has begun offering its used car buyers a minimum down payment of 15 percent, lower than the 30 percent minimum option previously offered by local banks.

(Image credit: CnEVPost)

On the heels of the successful issuance of ABS (Asset-backed securities) by its leasing subsidiary, and following 's zero down payment option, Nio has also lowered the bar for consumers purchasing its official used cars.

The company announced today that Nio Finance & Leasing began offering consumers who purchase a used car from the company's official channel the option of a down payment as low as 15 percent, with consumers able to finance up to 300,000 yuan ($46,900).

Previously, consumers purchasing a used car from Nio Certified, Nio's official used car platform, were offered by local banks with a minimum down payment option of 30 percent.

Nio Finance & Leasing offers consumers a choice of 12, 24 and 36 repayment terms with annualized rates of 4.39 percent, 4.28 percent and 4.27 percent, respectively.

Nio officially launched Nio Certified on January 3 this year to launch its used car business on a self-operated basis. The company plans to invest RMB 3 billion in the next five years to support the development of the business.

CICC said at the time that Nio's used car business would help the company close the loop of its direct sales and service system, address the selling and replacement aspects of the car ownership cycle, and help improve user stickiness and repurchase rates.

Nio's move to lower the threshold for consumers to purchase its used cars comes after Nio Finance & Leasing successfully issued RMB 1.03 billion in ABS.

On October 29, Nio styled the ABS on the Shanghai Stock Exchange, marking the EV maker's debut in the Chinese capital market.

It is also the first ABS for carbon-neutral projects in China, with a total size of RMB 1.03 billion and a maturity date of 2023.

It is also worth noting that yesterday, Tesla China's official website launched a new financial product that allows consumers to purchase vehicles through a zero down payment finance lease model.

If consumers plan to purchase the Model Y Standard Range priced at RMB 276,000 ($43,100), the down payment under the program is 0, and the monthly payment is RMB 5,520 when paid back in five-year installments, according to Tesla.

The actual cost to the consumer of purchasing the vehicle is RMB 331,200, which is RMB 55,200 higher than the original price of the vehicle, implying a 4 percent annual interest rate.