Tmall and a number of automobile dealers yesterday said they will offer car buyers a pre-pay model through the Yu'ebao mutual fund. The option allows car buyers to earn a profit while they're waiting for their vehicles to be delivered.
More than 20 models from carmakers such as Shanghai Volkswagen, Dongfeng Citroen and Geely can already be purchased online.
Yu'ebao, a money market fund, is diversifying services after its annualized return dropped from more than 5 percent to about 4 percent.
Based on previous purchasing records, Alibaba, which owns Tmall, will offer individuals a loan of between 50,000 yuan (US$8,066) and 60,000 yuan to fund vehicle purchases.
Customers will have the option of buying a vehicle with an 18-month installment plan after making a minimum down payment of 20 percent.
Car dealers that accept such payments include Shanghai General Motors' Buick online store and SAIC's online marketplace.
Yu'ebao had 574.2 billion yuan in assets at the end of June, up 6 percent from the end of the first quarter.
It has more than 100 million registered investors after launching in June 2013, Alibaba said earlier this month.
Mobile online investment all the rage
2014-03-07Yu’ebao asserts ‘effective regulation’
2014-03-05Yu’ebao becomes nation’s biggest monetary fund
2014-01-16Banks, Alibaba spar over Internet finance services
2014-04-08联系客服
