To assist you with any queries you may have, the following is a compilation of the most frequently asked questions by clients who contact the Customer Service Centre. Should you have any remaining queries, please don't hesitate to
get in touch with us.
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An auto finance company , such as MBAFC, is usually a wholly-owned subsidiary or an affiliate of an automotive manufacturer. Its purpose is to help consumers purchase the brands' products. |
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To the consumer, both provide money. The major difference is the way in which interest and fees are charged. MBAFC charges an interest rate that includes all fees. Many banks have a lower interest rate, but charge the customer additional fees which raise the effective interest rate. |
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Automotive financing gives you the option of only paying for part of the price of a vehicle and allows you to keep a portion of your savings for other uses. For example, a buyer might not want to use all of her/his savings to buy the car, but would prefer to keep some of the money to make another investment in a house or business. Auto financing allows you to leverage your income and savings to get what you need today.
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Please view the Finance section. This will guide you through our finance products and help you make the right choice. |
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Your automobile loan interest varies according to your vehicle model, the loan term, your personal credit history etc. Check with your local dealer for detailed information or Contact Us. |
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MBAFC offters fixed interest rates. Once you have signed the contract, the rates are fixed for the length of the loan and you don't have worry about changes caused by the central bank policy or inflation. |
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For installment credit, the maximum period allowed for customers is 60 months, and the minimum period is 12 months. |
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Customer will pay their rentals by direct debit. For this purpose the customer should set up a special account and finish relevant authorization under the direction of MBAFC or MBAFC’s agents. After the direct debit account is established, what the customer should do is to deposit rental amount into the direct debit account. |
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| Generally, it is permitted after six normal rental repayments. Cost of early termination or partial principle repayment is 3% of early repaid amount. |
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| A customer should choose his vehicle and determine the financed amount before he finish the application form in dealer’s showrooms. The application form will be faxed to MBAFC by dealers. And then MBAFC will contact the customer and give the customer a document list and will confirm home visit time with the customer. MBAFC will inform the customer credit analysis result in three work days after home visit with all necessary documents collected. After approval the customer will finish vehicle registration, mortgage registration and direct debit authorization under direction of MBAFC. |
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| MBAFC will determine different check points according to different customers. For individual customers, a co-borrower or guarantor is necessary. Individual credit record, income and expense and repayment ability will be examined as well as other assets. For company customer, usually the controlling shareholder or legal representative of the company will be guarantor. Profit record, sustaining profit making capacity, cash flow and industry or location of the applicant will be key points examined in credit analysis. |
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Please see our Insurance section for details. |
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This is a personal decision, but you should purchase enough coverage to protect your interests and operate your vehicle with peace of mind. |
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The deductible, or the amount you must pay per claim before the insurance company starts to pay, greatly influences the cost of insurance. For example “no deductible” means that you pay nothing and the insurance company pays 100%. “RMB 500 deductible” means that you pay the first RMB 500 of a claim and the insurance company pays everything above that. |
