外文翻譯---正在改變汽車金融的三大趨勢

1、<p>　　外文題目：THREE TRENDS ARE RESHAPING AUTO FINANCE </p><p>　　出 處：ABA BANKING JOURNAL FEB97 </p><p

2、>　　作 者：anonymous </p><p><b>　　原 文：</b></p><p>　　THREE TRENDS ARE RESHAPING AUTO FINANCE</p><p>　　In automotive finance, two

3、 important trends appear well-established and poised for further advances in 1997: More non-prime or sub-prime lending. More leasing. A third movement, which may or may not amount to a major trend, is the advent of used-

4、car superstores geared to high-volume selling. </p><p>　　SUB-PRIME--NEARLY MAINSTREAM </p><p>　　A well-known economist who tracks automobile sales predicted at year-end that some 1.1 million hou

5、seholds will have declared bankruptcy in 1996. "That's not all bad," he said. "It means 1.1 million more subprime borrowers." </p><p>　　Perhaps he was being facetious, or perhaps not.

6、 The fact is, non-prime or sub-prime auto lending is no longer looked upon as an expedient to be resorted to only in extreme cases. Depending on the definition, estimates of this marketplace range between $70 billion and

7、 $90 billion, and clearly it is coming closer to the mainstream as an alternative borrowing technique for a sizable proportion of the population. </p><p>　　The reasons are bluntly demographic: divorce, high

8、medical expenses, and corporate downsizing leading to job losses are among the principal factors that have hurt the credit standing of hundreds of thousands of potential borrowers. Some are forced into bankruptcy, while

9、others manage to avoid it but see their household budgets severely strained. Figures on consumer loan delinquencies are running high. </p><p>　　Large numbers of would-be borrowers may be badly stretched, but

10、 they still need personal transportation, and will go to considerable lengths to obtain financing. That makes them logical candidates for sub-prime lending. </p><p>　　By definition, these are higher-risk bor

11、rowers, but it does not automatically follow that they are all poor credit risks. Many are anxious for a chance to get on a solid footing and reestablish themselves as good credit risks. Lenders increasingly recognize th

12、is. As one specialist put it, "We lend to those who need a second chance, not a last chance." </p><p>　　For lenders, the screening process is crucial. Banks and finance companies have long experien

13、ce with credit card and other consumer lending, and in recent years, the tendency has been to use computerized credit scoring to segment different categories of credit risk, then assign different rates and conditions to

14、different market segments. Credit scoring has the advantages of being fast, consistent, objective, and based on real-life experience with different categories of borrowers. </p><p>　　Similarly, auto insurers

15、 do not automatically ban drivers with records of speeding violations; they segment them in separate risk categories and charge accordingly. </p><p>　　So today with auto finance. Often the borrowers will win

16、 pre-approved credit to buy the vehicle of their choice, up to a set limit. In the case of subprime risks, they will be assigned higher interest rates and/or fees, and the lender may require a fairly large down payment a

17、s a percentage of the total value of the vehicle. Once the borrower has demonstrated responsible credit behavior and repaid enough to build up equity in the vehicle equal to the resale value of the vehicle at the wholesa

18、le l</p><p>　　In a further refinement of the credit scoring technique, some lenders have a tiered pricing arrangement, in which different scores are assigned for different term lengths of loans. </p>

19、<p>　　Inevitably, a certain proportion of sub-prime borrowers may have trouble meeting their payments. This is no cause for panic: experience shows that most are anxious to be responsible; knowledgeable lenders trai

20、n their employees to look for the cause of delinquency and try for some remedy, rather than immediately resort to repossession--if two conditions are met: </p><p>　　(a) The scoring techniques have screened o

21、ut the obvious deadbeats who have no intention of repaying; </p><p>　　(b) The lender is willing to work with the borrower; then the chances are that the credit will remain in good standing. </p><p

22、>　　Historically the non-prime market has been the favored preserve of finance companies, especially local or regional ones, although some national ones are also active. Banks have occasionally dipped a toe in these wa

23、ters, and those with separate consumer finance affiliates have sometimes been players. A news story last year highlighted the fact that the number of banks in one large city that offer subprime auto lending went from one

24、 to four. A recent business magazine article highlighted the story</p><p>　　As more and more lenders assess the demographics and analyze the risk characteristics, additional players are coming into the sub-p

25、rime market. The very biggest provider of motor vehicle finance, Ford Motor Credit Co., recently created a new subsidiary, Fairlane Credit, specifically designed to address the sub-prime market. </p><p>　　Th

26、at seems to say that sub-prime lending is now much closer to the mainstream. </p><p>　　LEASING: BIG BUSINESS, BIG QUESTIONS </p><p>　　In the fall of 1996, the Federal Reserve Board issued an upd

27、ated Regulation M, concerning automotive lease finance, to become effective in October 1997. The move set the seal on the fact that leasing of cars and trucks has advanced rapidly from a very small sideline to a solid po

28、sition near center stage in the world of automotive finance. </p><p>　　In 1990, leasing accounted for some 13.5 % of new-vehicle financial transactions at the retail level. The figure reached 31.5% in 1995,

29、an estimated 35 % last year, and clearly gathered very strong momentum for further advances. In some quarters, there are even predictions that leasing could rise to as much as 60% or 70% of the market. </p><p&

30、gt;　　While that may be exaggerated, it seems safe to say that a large segment of the public is altering its basic view of what having a car or truck represents. Rather than thinking of a personal vehicle as an asset to b

31、e financed and then owned more or less like a home, the view is gaining that a vehicle is a transportation service: an asset to be held for a time, then released. It seems also to say that, with prices of new cars being

32、relatively high in relation to disposable income and spending pow</p><p>　　Among other things, the new Regulation M does the following: </p><p>　　--It adopts the recognized industry .term "

33、capitalized cost," which must be disclosed to the lessee as the price used to calculate monthly lease payments. This aids the customer in comparing the cost of leasing to financing a purchase. </p><p>　

34、　--It requires lessors to clearly spell out penalties for early-lease termination. </p><p>　　--It requires disclosure of "the total of payments," which is the total amount the lessee will have paid

35、 by the end of the lease. This makes it easier for consumers to price-shop like vehicles with like lease terms. </p><p>　　--Lease advertising must give prominence to all key fees, not play one figure promine

36、ntly and hide the rest in the fine print. </p><p>　　--The regulation is silent on the issue of disclosing an annual lease rate. </p><p>　　As to the latter, different lessors calculate the annual

37、 rate differently. Some are advocating a uniform standard to be adopted voluntarily by all lessors nationwide. </p><p>　　In some quarters, the feeling is that leasing has grown so big so quickly, there might

38、 be some bumps in the road ahead. The first large cohort of vehicles on three-, four- and five-year leases is due to be coming off lease by the middle of this year, and the likely price effects in the marketplace are a m

39、atter for speculation. In one case, a manufacturer of high-end vehicles has let it be known that it will buy back vehicles of its own make rather than see dealers turn large numbers of vehicles </p><p>　　Whi

40、le some temporary supply-demand imbalance may occur, it seems unlikely that it would be of magnitude to cause a severe glut, with wrenching effects. For one thing, lessors can and do purchase residual value insurance; th

41、is is coverage that offers two kinds of protection: (a) against the risk of residuals coming in above actual market values at the end of the lease; (b) against the risk that a vehicle coming off lease is unsalable. </

42、p><p>　　Still, the coming year promises to be an eyeopening one in four major areas: </p><p>　　--How great is the public's appetite to convert from lease to purchase at the end of the lease ter

43、ms? </p><p>　　--What efforts will dealers/lessors make to influence the choice in the direction of conversion? </p><p>　　--How great is the public's appetite for leasing used cars? </p>

44、;<p>　　--What proportion of vehicles coming off lease will wind up on the used-car market? </p><p>　　If the experience of recent years with smaller cohorts of vehicles coming off lease is anything to

45、go by, between 25% and one-third of them are returned to the lessors. Whether that figure remains about the same, goes up or goes down, is the big question. </p><p>　　Faced with this uncertainty, many banks

46、are "sourcing"--off-loading--legal and residual risk to a third party. </p><p>　　What is undeniable is that the public's appetite for leasing is growing strongly, and that appetite shows signs

47、of moving from concentration on highend or luxury vehicles alone to a wider spectrum. </p><p>　　SUPERSTORES: TREND OR FAD? </p><p>　　Whatever the answers to the above questions, a certain number

48、 of leased vehicles, perhaps a very substantial one, will move to the used-car marketplace. And that calls attention to a new phenomenon, which may or may not amount to a trend: the advent of so-called used-car superstor

49、es with ambitions to become national chains with national brand names. </p><p>　　The idea itself is not new. In 1992, the first of these superstores made its debut, with loud predictions that it would "

50、completely shake up the industry." Within a year, high repossession rates among other things caused it to go out of business. </p><p>　　But the concept did not go away. It came back in 1995, made some h

51、eadway in 1996, and seems poised to become a bigger competitive factor in 1997. </p><p>　　The frequent characteristics of these so-called "hi-tech, big-box stores" are: </p><p>　　--Ext

52、remely large selections of used cars and high-volume selling. </p><p>　　--Theme park atmosphere, including unified signage and areas for video entertainment for children, and sometimes fast-food. </p>

53、<p>　　--Computer kiosks with touch screens for bring ing up displays of cars in inventory, plus related data on prices and features. </p><p>　　--Non-negotiable one-price selling. </p><p>　

54、　--Availability of sub-prime as well as conventional financing for car buyers. </p><p>　　--Financing of the superstores themselves from a variety of sources, including existing dealers in some cases, but esp

55、ecially from non-traditional sources such as consumer electronics store chains, which hope to duplicate their success in building national brand names in a new field. </p><p>　　It is the one-price aspect whi

56、ch raises some eyebrows, since large numbers of established dealers, perhaps a majority, believe this leaves no room for flexibility in negotiation. For most, it is a clear break with the way cars and trucks have traditi

57、onally been sold. </p><p>　　However, the experience of the past few years demonstrates that at least one segment of the public does prefer the one-price approach, and it would seem that this segment is growi

58、ng. Certainly the number of dealers who advertise one-price shopping has increased, which suggests attitudes may be changing. In one case, a superstore with plans to become a chain got agreements from a super-regional ba

59、nk in the Southeast to provide conventional financing, and from a finance company to provide sub-prim</p><p>　　The financing arms of the automotive manufacturers have taken a guarded wait-and-see attitude so

60、 far. But Ford Motor Credit Co. announced its willingness to make retail floor plan financing available to a planned superstore chain through its subsidiary PRIMUS Automotive Financial Services. But this is a special cas

61、e: the superstores in question, although intended to be linked as a chain, are actually franchises separately owned by Ford new-car dealers. The long-range plan is for the chain to cap</p><p>　　Established d

62、ealers, for their part, have not been idle. With an average investment of $3 million to $5 million per dealership, they are far more than Mornand-Pop operations, they have roots in their communities, and they can offer d

63、etailed product knowledge and relationship marketing. Many are installing computer kiosks of their own with touch-screen features, or joining regional groups of dealers who pool their listings at kiosks. And although a g

64、reat many dealers already achieve fairly fast t</p><p>　　Likewise, an increasing number of lenders have their own Web sites, which they use for accepting credit applications, then approving loans, with data

65、encrypted in both directions. </p><p><b>　　譯 文：</b></p><p>　　正在改變汽車金融的三大趨勢</p><p>　　1997年，汽車金融會進(jìn)一步發(fā)展，而且將會有兩個重要的趨勢：一是有更多的非黃金或次級貸款，二是有更多租賃?？赡軙?gòu)成第三個大趨勢，即大批量銷售的二手車超市的出現(xiàn)。

66、 次貸幾乎成為主流。一位著名經(jīng)濟(jì)學(xué)家一直在考察汽車銷售的數(shù)據(jù)，他預(yù)計在今年（1996）年底，約有110萬個家庭將在宣布破產(chǎn)。 他說：“這并不全是壞事，這涉及到110萬以上次級借款人?！币苍S他在開玩笑。事實是，使用次級汽車貸款已不再被看作是只在極端情況下才會使用的方法。據(jù)統(tǒng)計，它有700億美元到900億美元的市場，使用次級汽車貸款越來越成為主流。原因是離婚以及高昂的醫(yī)療費用，還有企業(yè)裁員導(dǎo)致失業(yè)。這些是主要因素，它們已經(jīng)傷害了數(shù)以十萬

67、計的潛在借款人信用狀況。其中有些是被迫破產(chǎn)，而另一些人設(shè)法避開它，但看到他們家庭預(yù)算極為緊張，他們還是得這么做。消費貸款違約率的數(shù)字在高漲。越來越多的人會成為借款人，但他們?nèi)匀恍枰獋€人交通的代步工具，并將付出很大努力去獲得融資。這使得它們成為次級貸款的候選人。據(jù)了解，他們都是高風(fēng)險的借款人，都有著很差的信用狀況。許多人渴望有機(jī)會改善自己的信用狀況，重新確立良好的信用。正如一位專家所說，“我們</p><p>　　

68、二手車超市會成為主流？租用車輛很被看好。請注意一個新現(xiàn)象，這可能會構(gòu)成一種趨勢：所謂的二手車超市的出現(xiàn)，成為全國連鎖品牌。這個想法本身并不新鮮。 1992年，這些超市首次提出，“它將徹底動搖了這個行業(yè)?！钡@個概念并沒有消失。它的到來早在1995年，在1996年取得一些進(jìn)展，似乎有望成為1997年一大競爭要素。這些所謂的“高科技，大量販店”頻繁的特點是：使用大批量銷售的選擇。主題公園的氛圍，包括統(tǒng)一的標(biāo)志和有為兒童提供視頻娛樂，甚至還會

69、有快餐。觸摸屏電腦亭，有價格和功能相關(guān)的數(shù)據(jù)。非流通的價格銷售?？捎眯愿笨偫硪约盀橘徿囌叩膫鹘y(tǒng)融資。從各種來源，包括現(xiàn)有的經(jīng)銷商，但來源是非傳統(tǒng)的，如消費類電子產(chǎn)品連鎖店。對于大多數(shù)人來說，一個汽車和卡車的銷售方式打破歷來是明確的銷售方式。然而，過去幾年的經(jīng)驗表明，至少有部分市民不喜歡一個價格的做法。在一個案例中，計劃將連鎖超市作為在東南亞地區(qū)提供傳統(tǒng)融資。汽車制造商的融資部均采取了謹(jǐn)慎觀望的態(tài)度。福特汽車信貸公司宣布通過其子公司普里默