Chang'an Auto Finance Co., Ltd. Fined 900,000 Yuan by Chongqing Regulatory Bureau

TapTechNews September 22nd news, the public information table of administrative penalty of the Chongqing Regulatory Bureau of the National Financial Supervision and Administration shows that on September 13, 2024, The Chongqing Regulatory Bureau of the National Financial Supervision and Administration fined Chang'an Auto Finance Co., Ltd. 900,000 yuan ($128,571.43) , and gave a warning to Cao Zhi, the then general manager of the Credit Approval Department of Chang'an Auto Finance Co., Ltd., and a warning to Xiong Xi, the then deputy general manager of the Marketing Business Department of Chang'an Auto Finance Co., Ltd.

According to the reference chart of TapTechNews, the main illegal and non-compliant facts of Chang'an Auto Finance Co., Ltd. are: The review of additional loan issuance is not prudent; it violates the independent choice right of financial consumers and illegally transfers its own risk control costs to customers; the risk management and control of used car business is not in place.

Data shows that the predecessor of Chang'an Auto Finance Co., Ltd., Chongqing Auto Finance Co., Ltd. was established in Chongqing in 2012 with the approval of the China Banking and Insurance Regulatory Commission, and was renamed to the current name Chang'an Auto Finance Co., Ltd. after completing the capital increase and reorganization in 2016, and the registered capital increased to 4.77 billion yuan in 2017.

It is understood that Chang'an Auto Finance Co., Ltd. currently mainly serves the new car businesses of brands such as Chang'an passenger cars, Chang'an new energy, Aouita, Oushang Automobile, Kaicheng Automobile, Chang'an Ford, and Chang'an Mazda, covering all provincial-level administrative regions except Hong Kong, Macau and Taiwan, and mainly provides financial services for car dealers and consumers.