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Mercedes-Benz First To Offer Leasing In China

March 3rd, 2009
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Mercedes-Benz Auto Finance China (MBAFC) will become the first auto finance company to offer vehicle leasing in China.

After entering the Chinese market with financing and insurance offerings in November 2005, MBAFC – a subsidiary of Berlin-based Daimler Financial Services AG – has now completed its product range by adding leasing to its services.

“We welcome the government’s decision to enable auto finance companies to offer leasing in China, as we believe this will have a positive impact on the Chinese vehicle market,” said Ulrich Walker, Chairman and CEO of Daimler Northeast Asia.

“In this economic environment, we want to give consumers as many financial tools as possible to be able to drive a Mercedes-Benz, whether it's a purchase, vehicle financing or leasing. While leasing is very new in China, we believe it has potential to grow over the mid-term, especially as consumers understand more about the flexible and attractive financing options.”

Starting in March, Mercedes-Benz Auto Finance China will begin by focusing on corporate fleet leasing to companies primarily in Beijing, and begin to expand the offer to consumers through its retail outlets throughout China.

MBAFC’s leasing program will also cover insurance.

“By leasing a vehicle, consumers will be able to drive a Mercedes-Benz, leverage their existing money in other ways, and have the flexibility of changing to a new car more frequently,” said Wolf Bay, President and CEO of MBAFC.

“Our competitive rates and additional services, such as insurance, provide customers a ‘one-stop shopping’ solution to their transportation needs, and we believe this service has potential to further develop. We are thankful for the China Banking and Regulatory Commission for its ongoing support,” said Bay.

Mercedes-Benz Auto Finance China provides a number of vehicle financing and insurance options for Mercedes-Benz cars, trucks and vans in China.

At year-end the company managed a contract volume of €328 million.

Daimler Financial Services is a leading contender in the financial services industry by providing tailor-made leasing and financing solutions to promote the vehicle sales of the Daimler Group’s brands worldwide.

With a comprehensive product portfolio including financing, leasing, insurance concepts and fleet-management services, Daimler Financial Services is responsible for a contract volume of €63 billion.

Worldwide more than every third new group vehicle is financed or leased by Daimler Financial Services.

Working in close cooperation with the Daimler vehicle brands, Daimler Financial Services strengthens customer loyalty to the group’s brands and generates new earnings potential for the group. Operating in more than 40 countries, the Berlin-based company has a workforce of more than 7,100 employees worldwide.

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