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· Ford Automotive Finance (China) Limited (FAFC) announced that
in July, over 1,000 consumers purchased Ford Motor passenger cars by the company¡¯s
installment scheme, the highest monthly record so far.
· For the first seven months of the year, car loans offered by FAFC have reached 5,200 and is expected to exceed 10,000 by year end.
· From January through July this year, Ford Motor's wholly-owned brands achieved total retail sales of 94,064 units of passenger cars in China, a 29% increase from the same period last year.
· Ford Automotive Finance China and Ford Motor China are
bringing about strong synergy to facilitate Ford Motor Company's drive to become a top
tier player in the China market.
August 14, 2007, Shanghai, China¡ªFord Automotive Finance (China)
Limited (FAFC) announced that, in July, over 1,000 consumers purchased Ford Motor
passenger cars with FAFC's car loans, the highest monthly record so far. The achievement
was boosted by fast increase in demand and brisk sales of exciting Ford Motor models in
China.
The over 1,000 customers purchased with FAFC car loans have chosen
between domestically-produced products and imported ones, including Ford Mondeo, Ford
Focus (sedan & hatchback), Ford S-MAX, Maverick and Lincoln Navigator. Consumers who
choose to buy through FAFC are mainly private business owners and professionals with
full-time jobs and stable incomes; there are more male than female customers and most of
the installment buyers are located in East, South and North China, with comparatively
lower ratio in West China.
¡°As Ford Motor Company is launching ever more exciting products in
China, consumer desire is greatly stimulated,¡± said Jack Hu, President of Ford
Automotive Finance (China) Limited, ¡°Ford Automotive Finance China helps consumer
realize their dreams of car ownership by providing flexible and convenient financing
products in an efficient and people-oriented way.¡±
FAFC provides car loans to consumers who purchase Ford Motor passenger
cars. Financing terms of the loans provided by the company are between 2-5 years and
financing amount up to 80% of the vehicle price, which are much more flexible than the
3-year, and 40% car loans currently offered by banks in China. In addition, transparent
pricing, no other fee charges, fair and efficient application process, flexible and
people-oriented customer services of FAFC are well recognized by consumers.
For the first seven months of the year, car loans offered by FAFC have
reached 5,200 and is expected to exceed 10,000 by year end. Currently 115 Ford dealers in
58 cities in China are providing FAFC loan products to consumers, 32 more cities compared
with 2006. Penetration rate (car loans as part of total number of dealer sales) reached 9%
in July, increasing steadily over that of last year.
From January through July this year, Ford Motor's wholly-owned brands
achieved total retail sales of 94,064 units of passenger cars, a 29% increase from the
same period last year. Changan Ford Mazda Automobile sales have ranked among the top ten
companies for four consecutive months since April and continue to move up in ranking. Ford
Automotive Finance China and Ford Motor China are bringing about strong synergy to
facilitate Ford Motor Company's drive to become a top tier player in the China market.
In addition to providing consumers loan products, FAFC also offers
wholesale financing to dealers. In the field of wholesale financing, FAFC has provided
credit lines of billions of RMB to 150 dealers of Changan Ford Mazda Automobile, Jiangling
Motor and Volvo.
Ford Credit Company, the parent company of FAFC, has 47 years
experience in auto financing and has operations in 37 countries, offering auto financing
to over 11 million Ford consumers around the world.