Not only is the issue of scale than the first increase in interest rates to new lows release. It is reported that Beijing Hyundai Motor's first single financial product ABS priority A1 and A2 level priority issue rates were 3.09% and 3.25%, while the proportion of the product AAA-rated securities issued by more than 85% of the priority class A1, A2 priority level release rates were 2.86%, 2.89%.
Product release into the "golden age"
All along, the credit asset securitization products automotive finance companies to issue low interest rates, and since 2015 began to cut into the channel, product release rate also decreased, the cost of financing is quite competitive. Previously, Dongfeng Nissan Auto Finance in the June issue of ABS products, priority A1 and A2 level priority issue of interest rates were 3.1% and 3.2%.
Long processing time is a problem auto finance companies to issue ABS products, before filing system, project approval generally take six months to a year. With the decrease of credit asset securitization issuance threshold, significantly shorten the product release cycle, product registration system after the release ushered in a growth spurt in 2015, only one year, there were 10 companies have issued asset-backed securities, total issue size reached 22.403 billion yuan, 2.87 times that of 2014.
Retail credit car loans, the borrower is generally individual customers, but also relatively fixed period of 3--5 years, the purchase of collateral for the automotive, consumer durables belong approximate assets characterized by further structured to provide a good foundation. In addition, car loans relatively small size, the single amount in the hundreds of thousands of loans distributed throughout the country, so that securitized assets have a higher dispersion. Sufficiently dispersed underlying assets of the asset package significantly reduced the risk, but also allow the precise structure of the estimated possible.
It can be said, automobile credit structure has inherent advantages, with strong homogeneity, the use of asset securitization dispersion can be further reduced financing costs and financing risks, make an inventory of assets, increase liquidity and help auto finance business the development and expansion, accelerate product and service innovation.
ABS has become a major financing channels
Currently, the credit asset securitization has gradually become one of the major auto finance companies financing channels, improve the direct financing and indirect financing problem of the imbalance between the industry has always been there. Wind information statistics show that in 2015 issued credit ABS products, the company's credit class asset-backed securities issued amounted to 317.846 billion yuan, accounting for 78%; while the personal auto mortgage-backed securities issued amounted to 33.745 billion yuan, accounting for 8%.
As required sufficient funds to achieve the proper functioning of the auto finance company, has a higher liquidity requirements, according to relevant regulations, auto finance companies have seven kinds of financing channels, including shareholder deposits, bank borrowings, lending and other shareholders capital increase is based auto finance company's financing, although lower financing costs, but the lack of persistence, a single relatively small size of the financing. Bank loans are the main automobile finance company financing channels, the industry is also trying to present through a longer period, the greater the amount of syndicated loans to finance.
"2015 China auto finance company industry development report" analysis pointed out that asset securitization in favor of auto finance companies will be part of the assets transferred out from the balance sheet, improve capital adequacy. Credit asset securitization can ease the pressure on asset quality auto finance company, to promote change the mode of operation, the transfer of credit risk through a table, bad loans would reduce the pressure. At the same time, asset securitization provides a transition relatively illiquid loan assets into highly liquid, means may be in the capital market transactions of financial products, contributing to total assets is not unlimited expansion, but sustainable growth path, and promoting auto finance company business model to hold assets from asset transactions change.
Internet penetration auto finance
Sustainable development requires not only auto finance company diversified financing channels for external support, to provide a stable cash flow, but also its own innovative services and products. In the past, auto finance detained in the traditional offline trading patterns, business development mainly depends on the line auto 4S stores, and widely used technology for auto finance companies to create new model of service and mode of operation provides new opportunities.
2015, Internet penetration in the auto finance market continues to strengthen, not only in the auto finance platform in the Internet more and more, bigger and bigger scale, auto finance companies have also actively explore vendors backgrounds and with Personal Credit big data and other technical means, to provide online customer service, payment reminders and other services, to shorten the processing time to achieve second-level credit approval capacity, enhance the customer experience.
In the marketing level, to bring the digital experience loans from online to offline by car sites, mobile APP, microblogging, letters and other automobile consumption. As Dongfeng Nissan Auto Finance to build the APP platform, the platform to meet customers' insurance claims, loans, deferred repayment demand for such services, in addition to through self-built car Baba electronic business platform to achieve the auto finance companies O2O business model.
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