Ford Motor Credit Receives Approval to Enter China's Auto Finance Market
Ford Motor Credit Company received final approval to begin business operations in China and expects to start offering auto financing in the country at the beginning of the third quarter.
SHANGHAI, China -- Ford Motor Credit Company received final approval to begin business operations in China and expects to start offering auto financing in the country at the beginning of the third quarter.
The approval came at the end of a multi-stage process that lasted more than a year, which required Ford Motor Credit personnel and start-up processes to be reviewed by Chinese regulators.
Ford Automotive Finance (China) Limited (FAFC), the title under which Ford will do business in China, will initially focus in financing dealer vehicle inventories. Before then FAFC has plans to pilot consumer installment loans in some select markets.
FAFC will support both the sales of Ford vehicles manufactured in China and those imported into the country, and will eventually offer financing to dealers of other Ford company brands such as Jaguar, Volvo and Land Rover.
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