With the improvement of people's living standards, cars have become the second most urgent need for more and more families in their economic life after housing. Due to the gradual liberalization of consumption concepts and financial policies, many consumers choose to pay for cars in installments with credit cards. Because of this, some car sales companies are supporting a new car purchase model called "zero down payment" to attract people's attention and attract customers.
After investigation, the Second Financial Court of Nanchang City, Jiangxi Province found that there were many car installment loan cases in the court. From 2018 to 2020, 189, 221, and 264 such cases were accepted respectively, and the number of cases showed an obvious upward trend. In this type of case, there are six situations where car buyers have "zero down payment", which involves huge legal risks and should be paid attention to.
The so-called "zero down payment" means that car buyers do not need to pay a penny. The down payment is paid by the car sales company or a third-party guarantee company, and the mortgage loan is paid by the bank to complete the car purchase. It seems like pie in the sky, but in fact it is a trap set by criminals. If you're not careful, you could end up losing both your car and your money. Therefore, how to avoid the "minefield" in the field of automobile consumer loans? What are the tricks for buying a car with “zero down payment”? How can car buyers effectively protect their rights? Understanding these issues is of positive significance for safeguarding the legitimate rights and interests of car buyers and promoting the long-term and healthy development of automobile consumption.
Men are trapped between "cars and money"
Recently, the Second Financial Law Court of Nanchang City concluded a case involving a credit card dispute involving a car loan. Han believed the promise of buying a car with "zero down payment". After obtaining the vehicle, the vehicle was impounded due to default on the down payment paid by the guarantee company, and a lawsuit was filed due to the overdue bank mortgage loan. After Han paid off the bank loan, the bank applied to the court to withdraw the lawsuit.
It is reported that Han signed a "Credit Card Car Special Installment Guarantee Contract" with the bank because of the need to purchase a car. It was agreed that the down payment of RMB 20 would be paid by Han himself, and the remaining car purchase price would be paid through an overdraft through the special car purchase installment business. The guarantee company Provide guarantee for banks to handle special installment payments for credit card car purchases. Because Han failed to repay the principal and interest of more than 70,000 yuan on time, the bank sued Han and the guarantee company to the court. Han appeared in court and the surety company declined to respond.
During the trial, Han claimed that he did not have much money and could buy a car with "zero down payment", and then provide identity information and other materials to the bank as required by the guarantee company to handle the car installment business. The guarantee company first advances the entire car purchase price (including 20 down payment, various insurance premiums, taxes, etc.) to the dealer, and agrees that the car buyer will bear the high service costs. Then according to the contract, the bank will directly disburse the remaining 80% of the mortgage loan to the guarantee company's account, and the buyer will repay it monthly. After Han got the vehicle, because he failed to return the above-mentioned advance payment to the guarantee company in time, the guarantee company directly drove the vehicle away. Han negotiated with the guarantee company to return the car and avoid it. At this point, Han did not get the car and had to file a lawsuit, which left him with a large amount of bank debt.
Since Han had no objection to defaulting on the bank loan and the interest rate was relatively high, in order to prevent further losses, Han raised money to repay the bank loan first, and the bank immediately applied to withdraw the lawsuit against Han. Regarding the guarantee company's seizure of Han's prepaid vehicle, Han said that he would safeguard his legitimate rights and interests through legal channels.
The risks of the whole package are huge.
According to the survey, this new "zero down payment" loan car purchase model has the following characteristics:
3354 The nominal "zero down payment" is very tempting. It seems like pie in the sky, but in fact it is a carefully designed trap. For example, some guarantee companies in this situation will often drive away the vehicle directly for many reasons, such as paying a down payment, insurance premiums, taxes, or there is a problem with the quality of the vehicle, or the navigation signal is not good; some offer "zero down payment" " is a gimmick to lure car buyers into taking the bait, and then trick them into using car mortgage financing a
3354 The bank's business is not standardized and it is unshirkable. Some banks turn a blind eye to "zero down payment" car purchases out of the need to expand their business.
Often, without checking whether car buyers pay the down payment with their own funds, mortgage loans are directly issued to guarantee companies instead of dealer accounts, which violates the principle of earmarked funds and condones the "zero down payment" car installment loan model. Appear.
“In addition, it is easy to breed unstable factors, which may lead to petitions and form new unstable factors.” The judge handling the case said that if the guarantee company forcibly detains the car, there will inevitably be verbal and physical conflicts with the car buyer. It can even lead to security and criminal cases. The huge loss of "cars and money" of car buyers may even endanger their survival, so they may petition to defend their rights.
Take multiple measures and beware of traps.
It is understood that the risks and hidden dangers of "zero down payment" car purchases have long attracted the attention of relevant competent authorities and have been expressly prohibited. According to the "Notice on Adjusting Relevant Policies on Auto Loans" issued by the People's Bank of China and the China Banking Regulatory Commission on November 9, 2017: "The amount of self-use auto loans granted by the lender shall not exceed 80% of the price of the vehicle purchased by the borrower; The amount of a second-hand car loan shall not exceed 50% of the price of the car purchased by the borrower." The newly revised "Automobile Loan Management Measures" implemented by the People's Bank of China on January 1, 2018 once again stipulates: "The maximum proportion of self-use traditional power vehicle loans is 80%, and the maximum self-use new energy vehicle loan ratio is 85%." Therefore, car buyers are not allowed to buy a car with zero down payment, and need to make a down payment of at least 20.
"There is no free lunch in the world. Car buyers must keep their eyes open, remain highly vigilant and consume rationally, and do not believe in 'zero down payment' to buy a car. Mo Yan was greedy for cheap and fell into the hands of lawless elements. A carefully laid trap." The judge handling the case reminded that once car buyers fall into the "zero down payment" trap, they should retain relevant evidence and use legal weapons to recover their losses by promptly reporting the case to the public security organs and filing lawsuits in court. In addition to car buyers being more vigilant, safeguarding their rights in accordance with the law, strengthening financial supervision, and strengthening crackdowns are crucial.
On the one hand, financial regulatory authorities have the unshirkable responsibility to strengthen the supervision and management of automobile installment consumption, severely crack down on "zero down payment" violations, and establish a long-term mechanism for the healthy development of automobile installment consumption. Financial institutions have intensified the review of automobile installment loans to ensure that car buyers have their own funds to pay the down payment, ensure that the funds for automobile installment loans are earmarked exclusively, and implement zero tolerance for "zero down payment" violations.
On the other hand, the People's Court has strengthened its effective review of the legality and authenticity of automobile consumer loans, discovered criminal clues, suspended trials or executions in a timely manner, and transferred relevant clues and materials to the public security organs for processing. The public security organs should communicate in a timely manner
report the current economic crime situation, especially the fraud methods and case analysis for automobile consumer loans, and enhance the pertinence of prevention; for those suspected of economic crimes, the public security organs should promptly file cases for investigation, And hold relevant personnel criminally responsible. Related Q&A: Related Q&A: Where can I buy a car with truly zero down payment?
It is usually a gimmick created by 4S stores, but there are also financial activities similar to "zero down payment".
The gimmicks created by 4S stores usually come with some conditions, such as:
Zero down payment car purchase and vehicle replacement
This kind of zero down payment car purchase is actually Use the old car and sell it as a second-hand car to offset the down payment price.
Therefore, this is not actually a zero down payment, and the price of replacing an old car will not be satisfactory. Why? Most 4S stores do not have specialized supporting facilities for second-hand car transactions. They basically cooperate with local second-hand car trading companies. Therefore, 4S stores do not have specialized appraisers. You can rely on the word of the second-hand car company without me. Say, you may have some doubts yourself.
All in all, the second-hand car market is very deep and even the second-hand dealers are gone. Don’t get into the water easily.
Purchase a car with zero down payment and rent to buy
What is rent to buy? In fact, it is one of the forms of financial leasing business. It is a form of car consumption that integrates the customer's long-term rental of vehicles and the disposal of second-hand cars as a means of packaging to achieve the purpose of customers buying cars in installments.
To put it bluntly, it means leasing the car to you, paying the rent every month, and after paying the total price of the vehicle, the property rights of the car will be transferred to you. This can be regarded as a zero-down-payment car purchase activity, but it is similar to renting a house. You still have to pay a certain percentage of deposit before renting a car.
Zero down payment car purchase 3X3 financial car purchase
Their method actually turns the down payment into the final payment, that is, the down payment that should have been paid when buying the car has been turned into installments. The final balance paid. For example, the financial activity of Cadillac CT4: As shown in the figure, it is equivalent to moving the down payment of the vehicle to the end of the three-year installment period to pay. Therefore, the down payment only needs to pay the purchase tax and full insurance. , licensing and other peripheral fees ----- Therefore, this so-called nationwide quota of 700 units is just a gimmick, don't be fooled and get anxious. .
In short, generally zero down payment is just a gimmick, and it is impossible to drive away the car without paying a penny at the beginning. The purchase tax is levied by the state and must be paid, as is the insurance registration. They are all mandatory --- the only thing that can be paid late is the down payment of the bare car price.
Therefore, fellow car owners, don’t think about any “real discounts”. You can get it if you leave early and leave late. And there is another question, you have this part of the deposit, why not just make a down payment? If we do not have this financial strength, we will probably be overwhelmed when the final reminder comes...
Secondly, there are many tied consumptions in the installment payment, such as:
Licensing services Fee: It only costs a few hundred yuan to handle it yourself, while a 4S store may charge thousands of yuan;
Instalment handling fee: This is an additional handling fee charged by the 4S store, which also ranges from several thousand yuan;
GPS: Expensive installation
There are many ways to do it. It is recommended to find an acquaintance before installment, and avoid it if possible.
Thanks for reading and welcome to follow.