But the Kelley Blue Book trade-in value of the car has fallen by now to $33,005.
On top of this, importers must pay a duty of 30% or more on the value of the car.
Car title loans are typically made based on the value of the car, rather than the borrower's ability to repay.
This tax used to be levied on the value of the car (for instance, $600 on a $20,000 car).
The guarantee covers the difference between the value of the car and the amount the buyer owes, or negative equity, up to a maximum of $7,500.
But, unlike traditional leasing deals, the new plans require a customer to pay sales tax for the full value of the car.
"In general, my thought here is that the value of the car is self-evident, so I'm going for something of great discretion," Mr. Bilhuber said.
In general, most policies will cost 3 to 6percentt of the value of the car, but price isn't the whole story.
They require a deposit of around a third of the value of the car and, typically, three years of monthly payments.
Unlike, say, the price of new cars, insurance premiums are based largely on the driving habits, financial wherewithal and the value of the car.
So buyers will effectively pay the new antidumping and antisubsidy taxes on other Chinese taxes in addition to paying the new taxes on the value of the car.
