This is illegal. According to the law, the amount of auto loan granted by the lender shall not exceed 80% of the price of the car purchased by the borrower. In other words, "zero down payment" is not allowed and recognized by law, and it is illegal. Jiang, executive vice president of Henan Automobile Industry Association, pointed out that zero down payment cars are usually mortgage cars in stock, and it is very risky to buy them in this unreasonable and illegal way.
Measures for the administration of automobile loans
Twenty-second car loans should be issued in accordance with the requirements of the maximum loan ratio, and the proportion of the amount of car loans issued by lenders to the price of cars purchased by borrowers should not exceed the requirements of the maximum loan ratio; The requirements for the maximum loan payment ratio shall be stipulated separately by the People's Bank of China and the China Banking Regulatory Commission according to the actual situation of macro-economy and industry development.
The car price mentioned in the preceding paragraph refers to the lower of the actual transaction price of the car (excluding government subsidies and various additional taxes and premiums) and the new car price announced by the automobile production enterprise, and the lower of the actual transaction price of the car (excluding government subsidies and various additional taxes and premiums) and the lender's evaluation price of the used car.
Article 23 A lender shall establish a borrower's credit rating system, prudently use external credit rating, and determine the borrower's credit rating by combining internal rating with external rating. For individual borrowers, the credit rating should be determined according to their occupation, income status, repayment ability, credit record and other factors; For dealers and institutional borrowers, the credit rating should be determined according to the information reflected in their credit files, the credit status of senior managers, financial status, credit records and other factors.
I. Guarantor conditions:
1, a natural person with full capacity for civil conduct, aged between 18 and 65;
2. Have a legal and valid identity certificate and a permanent residence or permanent residence in the local area;
3. There is no obvious default record and no bad credit record;
4. It has nothing to do with this case;
Two. What are the procedures for the court to enforce the guarantor?
1. The person subjected to execution applies voluntarily;
2, the mortgage transfer or registration procedures;
3. With the consent of the applicant;
4, the people's court review;
5. Approved by the people's court.