CHINA: VW deal with Bank of China should lead to direct customer loans
Car finance western style could soon be on offer to Volkswagen buyers in China. A report in the country's Business Daily Update said that the Bank of China has signed a letter of intent with Volkswagen to provide car loans for customers. The agreement, signed between the bank and VW's car financing unit, Volkswagen Financial Services AG, will pave the way for VW to offer loans directly to individuals for the first time when the Chinese authorities finally give the green light.
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