Toyota faces bribery penalty for first time in China

According to Xinhua electric Monopoly 4S Store car consumer loan business, charging high interest and to the 4S shop to pay rebate-Toyota Motor Finance (China) Co., Ltd. 20th for commercial bribery received the Hangzhou Municipal Bureau of Commerce and Industry Jianggan branch of the administrative penalty hearing. This is the first time Toyota has faced commercial bribery penalties in China. The company is a wholly owned subsidiary of Japan's Toyota Motor Corporation, which is engaged in personal loan business.　　The company is also in Ningbo and other land for a number of car 4S shop suspected of commercial bribery was filed for investigation. Business sector survey shows that from August 2008 onwards, Hangzhou Jinfeng Toyota Automobile Sales and service company, Zhejiang Guangfeng Automobile Co., Ltd. and Hangzhou Dongchang Automobile Sales and service limited Toyota brand car dealer's personal consumer credit business, priority to Toyota Finance recommended auto loan business,　　Toyota Finance to the above three dealers to the "handling fees" or "service charges", such as the payment of property, so as to obtain consumer loans business. Toyota Finance's auto consumption of one-year loan interest is as high as 10%-13%, while the big four state-owned banks have less than 7% interest on similar loans. According to a mid-range car 150,000 yuan purchase money, down payment 50,000, one-year loan 100,000 yuan, consumers to the four state-owned banks loans to pay only about 7000 yuan of interest, and from Toyota financial loans to pay 10000 yuan to 13000 yuan interest, and the interest of 4.5%,　　Toyota Finance was returned to the 4S store as a wouldn't. According to the Jianggan District of Hangzhou city Trade and Industry bureau issued a hearing, from August 2008 to April 2010, Toyota financial total to three car 4S shop pay "handling fee" or "service charge" 70640.99 yuan, total to obtain the actual repayment interest of consumers 757609.23 yuan.　　The elimination should pay the business tax gold and so on, Toyota finance total profit 426352.33 Yuan.　　The survey said that the illegal income from Toyota's finance came from the interest on car loans of 49 Toyota car consumers.　　Law enforcement departments believe that, according to the "People's Republic of China anti-unfair competition law" and other relevant laws and regulations, Toyota's financial acts are commercial bribery, to be confiscated more than 420,000 yuan illegal income, a fine of 140,000 yuan administrative penalty decision. Up to now, in addition to Hangzhou city Trade and Industry Bureau, Ningbo and other land industry and Commerce Department has also been to Toyota finance in its area of commercial bribery conduct investigation.