[Business Mirror] Yulon opens auto financing business

Published in Business Mirror on September 7, 2018/ ByRandy S. Peregrino

    YULON Group, Taiwan’s leading company in the auto industry for more than 60 years, brought in to the Philippines its auto financing business as Yulon Finance Philippines Corp. (YFP). Its parent company, Taiwan Acceptance Corp., meantime, has accumulated 30 years of business practice in the financial industry. As a vehicle financing group of Yulon Group, TAC offers financial services such as auto loan installment, leasing, corporation finance and used-car sale intermediation in Taiwan and Mainland China.

    In the recently inauguration of its new office at the Curve in Bonifacio Global City, the ribbon-cutting ceremony was attended by Taguig City Mayor Lani Cayetano, Representative of the Taiwan Economic and Cultural Office in the Philippines Ambassador Michael Hsu, YFP Chairman Kuo-Hsing Hsu, YFP President Steven Hu, local bank partners and Car dealers, among others. "In today’s opening ceremony of the Yulon Finance Philippines Corp., it is truly a major milestone in our vision toward an international company. It is also a way to declare our commitment on quality and professional services to both dealers and clients," said YFP Chairman Kuo-Hsing Hsu.

    He also expressed the company’s good cooperation experiences with local distributors and dealers. "We hope that in the course of the Philippines’s fast-growing automotive market, it is possible to provide consumers more convenient and comprehensive financial services, and contribute to the economic development of the Philippines," he added.

    Meanwhile, Hu also expressed his gratitude and shared several of YFP’s goals for the local market. "We emphasize to provide high-quality product and service to our clients. Acquiring from its parent company, YFP aims to accomplish its core values." TAC’s core values are sincerity, advance, value and efficiency (SAVE). The company is committed to providing financial solutions and convenience that the customers desire. Whether it’s an individual in need of vehicle financing, or a company that is looking for financial plan for equipment, with the connections between TAC and holding companies, YFP is confident that its service and solutions would be the best choice.

    "I believe in the near future, many companies born from the Internet will penetrate into auto financing businesses and become our main competitors, as well. However, I do believe the best way to survive in this battle is to provide differentiation and comprehensive services to our clients," Hu explained. He also pointed out that this is where YFP comes in as the company that not only provides wholesale and retail financing to support dealer operation, but also looking at offering leasing schemes for dealers to come up with more aggressive sales promotions.

    Moreover, YFP will launch a mobile-phone application for dealers and salesmen to enhance loan efficiency. Through smartphones, loan applications and credit advice, processing will be easier for both salesmen and managers. All it takes is to submit the process through the app in order to fast-track loan processes and conclude transactions. By adapting this method, which includes gathering of necessary prerequisites for the entire process, ultimately, the approval ratio is likely to be higher. "Because based on our understanding, the bank’s approval ratio currently is low," Hu pointed out. When asked about how many days are they targeting to reduce the loan approval and release, Hu stated that they are looking at achieving a same-day approval and release of loans.

    Yulon Finance Philippines Corp. was established only last April 2018 with an investment capital of P750 million. Its shareholder structure is 100-percent owned by TAC. To date, the auto financing firm has a total of 30 employees committed to delivering the company’s core businesses, such as new car/used-car financing for retail clients, and floor-stock financing for auto dealers. To know more about the company’s offerings, customers can visit the company’s official web site at http://www.yulon-finance.com.ph.