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China : ICBC Cooperates with FAW-Volkswagen on Car Purchase by Credit Card Installment

August 26, 2014

Recently, ICBC has officially partnered with FAW-Volkswagen on car purchase by credit card installment nationwide. Customers using ICBC credit cards to buy FAW-Volkswagen and Audi cars can enjoy the favoured policy of zero bank commission fees for up to 36-month installments to further reduce the cost of purchase.

Under the partnership, FAW-Volkswagen will offer subsidies for installment commission fees to car buyers using ICBC credit cards, which cover the majority of best seller cars, including Jetta, Bora, CC, Magotan, Sagitar; Audi A6L, A4L, Q3, Imported Q5, Imported A1. All ICBC credit card customers buying the above cars can enjoy zero bank commission fees for 12-month installments, while some cars can even enable buyers to enjoy zero bank commission fees for 18 installments, 24 installments or 36 installments.Foro a Fo For example, a brand new Magotan 2.0TSI (luxury) with retail guiding price at RMB247,800, upon down-payment of 30% (RMB 74,340), the remaining RMB 173,460 may be paid via ICBC credit card installment. If intended for for 12 installments, customers will not pay any commission fees of installment and can repay only RMB 14,455 each month. The cooperation between ICBC and FAW-Volkswagen is now spreading across the country.

Relevant head of ICBC said that since initiating car purchase by credit card installment in the second half of 2010, ICBC has cooperated with more than 30 mainstream auto manufacturers worldwide, making itself the commercial bank cooperating with the most cooperative auto manufacturers with the most car brands and most preferential commission fees. Currently, the number of authorized auto dealers with ICBC's car purchase installment business has exceeded 14,000. The business has covered major cities in China, providing ICBC credit card holders with a more extensive service network and more cars to choose. Meanwhile, through cooperation with auto manufacturers, including FAW-Volkswagen, on interest subsidy, it also helps customers save costs of car purchase such as installment commission fees, and offers more benefits.

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Source: TendersInfo (India)

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