TABLE OF CONTENTS 0.0 EXECUTIVE SUMMARY... 1

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1 TABLE OF CONTENTS 0.0 EXECUTIVE SUMMARY... 1 New car sales rose by a compound annual rate of more than 10% between 2009 and with the fastest growth rates recorded in Indonesia and Thailand... 2 China hosts the largest automotive finance and leasing market in the region by volume of contracts and its share of the regional market by value is twice that of Japan... 4 For new cars, take-up rates for finance and leasing average more than 60% across the region and are highest for both new and used cars in Malaysia... 4 In India, Maruti Suzuki has more than 30 recognised external finance partners... 5 Under 5% of dealers in the Philippines and Vietnam rely solely on manufacturers' tied providers... 6 China Construction Bank has the largest potential customer base in the region while SAIC group has ownership stakes in the leading captive finance providers... 6 Toyota has established captive or joint venture finance operations in all ten countries... 7 Hyundai is planning to buy the equity stake of GE Capital in Hyundai Capital Services INTRODUCTION... 9 What is this report about?... 9 The focus of the report is on finance and leasing related to the sale of passenger cars to individuals... 9 Rationale... 9 The provision of financial services is essential to support both car sales and profitability... 9 This report offers a unique analysis of the subject in the Asia-Pacific region based on primary research... 9 Methodology... 9 Survey of dealers and manufacturers... 9 Market data Computation of market data is based on a variety of inputs including the results of the dealer survey External sources Definitions Finance and leasing products Operating models Tied and non-tied providers Abbreviations Exchange rates Graphical analyses PartnerBASE and market data annexe Finaccord REGIONAL OVERVIEW Passenger vehicle data Car parc There are more than 200 million passenger cars registered in the Asia-Pacific region and two thirds of the growth recorded since 2009 has come from China alone New car sales to individuals New car sales rose by a compound annual rate of more than 10% between 2009 and with the fastest growth rates recorded in Indonesia and Thailand New car sales in China have been fundamental to growth in the wider Asia-Pacific region Used car sales Japan hosts the largest used car market in the region followed by China, India, South Korea and Indonesia Sales by manufacturer groups FINACCORD (12/2014) i

2 Across the ten countries Toyota group is the leading manufacturer group with five joint ventures based in China featuring in the top ten Finance and leasing Survey of automotive dealers Virtually all dealers offer finance and leasing products to buyers of new and used cars On average, dealers in India work with the most finance and leasing providers while half or more of dealers in Taiwan and Vietnam work with non-tied providers only Where offered, the take-up rate for finance and leasing with new cars is always 40% or more and stands at more than 75% in two countries Nine out of ten used cars bought in Malaysia are financed at the point of sale Types of finance and leasing product sold by dealers Simple loans with no option to return the car at the end of the contract make up around 60% of the total and exceed 90% in China, Indonesia and Taiwan Financial leasing is dominant in two countries through hire purchase contracts Manufacturer brand survey results On a weighted basis, virtually all manufacturer brands have an endorsed scheme in Japan and Thailand and manufacturer brand involvement seems to have increased substantially in recent years Captive finance providers are used by over a third of manufacturer brands while more than 40% of manufacturer brands in India use more than one external finance provider Joint venture finance providers are most common in China and Malaysia Market size China and Japan make up nearly two thirds of the region's finance and leasing market by volume though Japan has the larger market for direct lending Point-of-sale finance for used cars is significant in Malaysia, the Philippines, South Korea and Taiwan Japan's regional market share by value is reduced because of cheap 'kei' cars and used cars Around 27% of the total regional market value is attributable to direct lending but point-of-sale finance is growing far more rapidly especially for new cars At a regional level, the value of point-of-sale finance more than doubled between 2009 and Point-of-sale finance for new cars represents around 65% of the total regional market value Competitor dynamics The top 15 finance and leasing providers together claim a weighted share of partnerships of around 60% and eight of them are China-based banks or manufacturer groups Toyota group operates captive or joint venture finance providers in all ten countries and VW group in five of them Non-captive providers that are strong in Europe tend to be peripheral in the Asia-Pacific region CHINA Introduction Passenger vehicle data Sales of used cars have grown faster than new car sales between 2009 and Joint venture brands and groups are the leading players in the automotive market Consumer automotive finance and leasing market Market size and growth By volume, point-of-sale finance exceeds direct lending for both new and used cars with the result that the total value of point-of-sale finance is 3.5 times higher than direct lending Types of finance and leasing product One type of product makes up more than three quarters of point-of-sale finance contracts Survey of automotive dealers and manufacturer brands Dealer survey results Two thirds of dealers utilise tied partners either as well as or instead of non-tied providers Manufacturer brand survey results Most manufacturer brands have an arrangement for the provision of finance and leasing services and China Construction Bank is the leading non-captive finance partner for these brands FINACCORD (12/2014) ii

3 BNP Paribas and Santander have both established joint ventures in recent years The Chinese market for finance and leasing is mainly controlled by the major banks INDIA Introduction Passenger vehicle data Sales of new cars in India have exceeded 2.5 million for the past four years but the growth of used car sales has been both more rapid and more consistent Maruti Suzuki occupies a dominant position in the market for new passenger vehicles Consumer automotive finance and leasing market Market size and growth Point-of-sale finance for new cars dominates the automotive finance market and has grown quite rapidly since 2009 as a result of increased sales and inflation Types of finance and leasing product The Indian point-of-sale finance market is dominated by simple loans Survey of automotive dealers and manufacturer brands Dealer survey results In a highly fragmented market, only one finance provider claims more than 10% of non-tied partnerships with 40 competitors sharing the rest of these partnerships between them Kotak Mahindra Prime generated a pre-tax profit of INR 7.52 billion for the year ending March Manufacturer brand survey results Toyota Financial Services India is the leading captive, ahead of Mahindra & Mahindra Financial Services while HDFC Bank, ICICI Bank and State Bank of India are the leading external partners On a combined analysis, HDFC Bank claims the highest implied share of new business but with less than 10% of the weighted share of new registrations INDONESIA Introduction Passenger vehicle data Sales of new cars in Indonesia more than doubled between 2009 and with used car sales also advancing at a healthy rate over the same period Japanese manufacturers dominate the Indonesian market for new vehicle sales Consumer automotive finance and leasing market Market size and growth Between 2009 and 2013 there was a surge in the volume of contracts organised at the point of sale with even faster growth by value, partly as a result of inflation in car prices Types of finance and leasing product The Indonesian point-of-sale finance market is almost entirely composed of simple loans Survey of automotive dealers and manufacturer brands Dealer survey results Only around 10% of dealers rely solely on their manufacturer brands' tied providers with companies owned by Japanese parents among the main non-bank lenders Manufacturer brand survey results Mandiri Tunas Finance has partnerships with brands accounting for three quarters of the market while Astra International and Indomobil are major importers with their own captive finance arms CIMB Niaga has numerous partnerships with comparatively small manufacturer brands Astra International and Mandiri Tunas Finance claim the greatest combined share of partnerships JAPAN Introduction Passenger vehicle data Sales of new cars outgrew used car sales between 2009 and Japanese brands and groups dominate the market for new car sales Consumer automotive finance and leasing market Market size and growth FINACCORD (12/2014) iii

4 In terms of number of contracts, direct lending exceeds point-of-sale finance for both new and used cars Rising sales volumes are counter-balanced by a declining average value of cars sold Types of finance and leasing product Over two thirds of consumer automotive finance in Japan is oriented to one type of finance product Survey of automotive dealers and manufacturer brands Dealer survey results Over a half of dealers utilise non-tied partners either as well as or instead of tied providers among which Orient Corporation is the leader by share of partnerships Manufacturer brand survey results Most manufacturer brands have an arrangement for the provision of finance and leasing services with use of captive partners the most frequently occurring operating model and the most important by far when measured in terms of weighted share of partnerships Across all types of provider, the leading firm has an implied market share of new business of 25.8% MALAYSIA Introduction Passenger vehicle data Sales of new cars in Malaysia rose by nearly 20% between 2009 and but dealers' sales of used cars have been more volatile Malaysia's domestic manufacturer brands hold over a half of all new car sales Consumer automotive finance and leasing market Market size and growth Point-of-sale finance is very comfortably the dominant method of acquiring new cars and it has grown quite rapidly since 2009 as a result of rising take-up rates Types of finance and leasing product The Malaysian point-of-sale finance market splits between standard and Islamic hire purchase Survey of automotive dealers and manufacturer brands Dealer survey results At least 15 providers of finance and leasing work directly with dealers and these are mainly the country's major banks some of which make public disclosures about the magnitude of their vehicle finance operations Manufacturer brand survey results Both Perodua and Proton work with multiple partners giving Toyota Capital Malaysia a significant share of partnerships as the sole tied partner for Toyota On a combined analysis, Maybank claims the highest implied share of new business in what is likely to be a fairly fragmented market PHILIPPINES Introduction Passenger vehicle data Sales of new cars in the Philippines exceeded 60,000 for the first time in and used car sales have been growing even faster Toyota and Mitsubishi hold over half of the new passenger vehicle market between them Consumer automotive finance and leasing market Market size and growth New cars financed at the point of sale form the largest segment in this market by volume and amount to well over half of the market by value Types of finance and leasing product The point-of-sale finance market of the Philippines is dominated by simple loans Survey of automotive dealers and manufacturer brands Dealer survey results At least 20 providers of finance and leasing work directly with dealers led by BDO Unibank, PSBank and EastWest Bank Specialist car finance companies are most visible in the used car sector FINACCORD (12/2014) iv

5 These include Radiowealth Finance Company and Laus Auto Finance Manufacturer brand survey results Toyota Financial Services operates as a joint venture with Metrobank By weighted share of partnerships, Bank of the Philippine Islands is a clear non-captive leader although BDO Unibank has the largest number of relationships with manufacturer brands Bank of the Philippine Islands has the highest implied share of new business on a combined analysis with the top six competitors likely to account for more than 80% of the total market SOUTH KOREA Introduction Passenger vehicle data The Korean market for new car sales has slipped back somewhat in recent years although volumes in the used car market have moved up substantially Hyundai and Kia are the dominant car manufacturer brands although they have lost some ground to fast-growing foreign competitors Consumer automotive finance and leasing market Market size and growth By volume, point-of-sale finance exceeds direct lending for both new and used cars and the total value of point-of-sale finance has risen quite markedly since Types of finance and leasing product Instalment finance via simple loans makes up over 60% of point-of-sale contracts Survey of automotive dealers and manufacturer brands Dealer survey results The majority of dealers surveyed in South Korea utilise both tied partners and non-tied partners with Hyundai Capital acting as both a tied and non-tied provider Aju Capital enjoys close ties with dealerships selling GM cars Banks and card issuers are challenging the dominance of traditional competitors in this market Manufacturer brand survey results Nearly three quarters of all manufacturer brands have organised finance and leasing services with four major European manufacturer groups operating through captive finance arms Hyundai Capital's implied market share of new business exceeds 50% TAIWAN Introduction Passenger vehicle data Sales of new cars easily outpaced used car sales between 2009 and Toyota is the leading manufacturer group accounting for 30% of new cars sold in Consumer automotive finance and leasing market Market size and growth The volume of contracts organised at the point of sale more than doubled between 2009 and with similar growth apparent when this market is measured in value terms Types of finance and leasing product More than 95% of point-of-sale finance in Taiwan is due to one type of finance product Survey of automotive dealers and manufacturer brands Dealer survey results More than a half of the dealers researched utilise non-tied partners to one extent or another with Taishin Bank favoured most in this respect Manufacturer brand survey results Most manufacturer brands have an arrangement for the provision of finance and leasing services Ho Ruen is owned jointly by Hotai and Toyota Financial Services The implied combined market share of the leading three providers falls just short of 50% THAILAND Introduction FINACCORD (12/2014) v

6 Passenger vehicle data New car sales more than doubled between 2009 and while used cars are still mostly sold outside the dealer channel Honda displaced Toyota as Thailand s leading passenger car manufacturer in Consumer automotive finance and leasing market Market size and growth By volume, direct lending exceeds point-of-sale finance for used cars but not for new cars and the total value of point-of-sale finance is vastly higher than that for direct lending Types of finance and leasing product One finance product type makes up more than 90% of point-of-sale finance contracts Survey of automotive dealers and manufacturer brands Dealer survey results Over two thirds of dealers utilise tied partners as well as non-tied providers Non-bank finance companies are marginalised by Thailand's largest banks Manufacturer brand survey results With the exception of one, all manufacturer brands provide finance and leasing services and Bank of Ayudhya is the leading non-captive finance partner for these brands The Thai market for finance and leasing is mainly controlled by the major banks VIETNAM Introduction Passenger vehicle data Trends in new car sales are heavily influenced by taxes imposed on imported vehicles and reduced taxes on used cars since April 2013 have stimulated this market Toyota sells nearly four times as many new vehicles as the next closest competitor Consumer automotive finance and leasing market Market size and growth Used cars directly financed have seen the best growth by volume though new cars financed at the point of sale make up the bulk of the market by value Types of finance and leasing product The point-of-sale finance market of Vietnam is dominated by loans with flexible interest rates Survey of automotive dealers and manufacturer brands Dealer survey results Dealers rarely rely solely on their manufacturer brand's tied provider Vietcombank and TechcomBank hold the most partnerships with dealers in a highly fragmented market Manufacturer brand survey results Toyota Financial Services dominates tied provider partnerships followed by Techcombank Toyota Financial Services has the highest implied share of new business on a combined analysis with the top five competitors likely to account for half of the total market FINACCORD (12/2014) vi

7 LIST OF GRAPHICS / TABLES 0.0 EXECUTIVE SUMMARY... 1 China has the largest market for consumer automotive finance and leasing in the Asia-Pacific region by volume and value... 3 More than half of all customers take out finance and leasing at the point of sale with new cars in eight countries, and with used cars in four of them... 5 Toyota, SAIC and VW groups own the important captive finance providers across the Asia-Pacific region INTRODUCTION... 9 Composition of car dealers surveyed by country and by manufacturer group in the Asia-Pacific region, Composition of manufacturer brands surveyed in the Asia-Pacific region, REGIONAL OVERVIEW Passenger car parc in the Asia-Pacific region by country, New passenger car sales to individual customers in the Asia-Pacific region, 2009 to New passenger car sales to individual customers in the Asia-Pacific region by country, New passenger car sales to individual customers in the Asia-Pacific region by country, 2009 to Used passenger car sales in the Asia-Pacific region, 2009 to Used passenger car sales in the Asia-Pacific region by country, Used passenger car sales in the Asia-Pacific region by country, 2009 to 2013 (table) New passenger car registrations in the Asia-Pacific region, segmented by manufacturer group, New passenger car registrations in the Asia-Pacific region, top 30 manufacturer groups, 2013 (table) Percentage of dealers offering finance and leasing at the point of sale by country, Average number of providers used by dealers offering finance and leasing at the point of sale, by country, 2014 (table) Average number of providers used by dealers offering finance and leasing at the point of sale, by country, Product sources used by dealers offering finance and leasing at the point of sale, by country, Product sources used by dealers offering finance and leasing at the point of sale, by country, 2014 (table) Average % of new car purchasers acquiring finance and leasing at the point of sale where offered, by country, Average % of used car purchasers acquiring finance and leasing at the point of sale where offered, by country, % split between the different types of finance and leasing product sold at the point of sale, by country, % split between the different types of finance and leasing product sold at the point of sale, by country, 2014 (table) Unweighted and weighted percentage of manufacturer brands with arrangements for branded finance and leasing in the Asia-Pacific region by country, Operating models used by manufacturer brands with arrangements for branded or endorsed finance and leasing, by country, Operating models used by manufacturer brands with arrangements for branded or endorsed finance and leasing by country, 2014 (table) Volume of new and used passenger cars financed in the Asia-Pacific region segmented by country, Volume of passenger cars financed in the Asia-Pacific region segmented by country and by distribution channel, Volume of passenger cars financed in the Asia-Pacific region segmented by country and by distribution channel, 2013 (table) Value of new and used passenger cars financed in the Asia-Pacific region segmented by country, FINACCORD (12/2014) vii

8 Value of passenger cars financed in the Asia-Pacific region segmented by country and by distribution channel, Value of passenger cars financed in the Asia-Pacific region segmented by country and by distribution channel, 2013 (table) Key data points for the passenger car finance market in the Asia-Pacific region segmented by distribution channel: volumes and values, 2009 to Total passenger car finance market in the Asia-Pacific region segmented by distribution channel: volumes, 2009 to Total passenger car finance market in the Asia-Pacific region segmented by distribution channel: values, 2009 to Top 15 competitors' share of partnerships in the Asia-Pacific region, weighted by % of dealer partnerships, by manufacturer brands' new car registrations, and by the value of finance and leasing markets, CHINA Passenger car parc and new / used passenger car sales in China, 2009 to Passenger car parc and new / used passenger car sales in China, 2009 to 2013 (table) New car registrations in China, segmented by manufacturer group, New and used passenger car finance market in China, segmented by distribution channel: volumes, 2009 to New and used passenger car finance market in China, segmented by distribution channel: values, 2009 to New and used passenger car finance market in China, segmented by distribution channel: values and volumes, 2009 to 2013 (table) % split between the different types of finance and leasing contract organised at the point of sale in China, Provision of finance and leasing by dealers in China, 2014: provision rate, product sources and provider share of non-tied partnerships Provision of finance and leasing by manufacturer brands in China, 2014: provision rate, operating models and weighted provider share of partnerships Implied market shares of new business for finance and leasing at the point of sale in China, INDIA Passenger car parc and new / used passenger car sales in India, 2009 to Passenger car parc and new / used passenger car sales in India, 2009 to 2013 (table) New passenger vehicle registrations in India, segmented by manufacturer group, New and used passenger car finance market in India, segmented by distribution channel: volumes, 2009 to New and used passenger car finance market in India, segmented by distribution channel: values, 2009 to New and used passenger car finance market in India, segmented by distribution channel: values and volumes, 2009 to 2013 (table) % split between the different types of finance and leasing contract organised at the point of sale in India, Provision of finance and leasing by dealers in India, 2014: provision rate, product sources and provider share of non-tied partnerships Provision of finance and leasing by manufacturer brands in India, 2014: provision rate, operating models and weighted provider share of partnerships Implied market shares of new business for finance and leasing at the point of sale in India, INDONESIA Passenger car parc and new / used passenger car sales in Indonesia, 2009 to Passenger car parc and new / used passenger car sales in Indonesia, 2009 to 2013 (table) New vehicle registrations in Indonesia, segmented by manufacturer group, New and used passenger car finance market in Indonesia, segmented by distribution channel: volumes, 2009 to FINACCORD (12/2014) viii

9 New and used passenger car finance market in Indonesia, segmented by distribution channel: values, 2009 to New and used passenger car finance market in Indonesia, segmented by distribution channel: values and volumes, 2009 to 2013 (table) % split between the different types of finance and leasing contract organised at the point of sale in Indonesia, Provision of finance and leasing by dealers in Indonesia, 2014: provision rate, product sources and provider share of non-tied partnerships Provision of finance and leasing by manufacturer brands in Indonesia, 2014: provision rate, operating models and weighted provider share of partnerships Implied market shares of new business for finance and leasing at the point of sale in Indonesia, JAPAN Passenger car parc and new / used passenger car sales in Japan, 2009 to Passenger car parc and new / used passenger car sales in Japan, 2009 to 2013 (table) New car registrations in Japan, segmented by manufacturer group, New and used passenger car finance market in Japan, segmented by distribution channel: volumes, 2009 to New and used passenger car finance market in Japan, segmented by distribution channel: values, 2009 to New and used passenger car finance market in Japan, segmented by distribution channel: values and volumes, 2009 to 2013 (table) % split between the different types of finance and leasing contract organised at the point of sale in Japan, Provision of finance and leasing by dealers in Japan, 2013: provision rate, product sources and provider share of non-tied partnerships Provision of finance and leasing by manufacturer brands in Japan, 2013: provision rate, operating models and weighted provider share of partnerships Implied market shares of new business for finance and leasing at the point of sale in Japan, MALAYSIA Passenger car parc and new / used passenger car sales in Malaysia, 2009 to Passenger car parc and new / used passenger car sales in Malaysia, 2009 to 2013 (table) New vehicle registrations in Malaysia, segmented by manufacturer group, New and used passenger car finance market in Malaysia, segmented by distribution channel: volumes, 2009 to New and used passenger car finance market in Malaysia, segmented by distribution channel: values, 2009 to New and used passenger car finance market in Malaysia, segmented by distribution channel: values and volumes, 2009 to 2013 (table) % split between the different types of finance and leasing contract organised at the point of sale in Malaysia, Provision of finance and leasing by dealers in Malaysia, 2014: provision rate, product sources and provider share of non-tied partnerships Provision of finance and leasing by manufacturer brands in Malaysia, 2014: provision rate, operating models and weighted provider share of partnerships Implied market shares of new business for finance and leasing at the point of sale in Malaysia, PHILIPPINES Passenger car parc and new / used passenger car sales in the Philippines, 2009 to Passenger car parc and new / used passenger car sales in the Philippines, 2009 to 2013 (table) New light passenger vehicle registrations in the Philippines, segmented by manufacturer group, New and used passenger car finance market in the Philippines, segmented by distribution channel: volumes, 2009 to New and used passenger car finance market in the Philippines, segmented by distribution channel: values, 2009 to FINACCORD (12/2014) ix

10 New and used passenger car finance market in the Philippines, segmented by distribution channel: values and volumes, 2009 to 2013 (table) % split between the different types of finance and leasing contract organised at the point of sale in the Philippines, Provision of finance and leasing by dealers in the Philippines, 2014: provision rate, product sources and provider share of non-tied partnerships Provision of finance and leasing by manufacturer brands in the Philippines, 2014: provision rate, operating models and weighted provider share of partnerships Implied market shares of new business for finance and leasing at the point of sale in the Philippines, SOUTH KOREA Passenger car parc and new / used passenger car sales in South Korea, 2009 to Passenger car parc and new / used passenger car sales in South Korea, 2009 to 2013 (table) New car registrations in South Korea, segmented by manufacturer group, New and used passenger car finance market in South Korea, segmented by distribution channel: volumes, 2009 to New and used passenger car finance market in South Korea, segmented by distribution channel: values, 2009 to New and used passenger car finance market in South Korea, segmented by distribution channel: values and volumes, 2009 to 2013 (table) % split between the different types of finance and leasing contract organised at the point of sale in South Korea, Provision of finance and leasing by dealers in South Korea, 2014: provision rate, product sources and provider share of non-tied partnerships Provision of finance and leasing by manufacturer brands in South Korea, 2014: provision rate, operating models and weighted provider share of partnerships Implied market shares of new business for finance and leasing at the point of sale in South Korea, TAIWAN Passenger car parc and new / used passenger car sales in Taiwan, 2009 to Passenger car parc and new / used passenger car sales in Taiwan, 2009 to 2013 (table) New car registrations in Taiwan, segmented by manufacturer group, New and used passenger car finance market in Taiwan, segmented by distribution channel: volumes, 2009 to New and used passenger car finance market in Taiwan, segmented by distribution channel: values, 2009 to New and used passenger car finance market in Taiwan, segmented by distribution channel: values and volumes, 2009 to 2013 (table) % split between the different types of finance and leasing contract organised at the point of sale in Taiwan, Provision of finance and leasing by dealers in Taiwan, 2014: provision rate, product sources and provider share of non-tied partnerships Provision of finance and leasing by manufacturer brands in Taiwan, 2014: provision rate, operating models and weighted provider share of partnerships Implied market shares of new business for finance and leasing at the point of sale in Taiwan, THAILAND Passenger car parc and new / used passenger car sales in Thailand, 2009 to Passenger car parc and new / used passenger car sales in Thailand, 2009 to 2013 (table) New car registrations in Thailand, segmented by manufacturer group, New and used passenger car finance market in Thailand, segmented by distribution channel: volumes, 2009 to New and used passenger car finance market in Thailand, segmented by distribution channel: values, 2009 to FINACCORD (12/2014) x

11 New and used passenger car finance market in Thailand, segmented by distribution channel: values and volumes, 2009 to 2013 (table) % split between the different types of finance and leasing contract organised at the point of sale in Thailand, Provision of finance and leasing by dealers in Thailand, 2014: provision rate, product sources and provider share of non-tied partnerships Provision of finance and leasing by manufacturer brands in Thailand, 2014: provision rate, operating models and weighted provider share of partnerships Implied market shares of new business for finance and leasing at the point of sale in Thailand, VIETNAM Passenger car parc and new / used passenger car sales in Vietnam, 2009 to Passenger car parc and new / used passenger car sales in Vietnam, 2009 to 2013 (table) New light passenger vehicle registrations in Vietnam, segmented by manufacturer group, New and used passenger car finance market in Vietnam, segmented by distribution channel: volumes, 2009 to New and used passenger car finance market in Vietnam, segmented by distribution channel: values, 2009 to New and used passenger car finance market in Vietnam, segmented by distribution channel: values and volumes, 2009 to 2013 (table) % split between the different types of finance and leasing contract organised at the point of sale in Vietnam, Provision of finance and leasing by dealers in Vietnam, 2014: provision rate, product sources and provider share of non-tied partnerships Provision of finance and leasing by manufacturer brands in Vietnam, 2014: provision rate, operating models and weighted provider share of partnerships Implied market shares of new business for finance and leasing at the point of sale in Vietnam, FINACCORD (12/2014) xi