“高息高返”或成历史 汽车金融迈入调整深水区

Core Viewpoint - The "high interest high rebate" auto financing model, which was previously popular in the market, is gradually being phased out due to regulatory changes and market pressures, leading to increased loan rates and reduced incentives for consumers [1][3][5]. Group 1: Changes in Auto Financing - Many auto loan promotional offers, such as low interest rates and cash rebates, have been quietly removed from dealerships [1]. - In January, the National Financial Supervision Administration initiated a crackdown on "high interest high rebate" practices, which has led to a significant shift in the auto financing landscape [1][3]. - By June, various regional banking associations began implementing self-regulatory agreements to address the "high interest high rebate" issues in the auto market [4]. Group 2: Impact on Dealerships and Consumers - Dealerships are experiencing a decline in profitability as the "high interest high rebate" model, which previously accounted for a significant portion of their income, is being curtailed [2][8]. - Sales personnel are facing increased pressure to sell vehicles without the financial incentives previously provided by auto loans, which may lead to a reliance on other products for commissions [8][9]. - The shift away from "high interest high rebate" may lead to a more rational consumer market, where buyers focus on the intrinsic value of vehicles and the quality of dealership services [9]. Group 3: Regulatory Developments - The National Financial Supervision Administration has introduced strict regulations to prevent banks from using rebates to subsidize dealers, aiming to create a fairer competitive environment [3][4]. - In May, the Sichuan Banking Association established a self-regulatory agreement to prohibit unfair competition practices, emphasizing service quality over high rebates [4]. - In June, banks in Henan publicly set a cap on auto loan interest rates, marking a significant regulatory step in the industry [6]. Group 4: Future Outlook - The cessation of the "high interest high rebate" model is expected to create opportunities for non-bank financial institutions to capture market share through flexible approval processes and diverse product offerings [7]. - Banks are anticipated to innovate by enhancing service efficiency and developing differentiated products to maintain competitiveness in the evolving market [7][9]. - The transition away from the "high interest high rebate" model may lead to short-term challenges for dealerships, but could ultimately foster a healthier market environment focused on sustainable growth [8][9].