• During 2012-2014, rental revenue were 2,391 MB, 2,677 MB (growth 12%) and 2,925 MB (growth 9%) respectively. However, net profit margin were decreased from 10.1% to 7.7% and 4.8% respectively. The major reason was that the borrower obtained smaller gains from selling its cars for lease in 2013 and loss from cars sale 21 MB in 2014. Demand for used cars slumped in 2013 because the government awarded tax incentives to first-time car buyers. This policy rapidly boosted the sale of new car during 2012-2013, while dampened demand for used car, and has consequently aggravated the decline of used car price since 2013.