance with the provisions of the contract, lease purchased or returned to the lessor.

Condition two, auto financing lease

Generally speaking, auto financing lease must have certain conditions, otherwise do not belong to the category of auto financing, but the general car rental. According to the "Enterprise Accounting Standards No. twenty-first - lease" file, the lessee signed the lease contract shall meet the following one or several can be identified as a financing lease:

1, whether the transfer of the ownership of the leased asset

In the lease period expires, the transfer of ownership of the leased asset to the lessee.
2, the purchase of the leased asset price is less than the fair value of the 5%

The Charterers shall have the option to buy the lease assets, the purchase price is expected to be far lower than (that is less than 5%, including 5%) the fair value of the leased asset exercise selection right, so in the inception of the lease can reasonably determine the lessee will exercise the option.
3, whether the lease term lease assets than can use fixed number of year 75%

Even if the ownership of the asset is not transferred, the lease term accounts for most of the use life of the leased asset (75%).
4, whether the fair value of the leased assets value greater than 90%

The lessee payments discounted at the lowest lease began on the lease inception day, almost equal to the fair value of the leased asset (i.e. more than 90%, including 90%); the lessor in the inception of the lease of the present value of the minimum lease receipts, almost equivalent to the inception of the lease the fair value of the leased assets (i.e. more than 90%, including 90%).
5, special automobile leasing assets

The special nature of the leased asset, if not for the larger renovation, only the lessee can use.

The second sectionThe transaction structure of car leasing

In the auto financing lease, usually transaction mode is: the need for business or personal purchase car (the lessee) apply, by leasing company (lessor) generation to the purchase or lease the car, and then rented to the enterprise (tenant) use. Enterprise (tenant) according to the financing lease contract pay rent regularly to the leasing period, and on the basis of contract mode (usually pay a nominal nominal transfer payment) and ultimately completed equipment ownership (also can lease or rent).

One, the lessor

Rental agencies have the financing lease qualifications, such as Finance Leasing Company, joint venture (alone) pilot enterprises and financing leasing company.

Two, the lessee

Enterprises and institutions, government agencies, has also rent ability of the individual retail.

Three, the supplier

Domestic and foreign automobile manufacturers, vendors.

Four, guarantee and mortgage

Third party credit guarantee and mortgage of property, the lessee provides personal property, securities, mortgage, pledge.

The relationship between the five parties, the

The lessor according to the lessee's request, financed the purchase of the lessee for the car, and then leased to the lessee; provide the guarantor also rent credit guarantee, the supplier to provide vehicle repurchase guarantee.

Elements of the third day of car leasing

The following main elements of car leasing:

One, the leasing object

All kinds of domestic and foreign brand cars (including cars, buses, tourist buses, construction vehicles and other business);

Two, the amount of

The lease acquisition costs, including lease purchase price, the relevant taxes and fees, installation fees etc.;

Three, the rental rate

According to the proportion of the benchmark interest rate rise some, and with the national financial policy adjustment and the same direction adjustment;

Four, the lease

The general term for 1 ~ 3 years;

Five, leasing

Financing lease

Six, the rental guarantee / bond

Margin for the lease amount of 10% - 30%, the leasing company recognized guarantees or collateral;

Calculation and payment of seven, rent

At the end of each month equal annuity method;

Eight, the fee

Lease amount 3% ~ 5%, the one-time payment of rent day;

Nine, on the normal operation of vehicles offer

During the lease term, equipment such as technical fault, damage and other aspects of the situation, by the lessee shall be responsible for, the lessee is not because the reasons for the failure, damage to the equipment and other aspects of or delay in paying rent;

Ten, the leased property insurance:

By the lessee to lease the company as the beneficiary to insurance companies, and pay the premium;

Processing equipment eleven, residual value

In the name of prices 1 yuan (or otherwise agreed by both parties);

Twelve, the project joint rights

Leasing companies have priority in cooperation with the lessee follow-up projects or other projects in the future.

The fourth sectionBusiness process and pattern of car leasing

A manufacturer or distributor, suggested by car "finance lease sale" model

In view of the basic understanding of the domestic car market and the financing lease business at present, we suggest that the car dealer the financing and leasing business through cooperation with the leasing company in the form of implementation of financing, leasing and sales all in one service. The auto financing lease to promote product sales, expand market share, increase the profit of the enterprises and achieve a win-win objective.

Two, auto financing lease business process description

From the rental company (lessor) purchased the car from a car suppliers according to the lessee's request, and leases it to the lessee. After the signing of the lease contract, the lessee to pay by 10% - 30% of the rental deposit and related fees specified in the lease agreement. The lease period, usually 1 to 3 years, the principle of not more than 3 years, by the lessee under the lease contract to lease rental payment specified by the company (usually once a month to pay), the lessor is to transfer the rights rental car use and management and obligations to the lessee, the lessee to lease the right to use, ownership by the lessor all. The lease period to provide vehicle repurchase guarantee by the automobile supplier, once the lessee breach of contract rent, lease company in conjunction with the supplier by starting the vehicle repurchase program, take back the leased vehicle and dealing with them. Maintenance, maintenance of motor vehicles, the lessee shall be responsible for. At the expiration of the lease, the lessee to pay rent in full after the lease agreement contract, lease ownership release by the lessor, the lessee to the nominal price to obtain ownership of the equipment.

Three, auto financing lease business process

1, the lessee auto financing lease business to the leasing company application and provide relevant information;

2, leasing companies on a project review to the lessee and the;

3, the lessee leasing guarantee to the leasing company (mortgage of property or personal unlimited guarantee);

4, leasing company for notarization on the lessee's guarantee;

5, leasing companies, the lessee and the automotive suppliers signed contracts of sale and repurchase guarantee contract vehicle;

6, leasing companies and the lessee signed the lease contract of financing;

7, the lessee to pay rental deposits, the two contract;

8, rental payment to suppliers;

9, the supplier to the leasing company submitted invoices and bills of lading vehicles;

10, leasing company with supplier invoices and documents to the effective management for the vehicle license and registration procedures;

11, leasing company under contract to the lessee delivery vehicle;

12, the lessee to lease the company as the beneficiary according to the contract to the insurance company insured vehicle related insurance:

13, the lessee according to the terms of the contract to pay rent to the leasing company;

14, leasing companies and the lessee according to the agreed value of more than;

15, the end of the contract, rental companies produce lessee the lease object ownership transfer certificate.

Four, auto financing lease business flow chart

The lessee to lease application

Service project audit

The enterprises should submit complete information

Not reply to the lessee enterprise

1, The lessee to pay margin

2, The payment vehicle purchase price, obtain invoices and related documents

3, For vehicle license and registration

4, For vehicles to the relevant insurance

1, The signing of supply contracts with suppliers

2, The lessee to provide security

3, The signing of a lease contract with the lessee

4, Repurchase agreement signed with suppliers of vehicle

Leasing project approved

The lessee has the vehicle

The lessee pays the rent

The termination of the lease contract (tenant retention option)

If the lessee breach by leasing company in conjunction with the supplier to start the vehicle repurchase program and disposal of vehicles

Sign the related contract (agreement)

The fifth sectionFunction and advantages of car leasing

Financial leasing is an important part of the automobile finance service, automobile lease financing and the equipment financing lease,

Also is a kind of "thaw" instead of "financing", and ultimately "financing", form of credit transaction so as to achieve the promotion goal. The important significance of financing lease is the separation of ownership and use of goods. Auto financing lease, mainly automotive manufacturers or suppliers and consumers through the rental company to build financial service platform and trading platform, leasing form to allow consumers to first obtain the right to the use of cars, and then press about paying rent, in after the expiry of the lease payment symbolic nominal price after the ownership and access to vehicles. At present the international popular financing lease cars, has become a new sales model a vendor selling cars, the user to buy a car. So, apparently, auto financing lease is the most important function of the "financing" and "promotion".

Automobile lease financing advantages in the:

A manufacturer or dealer, financing lease for the benefits of

1, to help manufacturers of disposable recovery funds

Can a one-time recovery of funds by financing lease sales of cars, thus greatly reducing the accounts receivable of vehicle sales in the process, to speed up the flow of enterprise funds, to avoid bad triangle debt;

2, can accelerate the market development, to promote sales of products, get more profit space

The process of supplier in the market can provide rental sales services to customers, it not only make the customers greatly reduce one-time payment for suppliers of equipment costs, but also to bring many customers lease financing on preferential policies, there is considerable appeal to customers, thus greatly expand the equipment supplier's market share, gain more profit.

3, in terms of supplier grafting Yuantong companies leasing platform to do leasing promotions than bank lending of single equipment sales safer, more practical. The reasons are as follows:

(1) leasing companies involved in making a two right subject matter of phase separation, even if the project risk, because property belonging to the leasing company, therefore more conducive to equipment management;

(2) a leasing company assessment and audit of leasing projects, purifying the lessee team etc..

Two, lease financing lease customers benefits

1, solve the contradiction of funds purchase vehicle shortage

The finance leasing which is similar to the housing mortgage financing, enterprise or individual customers as long as in the beginning to pay a small

The deposit will be able to get 100% right to the use of the vehicle, reduces vehicle procurement funding pressure, is conducive to improve the capital turnover and utilization.

2, the operating lease can reach the purpose of off balance sheet financing

The banks or trust loans to reflect enterprise's liabilities, if too much debt will not only affect the credit status of enterprises, but also take the enterprise in the bank line of credit, and through the operating lease way, can realize the balance sheet financing, leasing equipment is not reflected in the enterprise's balance sheet, so that enterprises at the same time the equipment required in the keep credit scale invariant, which means to improve the enterprise's financing ability.

3, leasing has accelerated depreciation

According to China's current accounting standards and tax laws and regulations, for fixed assets under finance leases, the provisions of the state at the statutory period of depreciation and financing lease two short period of depreciation, so, the lessor may be accelerated depreciation benefits through leasing and long-term operating lease to lessee, thereby reducing the (or deferred) enterprise income tax expenditure, realize the purpose of tax avoidance reasonable. But because of the accelerated depreciation, so that enterprises can purchase more advanced equipment, in two years, therefore, does not affect the expansion of enterprises.

4, the amount of financing, a long time

Vehicle leasing financing amount is large, the enterprise only with less investment, you can get the right to the use of 100% vehicles, the lease period in 1~3 years, special lease financing fund, reduces the financing cost and project investment in fixed assets, ensure that enterprises save a lot of money to develop the market, namely, improve utilization of funds, thus to reduce the investment risk;

5, leasing has flexible operation mode

Through consultation between the parties, the operational leasing can also adopt the financing lease, the rent payment can be used in matching payment can also use balance payment, the payment flexibility, is the lessee according to cash flow, sales revenue, fund use plan their own situation formulation also rent plan, ensure the benign operation of capital, but also reduce the enterprise funds mobilization pressure.

6, to simplify the working procedure

Through leasing can make the vehicle financing, procurement, service package solution, greatly simplify the work, shorten the investment cycle, thereby reducing the investment risk, more operable.

7, the cost is low

The traditional means of financing the general procedure is complicated, the difficulty of financing is high, resulting in overall cost of financing investments are large, relatively speaking, innovation rent with specificity, the capital ownership and right to use and other characteristics, to reduce a large number of research projects, assessment costs; in a three year project as an example, the average annual only bank interest rates high 2 ~ 3 percentage points, from the accelerated depreciation of the profit advantage is unmatched, and costs are completely transparent.

Future income 8, more emphasis on the project

"Melting" characteristics, determines the use of funds to lease the lessee to clear, the money used for other purposes, the lessor is more focused on the investigation of the enterprise's cash flow, so that some of the higher debt ratio, but has also rent ability of enterprises can obtain vehicle financing.

The fourth chapter Risk control of car leasing

Because China's relevant laws and regulations currently involved in car rental is not perfect, lack of social credit system, personal credit system has not been established, the car rental business to meet such a vehicle by the third party, the lessee occupied swindlers rent cheat car in the actual operation, rent arrears problems occur. But for the drive rental vehicle traffic accidents by the rental party joint responsibility, most cases are the car rental business losses. And car sales price instability, poor security after sale service, expand auto financing lease business there are some risks and uncertainties.

The first section Car leasing customer choice

A finance lease, the customer should be taken into consideration in groups of customers and reliable guarantee for the credit of individual customer

In view of the Finance Leasing Company business characteristics, mode of operation, it is very difficult to provide car leasing services to a scattered individual customers, and will be the main service object localization in the legal person or organization, the banks in order to spread the risks will car loan service subject positioning main to individual customers vary. Therefore, in the car leasing business service of subject choice, is still the main customers for the enterprise, while private has become the main buyers China automobile market at present, but due to the individual customer credit concerns, so that "to rent consignee" vehicle financing leasing business at least for now still not in the personal car market in the real start.

Two, customer financing lease term target

In order to reduce or avoid the risk, the current auto financing lease business customers should try to choose those enterprises and institutions, economic strength of government agencies, there are also rent ability of private enterprises, or a small amount of economic strength, property guarantee capability of individual customers, is currently the main service object should be to group customers. In the long run, when the establishment of personal credit system, a large number of individual customers is the main customer financing car rental group, is the main direction of potential resources and target of the development of our business.

The second section Auto financing lease and rental pricing

Select a, automobile lease financing lease

Because the automobile product updates faster, the loss is big, market price changes greatly, generate cash flow is large, so the lease period should be 1 ~ 3 years or three years, also rent best times as once a month.

Two, auto financing lease pricing

According to the current maximum benefit principle, the proposed lease company profits to procedures and last period residual nominal price to rent amount, payment term enough to pay back the cost of capital can be leasing company.

The third section Auto financing lease vehicle registration

One of the property right registration method, auto financing lease

As the car registration, transportation, management and other reasons, in order to reduce the transaction cost, at the same time for the lessee to provide operation convenience, in the end, the vehicle payment after delivery, shall be borne by the automobile sales to rental companies to produce invoices and related documents. In the invoice open mode, all over the country practices differ,According to the present law, the "measures" for administration of registration of vehicles, the operation by way of mortgage, the procedures and other transfer of vehicle ownership has the difference, don't need to pay the cost of ownership, the vehicle property hang name in the leasing company, the end of the lease term and then transferred to the group of people.

Two, auto financing lease the property right registration method two

Auto Finance Leasing Company to avoid taking the vehicle owner burden of traffic accident compensation liability financing lease, in actual business operation can be temporarily put the car leasing property hang on the shoulders of the lessee, but prior to handle the property transfer procedures, waiting for delivery. If there is a problem, can not read the lessee directly transfer property.Specific handlingMethod, isIn the invoice open mode, need to fill out the purchase unit preferably vehicle lessee, and note the payment unit for leasing companies, leasing companies to realize the ownership of the leased object, and in the vehicle management department and the public security organ for the record. (this will be the birth of the "financing lease law" draft the laws)

The third section To prevent the occurrence of rent, car leasing, cheat rent

Auto financing lease because the liquidity of the lease object, risk is difficult to control. Secondly, due to the lack of social credit system, but also increased the cost of market transaction and risk. In order to avoid the risk of leasing companies, to prevent the occurrence of malicious lessee rent car, cheat, safeguard the legitimate rights and interests of the lessor in accordance with the law:

1, the beginning of the project, should be careful examination of the enterprise or individual credit, strictly. For enterprises, to see the basic registration information, financial statements, profitability. By bank check credit card, in order to test the enterprise credit degree. For the individual to see the account, identity cards, work permits, wage income data, but also the best after the "credit", inquiring about the individual credit information (currently only Beijing, Shanghai, Guangzhou can be found).

2, to guard against the risk, require the lessee to provide no less than 30% of the rental deposit, and require the lessee to provide third party guarantee or mortgage of property;

3, require vehicle vendors selling vehicles repurchase guarantee;

4, leasing companies require the lessee to lease the company as the beneficiary of the various risks to insurance company for motor vehicle related (at least includes spontaneous combustion, car damage, third, robbery, body scratch, non deductible, glass, a total of seven car insurance), so as to realize the insurance company to lease the subject matter of the real right of control.

5, to further ensure the leasing company can obtain the right, leasing companies and automobile use (the lessee) signed the "mortgage contract", range of mortgage guarantee include: Rental principal amount, interest, penalties, liquidated damages, damages and the leasing company for the realization of claims and payments, and notarization law.

6, the conditional circumstances, should be installed GPS global positioning system in the rental vehicles, to monitor and ensure the normal operation of the vehicle. This kind of device is connected with the automobile engine, and equipped with anti dismounting function, once the lessee to pay rent, the car will not start running, at present this kind of technology has been in other mechanical equipment on the effective implementation of.

7 rent recovery using bank credit card payment, the lessee must advance rent into the card, monitored by the bank. Because the credit card is issued by bank a careful review of basic can guarantee, credit card holders and submit materials accurately.

The fourth section Realization of auto financing lease second-hand market

A, auto financing lease second-hand market liquidity risk

Because the automobile market price instability, the domestic new car market into the trough after the unpopular, the major automobile manufacturers to increase sales promotion strength, many car prices have plunged, some models just listed prices reached 10%, which is obviously a direct impact on the leasing company. As the new car price decline has led to the devaluation of the cars, and car rental costs are based on vehicle depreciation in process in rate constant, the depreciation rate is higher, the rent is high, used car prices directly affect the calculation of depreciation rate, if the used car prices, depreciation rates and rents will increase accordingly, otherwise it will make the rental cost is lower than the actual loss, which leads to a loss. Especially in the lessee rent or buy back contract after disposal vehicle under such circumstances, although the lessee has paid 30% of the rental deposit, but because of the devaluation of the car too fast, making the rental vehicle secondary market liquidity directly affect the recovery of leasing company leasing cost. In addition some assessment of second-hand car trading testing organizations often lack impartiality, some for the black box operation, transactions and second-hand car tax standard is not unified, the second-hand car transactions tax basically are based on local policies, so the types and standards throughout the taxes are not the same, some of the value-added tax, some of the business tax levied, the highest 17%, the lowest 2%, the tax rate difference. Resulted in some area of second-hand car second-hand car business cost is too high, the meager profits of enterprises, the transaction does not transfer to tax evasion in some areas, OTC, private transactions, illegal trading, disrupting the second-hand car trading order, can be said that the second-hand vehicle transaction tax problems restricting the development of second-hand car market, tax has become a bottleneck of the second-hand car market the development of. All of this on car leasing second-hand market liquidity is influenced.

Two, the measures to reduce car leasing second-hand market risk

1, leasing companies should establish and improve the second-hand car sales department or cooperation and used car dealers, to understand and grasp the timely disposal of lease second-hand vehicle market;

2, according to repurchase guarantee contract, require suppliers to fulfill commitment to repurchase the disposal of the leased vehicle, the lessee can recover the insufficient part;

3, for the second-hand car rental business, the business car rental market price, the Finance Leasing Company can establish special car rental business department, for the second-hand car rental business, inventory of leased assets, profit space.

The evaluation mechanism of 4, in the second-hand car market must be established, independent, impartial, professional. Assessment of second-hand car is the vehicle cash price, experience from abroad, second-hand car evaluation mechanism is independent of the second-hand car market to guarantee. The second-hand vehicle inspection and evaluation technique is strong, need special equipment and technical personnel. Independence and evaluation mechanism is also very important, only independent, to ensure fair.

5, the state must unify the second-hand car transactions tax. From October 1, 2005 onwards, the country will enable unified second-hand car sales invoice. According to the regulations, the second-hand car business and sale business, in the sales and the sale of second-hand car to receive payment, must issue the second-hand car sales uniform invoice. But these enterprises in the transfer fee transfer procedures in the process of collection, and the second-hand car appraisal institution assessment fees, should be issued by the Local Taxation Bureau in producer service industry invoice.

The fifth chapterDevelopment of car leasing market

Development of the China automobile finance service industry prospects

First, China's automobile financial service has great room for development

1, China car consumption trend

From a macro trend, China sustained and rapid economic growth is an irreversible trend. Although our organs, enterprises and institutions, social organizations on automobile demand is very strong, but after the per capita GDP of $1000, the car into the family also is irreversible. In completing the adjustment of temporary industry, automobile consumption climax is expected the next round will be at the end of 2006 to 2007. Because the domestic car city should initially completed with low car prices and international prices, the auto industry's growth began in reality depends on national demand.
2, China automobile financial service has a larger space for development

2005 car sales growth in the weak state, but car sales growth is expected to remain higher than the GDP growth. The automobile finance service, is facing a major historical opportunity for development. Because the total loans, consumer loans in developed countries account for 30% - 40%, American is reached 70%. But now our country consumer loans, accounted for only 10% of total loans, and auto loans accounted for less than 10% of the consumer loans in the loan, is less than 1%. On the other hand, our country bank loans 90% lending to state-owned enterprises and corporate institutions engaged in business activities, there is a big risk. While the foreign bank loans are loans to consumers, security. The loan in accordance with China's trend, will be more inclined to personal consumption. At present, China's auto consumption loan growth is high, the opportunity is in favor of the automobile financial service industry.

Two, financial leasing is an important part of the automobile finance service

1. lease financing in foreign countries, especially in Europe, Japan and other countries, America It is quite common for. In Europe, because of the credit system is perfect, people can rent a car at the national car rental company, then returned in another city. At present in the America car sales volume, 30% are sold to the leasing company. The already described in the first chapter of this paper: since 2000, the global annual auto sales, new sales income of more than $1.3 in annual growth rate of around 2%. In 1.3 trillion in new car sales, of which 30% are sold for cash, the 70% is the financing sales. In the financing of sales, new car sales accounted for 56% ratio, cars accounted for 44%; in the financing sales form, accounted for 78% of loans, lease financing accounted for 22%, that is to say, the global auto financing lease sales in more than $200000000000 annually in recent years. Financing lease is sales and trading and financial innovation combination, have their own a set of mode of operation, is the knowledge and capital intensive industry.In China's accession to the WTO negotiations, United States on the America cars in the Chinese sales to provide financial services become the breakthrough point of information give us an important enlightenment: lease will provide financial services to competitive manufacturers to sell their products, in the market economy environment is a very important means of promotion.

2 years in 1983-1985, China had to lease the introduction of hundreds of thousands of vehicles imported cars. In 1985, the country imported cars right off the leasing company, Finance Leasing Company largely to the development of industrial equipment.Before 1996, China's car rental business is rental, lease financing basically no, because in 1985 the Ministry of Finance issued a clear, do not allow the financing lease cars.90 time metaphase, rental car gradually active, some suppliers to expand sales in terms of finance lease to sell cars, also is the first car to rent to tenants, two years later transferred to the lessee's property, is actually to rent consignee.In 1997, the Ministry of Finance issued a notice again, still not allowed by means of financing lease car sales. Until 2000 June "Finance Leasing Company management approach" introduced, especially in 2004, the Ministry of Commerce and the State Administration of Taxation Business Jian Fa [2004] document No. 560 issued, auto financing lease to legitimate access,Therefore, our country automobile especially financing lease cars than those international late for half a century. At present our country professional car rental companies only have long lease and Unicom rental company, Anji car rental company.

Three, financial leasing for cars and promote consumption function

Because the WTO license, foreign manufacturers can lease financing way to promote sales of their products in china. Chinese automobile production enterprises such as do not take the same way to fight, will face severe challenges. Automobile manufacturers use lease especially yourself financing lease means products is a pressing matter of the moment. The domestic automobile manufacturers to carry out strategic cooperation with the strength of the Finance Leasing Company, developing the manufacturers joint leasing business, leasing from the social resources is an important channel, it needs to establish mutually beneficial relations between the two sides, trust each other. Manufacturers in developing the financial leasing business, promote the organic combination of industrial and financial capital, give full play to the ability to control equipment manufacturers the ability and leasing companies and efficient financial services, maximize market share of manufacturers, sales promotion, and the leasing company capital value-added win-win effect. The supplier and the Finance Leasing Company the most obvious benefits can be timely recovery of loans, because the buyer is the Finance Leasing Company. Manufacturers can also work more closely with the Finance Leasing Company, the Finance Leasing Company funds and their fusion technology can provide financing to the customer (service) leasing (wet lease), namely: in addition to rent the equipment, also equipped with service personnel. This not only increases the rental income, but also to protect the recovery rental and leasing object; because no transfer of ownership, thus solves the problem of guarantee of small and medium-sized manufacturers use the leased vehicle; repurchase way, use their own technology advantages and market network advantage, develop the second-hand car market, realize value added, can effectively solve risk problem of lease. These are reproduced leasing promotion function.

Four, auto financing lease marketing mode

Automobile lease financing, mainly is the bridge between manufacturers and consumers, so that consumers have the right to the use of the car, and then pay a monthly rent, ownership in after the expiry of the lease to purchase equipment. At present the international popular financing lease cars, has become a new sales model a vendor selling cars, the user to buy a car.

1 direct financing lease

The new car rental company purchased according to customers' specific models, and signed the lease contract with customers, according to the contract in a certain period of time after the rental customers, will transfer the property to the customer vehicle rental. In the signing of a lease contract at the same time, the lessee shall in turn paid 20% - 30% margin and 3% - 5% of the fee, the rest of the car monthly payment. The rental price add up to equal or exceed the car. After the expiration of the ownership, the lessee to the nominal price made car, complete the leasing process. In practice, the general car rental company or auto sales, due to the lack of financing lease qualifications, they refer to the financing lease model design of "video combined type" automobile sales, has the functions of financial leasing, is a combination of leasing and sales volume, is able to meet a demand for the enterprises and institutions, it implied a for legal risks of the lessor.

Direct financing lease flow chart for the:

Contract of sale of cars

The supplier (manufacturer or distributor)

The leasing company

The purchase of the leased object

Payment of the purchase price

Taxi

The auto financing lease contract Payment of rent Vehicle delivery and maintenance

Lessee

2 after sale leaseback means

Leasing companies and customers to purchase the customer agreement existing vehicles, and in long term leasing the way back to the customer, and provide the necessary services, it can get rid of the administrative burden of target customers, reduce the proportion of fixed assets, and can decompose the related costs have a choice. Back to the lease can be designed as a finance lease, and can also be designed for operating lease.

Flow chart for the:

Payment of the purchase price

The seller /Lessee

Lessor.The leasing company

Contract of sale of cars

The lease contract of financing back

Payment of rent

Methods 3 entrusted lease

The leasing company accept manufacturers or dealers to entrust, the vehicle according to the financing lease leased to customers (the lessee), leasing company as trustee, generation of the client to collect the rent, pay the relevant taxes and fees, rental companies only charge a fee. In the lease period, the car ownership in the principal. Leasing companies do not take risks. In this way, can save taxes and fees for the manufacturer or distributor.

Entrusted lease flow chart see next page:

The client specifies the lessee

Client

The entrusted

The return of a financial leasing contract revenue

Lessee

The lessor (leasing)

According to the subject matter to provide financing lease to the lessee

The payment of rent

According to the trust funds to buy the lessee required equipment (contract)

The supplier

The delivery / maintenance

Attached: operation scheme of auto lease (omitted)

The second sectionCar leasing target customers

Car leasing target customers should choose credit customers, mainly consider the following aspects:

One, the professional car rental company, business car, bus, special vehicle Service Corporation

In order to reduce the enterprise fixed assets precipitation, improving the financial statements, alleviate the pressure of funds, to update the models need to enhance market competitiveness, and in favor of auto financing lease form.

Two, government agencies, schools, hospitals, scientific research institutions and other institutions, institutions

The special role of the financing lease function official car reform can be tailored for various individual scheme

Three, foreign-invested enterprises, private enterprises

To meet the rapid depreciation, deferred tax and other financial needs.

Four, private owners, the white-collar group

The main income is high and stable social credit individual.

The sixth chapter auto financing lease financing

The first section The importance of financing lease financing

The tendency of the development of the automobile financial service, Chinese

At present, China's auto consumption loan growth is high, the opportunity is in favor of the automobile financial service industry,The loan in accordance with China's trend, will be more inclined to personal consumption.To be sure, in quite a long period of time, China will remain dominated by commercial banks, supplemented by professional automobile financial company, auto Finance Leasing Company, automobile group finance companies and other financial institutions of the situation, but in the future will gradually formed a professional auto finance companies and financial companies, auto Finance Leasing Company automobile group. All kinds of institutions, participation of the situation. Can foreknow, under the condition of market economy, the automobile financial service is playing an increasingly important role in the future economic operation, and other consumer credit, more and more as stimulus spending and accelerated depreciation of fixed assets in the economy, adjusting the imbalance of supply and demand contradiction, maintaining the smooth operation of the economy means, development of related industries larger areas, so that the automobile industry "high value transfer" realize smoothly.

Two, financing is one of the decisive factors in the success of the auto Finance Leasing Company

Capital is the fundamental operation of enterprises, whether the enterprise can survive and grow, by raising funds mainly depends on the appropriateness and effectiveness of the fund. If an enterprise can obtain funds to other banks at low cost, and can more effectively use these funds industry, the enterprise must have strong competitiveness. For the financing lease industry companies, financing and risk control is the two most important aspects of financial leasing institutions. There is not enough financing channels and sufficient funds, the leasing company is difficult to carry out business.

The second sectionFinancing channels and the mode of auto financing lease financing

The main source of funding of Finance Leasing Company has been by the enterprise funds, the lessee of the item margin. However, according to the characteristics of the Finance Leasing Company, even a 500000000 capital of the Finance Leasing Company, several big projects down, money is almost exhausted, when its own funds, to continue the follow-up project, it is very difficult, therefore, to broaden the financing channels, financing Finance Leasing Company development variety is very important work, but can not wait until the money runs out, it is best to use the combination of its own funds and external financing.

One, bank loan financing

This is one of the most common types of debt financing (debt). For bank lending, loans for purchase of equipment leasing company, special fund is special, the lessee can not be used for other purposes, such as the case of arrears of rent, matter still, through leasing company to dispose of property, thereby reducing the risk. However, different banks have different requirements on the lending business, have a good project is not equal to the bank to lending, leasing companies and the lessee of the credit, performance, financial resources and so on is a factor of bank financing is successful or not indispensable, involved in financing the profitability of the business qualification grade, business planning, capacity, also rent, capital strength. Depending on the project, you can choose the domestic banks or foreign banks.

Two, equity financing

Funds investment leasing company leasing company actively looking for the strength of the domestic and foreign consortia, bank, risk investment institutions, investment institutions once and Finance Leasing Company formed close relations of cooperation, the leasing company will have a stable source of funds, banks also can rent control credit renting an effective platform of funds invested, minimize risk. The use of this platform, can provide more accord with the objective demand of credit and leasing services for customers. Increase the rental company capital increases rapidly, financing ability, for the financial leasing institutions can have 10 times the legal liabilities ability is more powerful.

Three, the capital market to raise funds

This is also the equity financing, the strength of the leasing company for the public and other forms, to raise funds from the society, so as to improve the leasing company financial strength fast.

Four, corporate debt financing

This is a kind of creditor's rights financing. According to the situation of enterprises, the leasing company may apply to the securities administration departments to apply for the issuance of corporate bonds, the community financing.

Five, guarantee financing

According to different projects, require customers to provide corresponding guarantees, such as large financial institutions guarantee, quality guarantee, the listing Corporation in large state-owned enterprises, guarantee, government guarantees (permission), large Guarantee Corporation (such as insurance), through credit superposition and grafting, financing.

Six, the alliance with the auto finance companies financing

With large auto group rely on the auto financial company is auto financing lease of powerful capital channel, it can for dealers, Associate Company and partners to provide the loan financing, working capital financing, equipment financing; provide product consulting, insurance and other services for consumers. Because the full value chain service, automobile financial company can even take "zero Shoufu, zero interest rate" and other promotional measures, that is the bank not to. Automobile financial company, means that commercial banks from the automobile consumption credit gradually faded out of the field, the automobile finance will carry out strategic shift. Because the automobile financial company can not carry out operational leasing and financing leasing, the automobile Finance Leasing Company and financial leasing institutions become possible.

Seven, lease financing

This is a no risk financing. The people's Bank / the CBRC and the Ministry of Commerce in the financing lease business management regulations clearly stipulates, entrustment leasing business leasing company can carry out financing, which commissioned the lease refers to the lessor accept the client'sFundsOr lease the subject matter, according to the written authorization of the principal, the principal specified the lessee for the financing lease business. Ownership in the leasing period leasing to the trustor, the lessor can only charge a fee, do not take risks. According to the regulations, financial leasing institutions with "trust" and "real bank" function.

Eight, United lease financing

This is a partial or no risk financing. The leasing company can other financing leasing institution or trust institution and financial strength are relatively strong with the financing and leasing business, the parties jointly funded company, main lead in obtaining their own capital gains at the same time, can also obtain other joint funding agency fees, even planning to as rental, earn fee, without risk.

Nine, the bank factoring financing

For the best project leasing company and the bank approved the formation of rental income rights, leasing company can transfer to the bank, factoring financing.

Ten, the leased asset securitization financing

The leasing company formed quality leased assets, leasing companies can be packaged entrusted to the company, issuing collective trust funds, asset securitization financing.

Eleven, other financing

In addition to the financing channels, but also should pay attention to the industrial policy of the state finance, BOT project financing, private financing, leveraged lease financing, financing pawn.

The seventh chapterAnalysis of automobile lease financing cost, benefit

As a car rental company, he led the suppliers and manufacturers, even under the use of customer, can make the automobile production and marketing through action, increase product sales. It is often used as the entire automotive group, or a part of auto sales, play a promotion effect. So his costs and benefits can be divided into two kinds of situations to consider: the automobile production, sales, leasing integration costs and benefits; cost and benefit of single car rental company.

The first section production, sales, leasing the integration of cost and benefit

This part of the benefit is reflected in the whole group of benefit: Lease in which you can play for the whole group of strategic services, such as: expand sales group, increase market share, to speed up the auto update, the secondary market, here not for analysis (omitted).

The costs and benefits of second joint auto financing lease

A, The relevant factors of car leasing

1, as the direct cost of leasing projects, we simplify the following several parts: the cost of capital, the subject matter, the tax cost (lease sales expenses, office expenses, wages are not included).

2, as the lease item of income, can be composed of the following parts: the rental income, fee income, management fee income, trade income, deposit interest income rebate.

3, the general rental charges material price as the subject of the 3% management fee, material price target of 1%, trade the rebate for the object of value about 5%, bond spreads around 6%.

Two, auto financing lease case

1, assuming that the project

We assume that a car for the price of 150000 yuan, the annual interest rate of 8%, fees by 3%, a total of 4500 yuan of; management fee according to the annual 1%1500 yuan, three years a total of 4500 yuan; the margin by 30% payment, a total of 45000 yuan; according to the monthly repayment (fixed amount of matching interest), so the results can be calculated as follows:

The monthly repayment 4708.15 yuan, also to the twenty-sixth period can be the principal offset rent, then 41.21 yuan balance, can terminate the contract. Company initial fill pay 96000 yuan of funds, pay rent until the project, a total of a company for 102674.65 yuan, a total of a year. While the income profit: management fee 4500 yuan, 4500 yuan fee; lease interest 17453.01 yuan, a total of 26453.01 yuan; the annual rate of return:%.

The above calculation does not include the financing lease in accordance with tax rate 5%; if it is from the bank loan, no deduction of bank loan interest; may be returned to client interest margin deposits are not included in the cost; at the same time, no will usually should return the trade rebate.

2 compute the visible in the following table:

ThawingCapitalRentRentCollectYiTestCount (Policy)

Project Name: car rental (target price of 150000 yuan)
The principal (yuan):	150000	The lease term (years):	3
The lease security deposit rate (%):	30	Period also rent per year (period):	12
The rate (%):	3	Expected shortfall (yuan):	96000
The lease rate (%):	8	Annual management fee rate (%):	1
The initial or final payment:	The final
Interest rate (% / day):	0.2222	It depends on the number of days (day):	30.4167
Period of time	The initial principal balance	An actual occupied a year fund	The current rent
(a)	(b)	The current rent (=c+d)	(c)Including the principal	(d)Including rental fee
1	150000	8000	4708.15	3694.26	1013.89
2	146305.74	7692.15	4708.15	3719.23	988.92
3	142586.51	7382.21	4708.15	3744.37	963.78
4	138842.14	7070.18	4708.15	3769.68	938.47
5	135072.47	6756.04	4708.15	3795.16	912.99
6	131277.31	6439.78	4708.15	3820.81	887.34
7	127456.50	6121.38	4708.15	3846.64	861.51
8	123609.86	5800.82	4708.15	3872.64	835.51
9	119737.23	5478.10	4708.15	3898.81	809.33
10	115838.42	5153.20	4708.15	3925.17	782.98
11	111913.25	4826.10	4708.15	3951.70	756.45
12	107961.55	4496.80	4708.15	3978.41	729.74
13	103983.15	4165.26	4708.15	4005.30	702.85
14	99977.85	3831.49	4708.15	4032.37	675.78
15	95945.48	3495.46	4708.15	4059.63	648.52
16	91885.85	3157.15	4708.15	4087.07	621.08
17	87798.78	2816.57	4708.15	4114.69	593.45
18	83684.09	2473.67	4708.15	4142.50	565.64
19	79541.59	2128.47	4708.15	4170.51	537.64
20	75371.08	1780.92	4708.15	4198.69	509.45
21	71172.39	1431.03	4708.15	4227.07	481.07
22	66945.31	1078.78	4708.15	4255.65	452.50
23	62689.67	724.14	4708.15	4284.41	423.74
24	58405.25	367.10	4708.15	4313.37	394.78
25	54091.88	7.66	4708.15	4342.53	365.62
26	49749.36	Deduction 45000 deposit	4708.15	A total of 49708.15	Pay 41.21, settlement.
Total	102674.65	117703.68	100250.64	(d) 17453.01
(g)Management expense.	4500	(H)Fee:	4500
Total profit (=g+h+d)	26453.01	Capital profit rate:	%
Explain.
1, in the above table, capital profit rate = (profit total / reduced actual occupied a year funds total) * 100%
2, the above table just project income summary schedule, the final value due to the changes of customer requirements and different
3, the table is not the financing costs, tax, business costs into account

3, the above calculation does not deduct the pay taxes, according to the following different situations are discussed:

(1) according to 5% tax rate

Tax revenue is 26453.01 * 5% = 1322.65,

Profits for the 26453.011322.65 = 25130.36 yuan,

The annual yield of 25130.36/96000=26.18%

(2) if the funds for the bank loan

It should be included in the bank cost, according to the three year interest rates of 5.76%:

The interest is 102674.65 × 5.76%=5914.06,

Tax (26453.015914.06) x 5% = 20538.95 x 5% = 1026.95,

Profits for the 26453.015914.061026.95 = 19512,

The annual yield of 19512.00/96000 = 20.33%.

(3) if the customer margin interest for the return, is calculated using the bank deposit interest rate 2%

Is to increase the cost of 45000 * 2% = 900,

The interest is 102674.65 × 5.76%=5914.06,

Tax (26453.015914.06900.00) x 5% = 19638.95 x 5% = 981.95,

Profits for the 26453.01-5914.06.33900.00981.95 = 18657,

The annual yield of 18657.00/96000 = 19.43%;

(the above calculation excludes trade rebate, the actual income and the income, the annual rate of return is higher.)

The third section Registered capital calculation to 50000000 yuan

A, Calculating basis and conditions (combined with the specific circumstances of the leasing company)

We set: organization of production enterprises to use its own funds to operate,; enterprises to expand production through bank financing, Finance Leasing Company in accordance with the regulations; enlarge the financing amount, expand the business.

Two, according to the analysis of different sources of funds and calculation

1, companies such as 5000 funds which invest up to 70% of the car rental business

You can take 5000 (5000 × 30%) =3500 million, annual yield by 19.43% (the most conservative circumstances), profit is 3500 * 19.43% = 6800500, the company's annual rate of return of 680.05/5000=13.61%.

2, if in accordance with the common enterprise, general asset liability ratio is calculated as 70%

You can come up with: 5000/ (1-70%) - (5000 × 30%) =15166.67 million in funding, yields are calculated as 19.43%, profit is 15166.67 * 19.43% = 29468800, company annual yield.

3, If in accordance with the relevant management measures for 1:10 amplification,

You can come up with: (5000 x 10) - (5000 x 30%) = 485000000 money, return rate by 19.43%, profit is 48500 * 19.43% = 94235500, company annual yield;

The fourth section Considering the bad factors

Should be considered a bad factors, practice

The above calculation is a kind of ideal recovery condition yields. In fact, default and debt is impossible to avoid, especially when business does bigger more, no matter how to avoid bad debts, always more or less will have. But also bad not to your profit for the base, but the total amount of investment funds.

Two, according to different sources of funds calculation and analysis

According to the experience of risk control, in a quite good case, about bad debts into the project funds to 5%, so the above three kinds of circumstances becomes:

1, companies such as 70% of the funds to the car rental business

Can come up with 5000 (5000 × 30%) =3500 million of funds, bad extraction was 5%, 3500 * 5% = 1750000 yuan, annual yield is calculated at 19.43%, profit for the (3500-175) × 19.43% - 175 = 581.44 - 157.5 = 4710500, the company's annual rate of return of 471.05/5000=9.42%

2, if in accordance with the common enterprise, general asset liability ratio is calculated as 70%

You can come up with: 5000/ (1-70%) - (5000 × 30%) =15166.67 million of funds, bad extraction was 5%, 15166.67 * 5% = 7583300 yuan, annual yield is calculated at 19.43%, profit is (15166.67 - 758.33) × 19.43% - 758.33 = 2799.54 - 758.33 = 20412100, the company's annual rate of return of 2041.21/5000=40.82%

3, if in accordance with the relevant management measures 1:10 amplification

You can come up with: (5000 x 10) - (5000 x 30%) = 485000000 of funds, bad extraction was 5%, 48500 * 5% = 2425, annual rate of return is calculated as 19.43%, profit (485002425) * 19.43%2425 = 65273740, the company's annual rate of return of 6527.374/4500=145.05%

Explain.

The above calculation does not contain an additional piece of profit -- the supplier's trade rebate, also does not contain a company expense personnel salary, office expenses, enterprise income tax. At the same time, due to the auto financing lease to the automobile enterprise brought the expansion of market share, customer groups increased, industry profits increase, the new update speed, the second-hand car market are taken into account.

The eighth chapter NodeTheory

According to the above analysis, we can draw the following conclusions: car leasing market is huge, the controllable risk, earnings is good. The leasing company through leasing platform, effectively connected the credit customers, manufacturers or dealers, banks and other financial institutions, into the automobile trade and financial transactions, promote the economic development of our country.

A finance lease in the automotive market, had a greater role in the automobile industry.

Two, auto financing lease in Chinese has just started.

Three, auto financing lease in China has great market.

Four, auto financing lease is a kind of customers are more likely to accept the way.

Five, leasing companies have larger profit margins in the auto financing lease marketing methods.

Six, auto financing lease sales approach is a more secure form.

Seven, auto financing lease must be in various forms, can be suitable for the needs of customers.

Eight, risk prevention is still the primary task of leasing companies, must take effective measures to prevent.

Nine, lease financing is one of the decisive factors in successful auto financing lease.

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[car] car leasing practice research

[car] car leasing practice research

Note: I am not allowed, please do not malicious copy, extract. If the paper is not cutting, wrong, and wrong, the reader is generous with your criticism.

Business communication QQ:807312286

Personal mailbox:15216707017@163COM