이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
Foreign financiers fare well in Korea despite falling import car sales
- Collected
- 2016.11.21
- Distributed
- 2016.11.22
- Source
- Go Direct
Combined operating income of BMW Financial Services Korea Co., Mercedes-Benz Financial Services Korea Ltd. and Volkswagen Financial Services Korea Co in the first nine months of this year reached 100.8 billion won ($85.2 million), up 26 percent on year, according to the firms. They together earned 925.2 billion won in sales, up 11 percent over the cited period. The surge in their sales of auto loans even after the nation’s import car sales retreated 5.5 percent during the same period.
Such brisk sales of foreign auto financing firms much owe to their high-interest installment loan plans. The three German auto financiers set annual interest rates at between 5 percent and 10 percent for a 36-month installment program requiring a 10 million won deposit. The range more than doubles that of finance arms of Korean automakers, which offer the same program at an annual interest rate of 4 percent.
Volkswagen Financial Services Korea even maintained a 10 percent growth in its operating income in the third quarter ended September regardless of halted sales operation of Audi Volkswagen Korea Ltd. since August this year.
By Park Chang-young
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]