Document:

EX-4.20

 Exhibit 4.20 

Certain information in this document identified by brackets has been omitted because it is both not material and would be competitively harmful if publicly
disclosed. 
 Automobile Finance Project Counter-guarantee Agreement 

(contract number [                    ])

 This Automobile Finance Project Counter-guarantee Agreement] (“this Agreement”) is signed by the following parties in Hangzhou,
People’s Republic of China (for the purpose of this Agreement, excluding Hong Kong SAR, Macao SAR and Taiwan) on March 24, 2020 (the “signing date”). 

1.    Cango Financing Guarantee Co., Ltd. (“financing guarantee company” or “counter-guarantor”) is a limited
liability company validly established and existing under the laws of the PRC, and is qualified to conduct financing guarantee business. Its registered address is: No. 75-1 Jinfeng Street, Shenfu New Area,
Liaoning Province, and the unified social credit code is 91211500MA0Y2MA615. 
 2.    Zhejiang
E-Commerce Bank Co., Ltd. (“MYbank”) is a limited liability company validly established and existing under the laws of the PRC. Its registered address is
15-17/F, Block 1, Delixi Mansion, No. 28-38 Xueyuan Road, Xihu District, Hangzhou, Zhejiang Province, and the unified social credit code is 91330000343973322D. 

Each of the above party is individually referred to as a “party” and collectively as the “parties”. For the purpose of this Agreement, the
“Chinese laws” refer to all laws, administrative laws and regulations, rules, regulations, policy documents, provisions, decisions and policy documents of local authorities or local government departments in China, which are valid at the
time of concluding this Agreement. 
 Whereas: 

1.    MYbank and its cooperative financial institutions have signed a cooperation agreement on automobile finance business to jointly
carry out automobile finance business. Among which, cooperative financial institutions shall issue financing funds to individual buyers (“borrowers” or “customers”); MYbank shall provide cooperative financial institutions with
one or more services such as lending and repayment services, guarantee services, credit inquiry services, among others. 
 2.    The
borrower applies to the cooperative financial institutions for financing services for purchasing or renting a vehicle (hereinafter collectively referred to as “automobile financing services”), and signs an automobile financing contract,
the specific name of which is subject to the actually-signed contract (“loan contract” or “master contract”). 

3.    In order to ensure that the borrower fulfills the above-mentioned loan contract, MYbank, as a guarantor, has signed a guarantee
contract (“guarantee contract”) with cooperative financial institutions and the borrower, providing joint and several guarantee liability for the above-mentioned borrower regarding the debt to cooperative financial institutions. 

 4.    The counter-guarantor is willing to provide counter-guarantee to MYbank for the
above-mentioned borrower’s automobile financing services, which is a joint and several liability guaranty. In order to ensure the fulfillment of the aforementioned agreement, the borrower mortgages the vehicle purchased to the counter-guarantor
as a guarantee and has gone through third-party mortgage registration formalities designated by the mortgagee or the counter-guarantor. With regard to the mortgage registration, MYbank should provide reasonable assistance to the counter-guarantor.

 5.    Both parties, in line with the principle of equality, mutual benefit and good faith, agree to enter the following agreement in
accordance with Chinese laws. 
 I. The Principal Creditor’s Right Guaranteed by the Counter-guarantor 

The principal creditor’s right guaranteed by the counter-guarantor refers to the right of recourse to the counter-guarantor in the case of overdue
repayment by individual buyers in accordance with the automobile finance business agreement signed with cooperative financial institutions in the following table, after MYbank bears the guarantee liability within a certain proportion of the total
outstanding loan of the cooperative financial institutions. The specific proportion of guarantee for cooperative financial institutions is as follows: 
  

					
	 No.
	  	 The specific proportion of guarantee for cooperative

financial institutions
	  	 Guarantee proportion (a certain

proportion of the accumulated
 amount
of the loan)

	1	  	Hangzhou Branch of Postal Savings Bank of China	  	[REDACTED]%

 If the above-mentioned bank and the parties change the guarantee proportion, they shall agree separately in the form of a
supplementary agreement. 
 II. Scope of Counter-guarantee 

1.    According to the relevant agreements of the loan contract and the guarantee contract, MYbank shall bear the joint and several
liability guaranty to the cooperative financial institutions within the agreed guarantee scope and guarantee limit for the borrower. If the borrower violates the loan contract and constitutes a breach of contract under the loan contract or violates
any payment obligations under other documents signed by the borrower, MYbank has the obligation to fulfill its guarantee obligations. 

2.    The scope of guarantee provided by the counter-guarantor under this Agreement shall be: all the amount repaid by MYbank on behalf of
the borrower and the interest and other expenses and losses since the date of payment, including but not limited to the payment of principal, interest and penalty interest on the loan, excluding relevant handling fees, service fees, liquidated
damages, damages and realization of claims (including but not limited to attorney fees, notarization fees, appraisal fees, litigation fees and reminders). 

 III. Guarantee Period of Counter-guarantee 

Both parties agree that the counter-guarantee period of a single loan shall be calculated separately within [REDACTED] years from the date on which MYbank
actually performed the guarantee obligation to the cooperative financial institutions for the borrower. 
 IV. Means of Guarantee 

1.    The counter-guarantor shall bear joint and several liability guaranty within the scope of guarantee. The counter-guarantor waives any
right of defense as the guarantor of the counter-guarantee. 
 2.    Where the vehicle buyer fails to partially or fully fulfill its
repayment obligations and responsibilities in respect of the loan contract (“overdue repayment by the vehicle buyer”), the overdue repayment status of the vehicle buyer shall not exceed the stage before the [REDACTED] day (“the stage
before the [REDACTED] day”). Where different cooperative financial institutions have different requirements on the time of the disposal stage, MYbank shall separately notify the counter-guarantor by
e-mail or other written notices of the specific time before the start of the cooperation. The counter-guarantor shall promptly take legal collection and assist the vehicle buyer to dispose of the vehicle or
take other appropriate measures, to ensure that cooperative financial institutions receive all unpaid payments from loan contracts in a lump sum at the stage before the [REDACTED] day. Otherwise, MYbank shall have the right to deduct the deductible
working fund from the counter-guarantor’s account (as defined below) from the [REDACTED] day until the above-mentioned agreement obligations are fully fulfilled. 

In addition, since the [REDACTED] day, as long as the aforementioned obligations of the counter-guarantor are not fully fulfilled, the counter-guarantor shall
continue to collect or purchase vehicle ownership from the vehicle buyer to ensure that the cooperative financial institutions receive all unpaid payments from the loan contract of the vehicle buyer in a lump sum. Otherwise, MYbank has the right to
deduct the deposit of the counter-guarantor (as defined below) from the [REDACTED] day until the above-mentioned obligations of the counter-guarantor are fully fulfilled. 

3.    In order to ensure that the counter-guarantor fulfills its obligations, the counter-guarantor shall pay a deposit to MYbank. The
deposit amount shall not be less than the sum of the principal creditor’s right undertaken by MYbank to the cooperative financial institutions as stipulated in Article 1 of this Agreement, and the security deposit amount shall be equal to S (the financing accumulated amount * guarantee proportion). Where the borrower fails to fulfill or fully fulfill the obligations and responsibilities stipulated in the loan contract and/or the guarantee
contract, [MYbank may notify the counter-guarantor to assume the counter-guarantee liability by e-mail through the designated mailbox agreed in Article 1, and deduct the corresponding amount from the deposit
within [REDACTED] working day(s)]. At the same time, the counter-guarantor shall make up the deposit within [REDACTED] working days. Where the counter-guarantor delays the payment of the deposit, the liquidated damages of [REDACTED]% shall be paid
for each day overdue. 

 The security deposit account of MYbank: 

Account name: Cango Financing Guarantee Co., Ltd. 
 Account No.:
[REDACTED] 
 Opening bank: Zhejiang E-Commerce Bank Co., Ltd. (“MYbank”) 

4.    The counter-guarantor shall pay RMB[REDACTED] to MYbank within five working days from the date of signing this Agreement as the
initial deposit. 
 5.    If this Agreement is terminated in accordance with Article 12 and there is still a balance of the deposit,
MYbank will return it to the counter-guarantor within five working days. 
 The collection account of counter-guarantor: 

Account name: Cango Financing Guarantee Co., Ltd. 
 Account No.:
[REDACTED] 
 Opening bank: Zhejiang E-Commerce Bank Co., Ltd. (“MYbank”) 

6.    The security deposit deposited by the counter-guarantor in MYbank is an agreed deposit, which pays interest quarterly, and the
interest is calculated and paid according to the benchmark annual interest rate of the current agreed deposit announced by the People’s Bank of China. If the People’s Bank of China adjusts the benchmark interest rate of the agreed deposit
during the contract period, the interest of the deposit shall be calculated and paid at the adjusted benchmark interest rate. 
 V. Subordination of
Creditor’s Right 
 The counter-guarantor hereby irrevocably and unconditionally agrees that any creditor’s right or recourse of the
counter-guarantor against the borrower shall be inferior to the creditor’s right or recourse held by MYbank against the borrower, the counter-guarantor does not exercise any rights or claims against the borrower to compete with MYbank. 

VI. Continuing Guarantee 
 The guarantee under this
Agreement is a continuing guarantee and the counter-guarantor shall bear all responsibilities under this Agreement without being affected by any factors, including: 

(1)    Any defects in the rights of MYbank to the borrower; 

(2)    The bankruptcy, takeover, insolvency, liquidation, dissolution, incapacitation or any restrictions of MYbank, the death of the
borrower, counter-guarantor or any other person; 
 (3)    Any other act, event or situation that may affect or discharge this Agreement
or counter-guarantor’s obligations under this Agreement. 

 In addition, if MYbank assumes the guarantee liability in accordance with the guarantee contract, the
counter-guarantor shall fulfill the guarantee liability of the counter-guarantor to MYbank under this Agreement. 
 VII. Statements, Guarantees and
Commitments of Both Parties 
 1.    Both parties are legally established and legally existing independent civil subjects, have full
civil capacity and all necessary authorizations and rights, and are able to sign this Agreement, fulfill their obligations and bear responsibilities in their own name (the counter-guarantor shall have the business qualification to provide
counter-guarantee). 
 2.    During the validity period of this Agreement, both parties confirm that: (1) All documents, materials
and information provided by both parties to MYbank during the signing and implementation of this Agreement are true, accurate, complete and valid. (2) There are no events between the parties that will have a significant adverse impact on their
financial position and normal operations, and no bankruptcy or liquidation proceedings have been carried out; and (3) Both parties ensure that the qualifications, permits, approvals/licenses, filings/registrations required for the fulfillment
of this Agreement remain valid and up-to-date at all times. 

3.    Except as otherwise provided in this Agreement or as otherwise agreed by the parties, (1) The signing and fulfillment of this
Agreement shall not at any time be deemed to create any joint venture, partnership, joint operation, employment, principal-agent or other legal relationship between the parties that may enable one party to act for or on behalf of the other. Both
parties shall bear all responsibilities relating to the products and/or services respectively in accordance with applicable laws and regulations for their own products and/or services. (2) Neither party shall, without the prior express written
consent of the other party, declare it to be the agent of the other party, to act for or on behalf of the other party, to make any representations, warranties or undertakings for or on behalf of the other party, or to bind the other party to any
contract or otherwise subject the other party to any obligation or liability. 
 VIII. Notification 

All notices, requests, claims, requirements and other communications under this Agreement shall be in writing and delivered by (1) specialized personnel;
(2) postage-paid airmail; (3) postage-paid air express; (4) facsimile; or (5) e-mail, according to actual conditions. All the above notices shall be deemed to have been delivered or
received in accordance with the following provisions: (1) receipt shall prevail in the case of delivery by specialized personnel; (2) on the fifth (5th) day of delivery by post; (3) on the second (2nd) day after entrusting to
reputable express companies; (4) 24 hours after the sending of fax and upon receipt of the relevant electronic confirmation; (5) when the message is sent to the server of the e-mail address designated by
the other party by e-mail. 
 Cango Financing Guarantee Co., Ltd. 

Address: No. 75-1 Jinfeng Street, Shenfu New Area Liaoning Province 

 Zip code: 110172 

Tel: [REDACTED] 
 E-mail:
[REDACTED] 
 Recipient: Luo Gu 
 Copy: [REDACTED] 

Zhejiang E-Commerce Bank Co., Ltd. (“MYbank”) 

Address: 15-17/F, Block 1, Delixi Mansion, No. 28-38 Xueyuan Road, Xihu
District, Hangzhou, Zhejiang Province 
 Zip code: 310012 
 Tel:
[REDACTED] 
 E-mail: [REDACTED] 

Recipient: Pan Junjie 
 Copy: [REDACTED] 

If one party changes its address during the validity term of this Agreement, it shall immediately notify the other party in writing. 

IX. Confidentiality 
 1.    Unless
otherwise provided in this Agreement or otherwise agreed by both parties, one party shall keep confidential the contents of the other party’s transactions, business, finance, technologies, product information, trade secrets, licenses or other non-public documents or information (whether marked as confidential or not) (“confidential information”) and shall not disclose it to any third party other than this Agreement without the prior written
consent of the source of the confidential information, and reproduce and use the confidential information only for the purposes of this Agreement, but the following circumstances are not subject to the foregoing restrictions: (1) disclosure of
the confidential information to any regulatory authority (such as tax authorities), judicial and/or relevant exchange listing rules, or judicial proceedings arising out of this Agreement for legal use (provided that the disclosing party shall
discuss with the other party the scope and manner of disclosure at a reasonable time prior to disclosure and let the informed party keep it confidential as much as possible); (2) disclosure of the confidential information to professional advisers
when the other party has to know the confidential information in order to fulfill this Agreement (provided that the professional advisers shall comply with the secrecy provisions of this article); (3) public knowledge of the confidential information
for reasons beyond the control of both parties; (4) disclosure of the confidential information to MYbank, the counter-guarantor and the related parties of the above-mentioned parties that have to know the confidential information in order to
fulfill this Agreement; (5) under the written consent of the disclosure or use of confidential information. 

 2.    Except as otherwise provided in this Agreement or otherwise agreed by both
parties, the terms and conditions of this Agreement, the existence of this Agreement and any documents related to this Agreement shall belong to confidential information. If the counter-guarantor intends to disclose the above-mentioned information
through any public channel (including but not limited to the electronic platform, applications, news media, marketing materials or other means operated by the counter-guarantor), it shall consult with MYbank in advance to confirm the disclosure
scheme. 
 3.    Except as otherwise provided in this Agreement or otherwise agreed by both parties, for all information and data
provided by either party to the other party in this Agreement, if it involves the proprietary data and information of the disclosing party and its related parties (including but not limited to customer information, technical information, business
information, know-how, corporate business model, business plan, financial budget and model, computer programs, source code, algorithms, among others), the ownership belongs to the disclosing party and its
affiliated parties, and this Agreement does not transfer any ownership of any proprietary data and information, and one party shall not provide the proprietary data and information provided by the other party to a third party, otherwise, such party
shall be liable for the losses caused to the other party. 
 X. Liabilities for Breach of Contract 

1.    During the term of this Agreement, if either party violates the Chinese laws or any content hereof, it shall constitute a breach of
contract. 
 2.    In the event of a breach of contract by either party, the other party has the right to terminate this Agreement and
investigate the breaching party’s liability for breach of contract and damages in accordance with law. 
 XI. Force Majeure 

1.    In the event of an earthquake, typhoon, flood, fire, military campaign, strike, riot, war, or other unforeseeable force majeure event
(“force majeure event”) beyond the reasonable control of the counter-guarantor, the counter-guarantor shall immediately notify MYbank without delay and provide details and supporting documents of such events within fifteen (15) days
after the notification, and explain the reasons for the inability or delay in the fulfillment of all or part of his obligations under this Agreement. The two parties shall find and implement a solution acceptable to both parties to the agreement
through consultation. 

 2.    In the event of an event of force majeure, the party affected by force majeure
shall not be responsible for any damage, cost increase or loss suffered by the other party as a result of the failure or delay in the fulfillment of its obligations under this Agreement due to an event of force majeure, and such failure or delay in
the fulfillment of this Agreement shall not be deemed as a breach of this Agreement. The party affected by force majeure event shall take appropriate measures to reduce or eliminate the influence of the force majeure event, and attempt to resume the
performance of the obligations delayed or hindered by the event within the shortest possible time. If an event of force majeure or the influence of an event of force majeure hinders one or both parties from fulfilling all or part of their
obligations under this Agreement for more than one (1) month, the party not affected by force majeure shall have the right to request termination of this Agreement and waive part of its obligations under this Agreement or delay the fulfillment
of this Agreement. 
 XII. Entry into Force, Modification and Termination of the Agreement 

1.    This Agreement shall enter into force from the date on which the counter-guarantor and MYbank affix the official seal, until
(1) the counter-guarantor has completed the counter-guarantee obligations agreed upon by MYbank; (2) the guarantee period of the counter-guarantee expires, whichever is earlier. 

2.    Any alterations to this Agreement shall be agreed upon by both parties through consultation and shall be made in writing. 

3.    This Agreement may be terminated by mutual agreement or by MYbank through giving notice in writing to the counter-guarantor 30 days
in advance. 
 4.    Without the consent of MYbank, the counter-guarantor shall not transfer any of its rights and/or obligations under
this Agreement to any third party. 
 5.    Without prejudice to other provisions in this Agreement, this Agreement shall be legally
binding on both parties and their respective successors and assignees generated in accordance with the law, provided that the successors and assignees of the counter-guarantor shall have the qualification of financing guarantee business. 

XIII. Governing Law and Dispute Resolution 

1.    The conclusion, effectiveness, performance, alteration, interpretation and termination of this Agreement shall be governed by Chinese
laws. 
 2.    In case of any dispute arising from the contents of this Agreement or its implementation, both parties shall try their
best to solve it through friendly negotiation; if the negotiation fails, either party may file a lawsuit to Xihu District Court of Hangzhou, China. 

XIV. Supplementary Provisions 

1.    The titles of this Agreement are set up for the convenience of reference only and shall not affect the interpretation hereof. 

2.    This Agreement is made in six copies, with each party holding three copies, each of which has the same legal effect. 

[No text below] 

 [Signature page of Automobile Finance Project Counter-guarantee Agreement] 

Cango Financing Guarantee Co., Ltd. 
 Seal: [Cango Financing
Guarantee Co., Ltd.] (Seal) 
 Zhejiang E-Commerce Bank Co., Ltd. 

Seal: [Zhejiang E-Commerce Bank Co., Ltd. 3301060106867] (seal) 

March 24, 2020EX-4.21

 Exhibit 4.21 

Certain information in this document identified by brackets has been omitted because it is both not material and would be competitively harmful if publicly
disclosed. 
 Puxi Branch of Bank of Shanghai Co., Ltd. 

Shanghai Chejia Financing Lease Co., Ltd. 

Shanghai Cango Investment and Management Consultation 

Service Co., Ltd. 

Personal Consumer Loan Business 

Cooperation Agreement 

July 2018 
 Shanghai, China 

 Party A: Puxi Branch of Bank of Shanghai Co., Ltd. (Hereinafter referred to as “Party A”) 

Address: Building 2, No. 595 Caoxi North Road, Xuhui District, Shanghai 

Legal representative (responsible person): Wang Ming 
 Tel:
[REDACTED] 
 Party B: Shanghai Chejia Financing Lease Co., Ltd. (Hereinafter referred to as “Party B”) 

Address: 16/F, Building 2, Youyou Century Square, No. 428 Yanggao South Road, Lujiazui Finance & Trade Zone, China (Shanghai) Pilot Free Trade
Zone 
 Legal representative (responsible person): Zhang Xiaojun 

Tel: [REDACTED] 
 Party C: Shanghai Cango Investment and
Management Consultation Service Co., Ltd. (Hereinafter referred to as “Party C”) 
 Address: Room 418, Building 13, No. 258 Juxun Village,
Chengqiao Town, Chongming County, Shanghai 
 Legal representative (responsible person): Zhang Xiaojun 

Tel: [REDACTED] 

  
 1 

 Chapter I General Provisions 

Article I. Party A is a financial institution approved to engage in various credit businesses, including personal consumer loan business, and can
provide personal consumer loans to eligible retail customers. 
 Article II. Party B is a financial leasing company approved to engage in the
automobile financial leasing business, with rich industry experience and business network. 
 Article III. Party C is a company with rich experience
in providing system support and various loan services to enterprises in the field of automobile consumption. 
 Article IV. Party A, Party B and
Party C wish to, through cooperation, make use of their respective advantages to better provide financial services for automobile retail loans to eligible retail customers. 

Chapter II Basic Definitions 
 Article
V. “Personal consumer loan”: refers to the “Shanghai Chejia automobile financial leasing consumer loan” which Party A, Party B and Party C agreed to cooperate on. 

Article VI. “Retail customer”: means the borrower specified in the loan contract who is recommended by Party C and finally approved by Party
A and Party B. 
 Article VII. “Loan-related person”: refers to the co-borrower and the guarantor. Co-borrower means a natural person who jointly assumes the obligations of retail customers under a loan contract and whose signature is a necessary condition for a retail customer to obtain a loan (the natural
person includes the spouse of a retail customer). Guarantor means any party which, under a loan contract, guarantees or/and indemnifies a retail customer for its repayment obligation or liability for satisfaction, and the other party that has
assumed the rights and obligations of the guarantor through assignment or legal enforcement. 
 Article VIII. “Party A’s acceptance
condition”: means the condition under which Party A accepts a retail customer’s loan application, which may be amended by Party A from time to time. However, any amended condition shall be notified to Party B and Party C in writing.

 Article IX. “Loan application materials”: refer to the materials and documents containing the name of a retail customer and other
relevant information submitted to Party A through the channels and in the forms recognized by Party A. 
 Article X. “Leased vehicle”:
means the vehicle leased under the personal financial leasing consumer loan pursuant to the loan contract. 
 Article XI. “Loan contract”:
means a contract signed by Party A with the retail customer, the co-borrower (if any) and the guarantor (if any), whereby Party A provides financial leasing consumer loan for the retail customer and the
loan-related person. 

  
 2 

 Article XII. “Interest rate”: means the loan interest rate applicable to the personal
consumer loan of a retail customer under a loan contract, including but not limited to normal loan interest rate and overdue loan interest rate. 

Article XIII. “Interest”: refers to the amount that a retail customer shall pay to Party A according to the applicable loan interest rate
under a loan contract, including but not limited to normal interest and overdue interest (default interest). 
 Article XIV. “Debtor”:
means a person who is obligated to pay off debts to Party A and Party B based on a loan contract and mortgage contract, including but not limited to borrower (retail customer), co-borrower, guarantor and
other loan-related person. 
 Article XI. “Repayment date”: refers to the date when the retail customer actually repays the relevant
payables under the loan contract to Party A. 
 Article XVI. “Dealer”: means an automobile dealer who sells a leased vehicle to a retail
customer and issues a purchase invoice in its own name based on the retail automobile demand of the retail customer. 
 Article XVII. “Purchase
price”: refers to the price actually paid by the vehicle purchaser when buying the vehicle at the dealer’s premises (excluding various additional taxes, fees and premiums). 

Article XVIII. “Market guidance price”: refers to the suggested sales price set by the automobile manufacturer according to the market
conditions when the automobile leaves the factory. 
 Article XIX. “Automobile accessories”: refer to navigation equipment, physical
accessories such as exterior film and charging device, as well as intangible accessories and services such as extended automobile warranty and automobile insurance. In this Agreement, it refers to the automobile purchase tax that shall be paid
according to the national regulations, insurance fees agreed by the insurance company and automobile positioning equipment. 
 Article XX. “Loan
account”: refers to the account opened by Party B with Party A for receiving the automobile financial leasing consumer loan, specifically: 

Account name: Shanghai Chejia Financing Lease Co., Ltd. 

Account number: [REDACTED] 
 Deposit bank: Luwan Sub-branch of Bank of Shanghai 
 Article XXI. “Repayment account”: refers to the account opened by Party
B with Party A for collecting loan repayment funds. This account is supervised by Party A, and Party A deducts funds for repayment according to the personal customer repayment plan generated in its own system, specifically: 

Account name: Shanghai Chejia Financing Lease Co., Ltd. 

Account number: [REDACTED] 
 Deposit bank: Luwan Sub-branch of Bank of Shanghai 

  
 3 

 Chapter III Definitions of Products 

Article XXII. Shanghai Chejia automobile financial leasing consumer loan (hereinafter referred to as “consumer loan” or “this consumer
loan”) refers to the financial leasing relationship between the retail customer and Shanghai Chejia. At the same time, Party B shall apply to Party A for consumer loan to pay the financial leasing amount. The purpose of the loan is limited to
the payment of financial leasing amount. 
 Article XXIII. Loan limit 

(I) In this consumer loan, the loan limit of a single automobile financial leasing consumer loan shall be RMB[REDACTED], and the maximum amount shall be
RMB[REDACTED], and shall not exceed [REDACTED]% of the value of the purchased leased vehicle; the maximum amount of a single financial leasing consumer loan for accessories shall be RMB[REDACTED], and shall not exceed [REDACTED]% of the value of the
purchased leased vehicle. 
 (II) The value of the leased vehicle under this consumer loan shall be determined according to the actual purchase price or the
market guidance price, whichever is lower. 
 Article XXIV. Loan period 

The loan period of this consumer loan shall be [REDACTED] year at the minimum and not exceed [REDACTED] years at the maximum, which shall be subject to the
time limit specified in the financial leasing consumer loan contract approved by the retail customer and Party A. 
 Article XXV. Loan interest rate

 (I) The interest of the loan is calculated at a fixed interest rate, and the interest rate shall not be adjusted during the loan term; 

(II) The interest rate of the loan shall be the rate specified in the loan contract signed with the borrower; 

(III) The date of interest rate selection shall be the value date; 

(IV) The penalty interest rate of overdue loan shall be [REDACTED]% higher than the loan interest rate. 

Article XXVI. Repayment method 
 (I) This consumer loan
adopts the repayment method of average capital plus interest on a monthly basis, and the repayment date is the corresponding date of the loan date; 
 (II)
This consumer loan only supports full prepayment; 
 (III) The grace period for this overdue consumer loan is [REDACTED] natural days; 

(IV) This consumer loan shall not be subject to the penalty for prepayment. 

  
 4 

 Chapter IV Loan Acceptance 

Article XXVII. The list of application materials required by the retail customer under this consumer loan project shall be formulated by Party A. Party
A shall entrust Party C to receive all paper and electronic materials required by retail customers and loan-related persons, and ensure all materials are consistent with the loan application materials submitted to Party A; Party C shall ensure the
quality of all customer information provided to Party A. In case of any loss caused to Party A due to any problem in the authenticity, legality, compliance and consistency of the customer information provided by Party C, Party C shall be responsible
for compensation within [REDACTED] workdays. 
 Article XXVIII. Party C shall ensure that any document that needs to be signed by retail customers
and loan-related persons shall be signed in person. 
 Article XXIX. Party A shall be responsible for verifying whether the loan requirements or
information of retail customers involved in the loan application materials are true or accurate. 
 Chapter V Loan Approval 

Article XXX. Party A shall formulate the loan approval policy under this consumer loan, including the access, credit granting and relevant data
elements of contract signing of retail customers (see Appendix 2 for details). Party A shall entrust Party C to be responsible for screening the loan application materials according to the above policy. Party C shall timely submit to Party A the
information of retail customers and loan-related persons that are deemed to meet the acceptance conditions of Party A after screening for approval through system connection. After receiving the application for approval submitted by Party C, Party
A’s system shall conduct pre-approval and formal approval in a timely manner. Party A shall examine the loan application materials independently and without any influence from any party, and shall have
the right to decide whether to finally approve the application at its own discretion, and notify Party B of the examination decision through system connection. Party A’s examination decision shall be the final reply decision of the loan
application. 
 Article XXXI. Both parties agree that the number of pre-approval applications of each retail
customer shall be [REDACTED], and the period of validity for pre-approval shall be [REDACTED] natural days, subject to the system control of Party A and relevant agreements in Appendix 2. 

Article XXXII. Where Party A makes any change or adjustment to the loan approval policy under this consumer loan, it shall notify Party C in writing.
In case of any discrepancy between Party A and Party C with respect to the change of the loan approval policy, a separate negotiation shall be conducted. 

  
 5 

 Chapter VI Contract Signing and Loan Granting 

Article XXXIII. The loan application finally approved by Party A shall be deemed as a business deal under this consumer loan. For each loan application
finally approved by Party A, it shall ensure that Party B has signed the Vehicle Financial Leasing Contract and Mortgage Contract with retail customers and loan-related persons, specifying that the retail customers shall handle the automobile
financial leasing business. All business formalities shall be completed. Party A shall sign the Financial Leasing Consumer Loan Contract and receipt for a loan with retail customers and loan-related persons, clarifying that the loan purpose is only
limited to the payment of financial leasing. Retail customers and loan-related persons shall be obligated to repay the loan to Party A, and Party A shall enjoy the rights and interests corresponding to the loan. 

Article XXXIV. Party A shall entrust Party C to sign relevant legal documents with retail customers and loan-related persons, and ensure that any
document that needs to be signed by retail customers and loan-related persons shall be signed in person. 
 Article XXXV. For the loan application
finally approved by Party A, Party A agrees to apply for the online digital certificate and sign the contract through the Anxinsign platform certified by CFCA, or sign the paper contract. The paper contract and the electronic contract shall have the
same legal effect, and the contract party applied by Party A on the Anxinsign platform shall be Luwan Sub-branch under the jurisdiction of Party A. Party A authorizes Party B to sign the Financial Leasing
Consumer Loan Contract with the above-mentioned retail customers in the name of Luwan Sub-branch under the jurisdiction of Party A within the validity period of the single loan contract, which shall take
effect immediately after being signed. During the cooperation period, if Party B signs a contract with a retail customer whose loan application was not approved by Party A in the name of Luwan Sub-branch under
the jurisdiction of Party A, or if Party B signs any legal document without Party A’s consent in the name of Party A, Party B shall bear the legal liabilities arising therefrom and compensate Party A for all losses. 

Article XXXVI. Party A shall entrust Party C to conduct a preliminary review of the loan granting materials to ensure that all the formalities for
offline contracting by retail customers and loan-related persons have been completed, including but not limited to confirming that the financial leasing business between Party B and retail customers has been completed, confirming that retail
customers have completed relevant formalities such as signing of loan contracts, and being responsible for the authenticity of loan granting materials. After being approved, Party B shall automatically transmit the loan application to Party A
through the system, and Party A shall notify Party B of the loan approval result through the system after approving the loan. Where retail customers fail to complete the online/offline contracting or relevant information is incomplete or untrue, but
Party B has sent the loan application to Party A and is granted with loan, Party B shall bear all the losses incurred to Party A. 
 Article XXXVII.
For the loan that has been approved by Party A for final disbursement, Party A shall directly pay the loan to the “loan account” opened by Party B. Party A shall ensure that all the loans that have passed the granting approval are paid
to the loan account of Party B in full before 18:00 every day, and Party B shall not send loan granting applications to Party A after 18:00 every day. The system of Party A shall automatically control the repayment date of the loan application on
the 29th, 30th and 31st of each month as the 27th. 

  
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 Article XXXVIII. Under any loan, the rights and obligations of Party A and retail customers and
loan-related persons shall comply with the provisions of the Financial Leasing Consumer Loan Contract. 
 Chapter VII Repayment 

Article XXXIX. When retail customers repay this consumer loan upon maturity, ahead of maturity or overdue, they shall deposit the repayment fund into
the repayment account designated by Party A within the time limit specified in the loan contract by itself or entrusting a third-party payment company. 

Article XL. Party A shall deduct the repayment funds of retail customers from the repayment account on the agreed repayment date of this consumer loan
or after receiving the repayment application from retail customers, and realize the recovery of the principal and interest of each consumer loan. 

Article XLI. Party A shall notify Party B of the repayment result of retail customers and other information in a timely manner after the repayment is
completed. 
 Chapter VIII Credit Investigation Management 

Article XLII. Party A shall entrust Party C to be responsible for signing the written authorization (hereinafter referred to as the
“authorization”, see Appendix 3 for details) in person and legally by retail customers and loan-related persons (borrower, co-borrower (if any), guarantor (if any) indicated in relevant loan
application materials. The authorization enables Party A to legally disclose and inquire about relevant information of the borrower, co-borrower (if any) and guarantor (if any) to the personal credit
information basic database of the People’s Bank of China and other relevant government agencies, public security organs, procuratorate and courts, and use such information to the extent permitted by laws, regulations, rules and other normative
documents. 
 Article XLIII. In the case of obtaining the above-mentioned authorization, Party A may separately submit and inquire about relevant
information of the borrower, co-borrower (if any), guarantor (if any) and guarantor’s spouse (if any) to the personal credit information basic database of the People’s Bank of China and other
relevant government agencies, public security organs, procuratorate and courts, and use such information to the extent permitted by laws, regulations, rules and other normative documents. 

Article XLIV. All parties agree that Party A shall report the personal credit information of retail customers and loan-related persons to the
People’s Bank of China, and Party B shall actively cooperate with Party A in handling customer objections, and timely feedback the handling results to Party A. 

Chapter IX Operation Quality Guarantee Measures 

Article XLV. Party C shall assist Party A in completing post-loan management, and shall be responsible for
front-end customer acquisition, follow-up call and system building under this consumer loan, and undertake operation quality guarantee for the above-mentioned work. 

  
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 Article XLVI. Party B shall ensure that it shall not release the mortgage relationship with retail
customers before the consumer loan of retail customers is settled. 
 Article XLVII. If a single retail customer fails to repay or repay the
principal and interest of the loan in full amount for two consecutive periods, or fails to pay the loan due date (including acceleration of maturity) within [REDACTED] days after the loan is due, or in case of any other default under this Agreement,
Party B shall, within [REDACTED] days after the occurrence of the default, return the remaining outstanding principal and interest and default interest in a lump sum in advance. The total amount of the remaining loan principal and interest payable
and the repayment order shall be subject to the accounting in the system of Party A or the agreement in the loan contract. The differences in default interest receivable caused by systems of Party A, Party B and Party C shall be checked by the three
parties on a monthly basis, and the differences shall be included in the cooperative management remuneration. Party C shall issue relevant VAT invoices to Party A. (See Appendix 7 for specific payment methods and procedures). In case of any dispute
between retail customers and Party B, Party B shall not be affected to refund the financial leasing amount. 
 Article XLVIII. Party B shall deposit
a certain amount of fund as the security deposit for the project in order to guarantee Party B’s performance of the obligations required by the operation quality guarantee measures. The initial security deposit for the project shall be
RMB[REDACTED]. With the expansion of the project scale, the security deposit shall be increased by RMB[REDACTED], which shall be subject to the written consent of the three parties. The margin is deposited into the margin account opened by Party B
with Party A (account name: Shanghai Chejia Financing Lease Co., Ltd., account number: [REDACTED]). 
 Chapter X Post-Loan Management

 Article IL. After the granting of this consumer loan, Party C shall be responsible for all customer service, and retail customers shall not
apply for changing the loan period, loan interest rate and other services. 
 Article L. Party C shall assist Party A in completing the post-loan
management of this consumer loan. Party C shall be mainly responsible for post-loan services for retail customers, follow-up call, overdue collection, disposal of
non-performing loans and post-loan data sharing. Party A shall be mainly responsible for loan fund monitoring, loan data spot check, loan risk monitoring and post-loan data analysis. 

Article LI. Party B shall submit business and risk reports to Party A on a quarterly basis, including: total balance of the Company’s loan,
overdue balance and NPL balance; cooperation between the Company and other financial institutions; review and approval, risk exposure and risk prevention and control measures during the reporting period; post-loan collection and measures during the
reporting period. 
 Article LII. Party B and Party C shall not publicize the information in the name of Party A, or collect interest from customers
in any form, and guarantee the security of customer information. 

  
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 Article LIII. Party A, Party B and Party C shall hold regular working meetings. The contents of
meetings shall cover the current development of the business, the objective plan for the next stage and development strategies (including but not limited to the amount of consumer loans, product allocation plan, access standard of customer and
borrower, collection measures and disposal of NPL). The meetings shall be mainly in the form of teleconference and on-site meeting, which shall be held at least once every quarter. 

Article LIV. Within the scope permitted by applicable laws and subject to regulatory compliance requirements, Party C shall provide Party A with all
post-loan data within 60 days. 
 Article LV. Party B shall send the consumer loan application reconciliation statement to Party A for system check
every day. 
 Article LVI. Party A shall entrust Party C to conduct a verification follow-up call every
quarter (the list shall be provided by Party A), and fill in the Batch Cluster Loan Follow-up Record Book (see Appendix 4), register the Post-loan Verification
Follow-up Call Ledger of Personal Loans (see Appendix 5), and send the materials to Party A after completion. Party A shall randomly check on the follow-up of Party
C. 
 Party C’s inspectors shall check the borrower and its loan information according to the system information, including but not limited to the
following aspects: 
 1. Check the name and confirm whether the loan is applied for by the borrower himself; 

2. Check the products purchased and confirm whether the loan purpose is consistent with the credit purpose; 

3. Check the information of the borrower, and confirm the occupation, income, repayment intent of the borrower. 

Article LVII. Party A shall conduct a spot check on the archives kept by Party C at the beginning of each quarter (the list shall be provided by Party
A), and fill in the Spot Check Record of Batch Cluster Loan Archives (see Appendix 6). 
 Article LVIII. Party A shall monitor this consumer
loan on a monthly basis, track, analyze and assess the asset quality of the business, and pay special attention to the following two situations: 
 1.
Whether to touch the warning line agreed in this Agreement. When the refund rate of financial leasing loan of the project (refund rate of financial leasing loan = full refund amount/ (loan balance + full refund amount) reaches [REDACTED]%, it is the
warning line of the project. In case of touching the warning line, Party A shall issue a risk alert, make an appointment with Party B, analyze the cause of default risk, and increase the monitoring frequency to once a week. 

  
 9 

 2. Whether to touch the cooperation suspension line agreed in this Agreement. When the refund rate of
financial leasing loan of the project reaches [REDACTED]%, the acceptance of new business shall be suspended. In case of touching the cooperation suspension line, Party A shall issue a risk alert, make an appointment with Party B, suspend relevant
new business and deal with the aftermath according to the cooperation agreement. If the refund rate of financial leasing loan drops to below [REDACTED]% after the suspension of business, Party A, Party B and Party C may re-open business cooperation after assessing the overall risk of the project. 
 Chapter XI Loan
Collection 
 Article LIX. Party A shall entrust Party C to collect the loan, and Party C shall formulate different collection strategies and
implementation rules according to the overdue days of the loan. Collection methods include but are not limited to collection via SMS, collection via telephone,
door-to-door home visit, mandatory vehicle recovery and vehicle disposal and realization. Party C shall urge retail customers to repay the loan in time, and keep abreast
of the changes in the economic capability, repayment willingness and credit status of retail customers in time. 
 Article LX. Party C shall provide
Party A with the overdue collection report under this consumer loan on a quarterly basis, and feedback the collection effect (such as overdue rate and roll rate) and introduction to the collection, and Party A shall evaluate it. 

Chapter XII Settlement of Expenses 

Article LXI. Party A shall collect interest, penalty interest and relevant fees for each consumer loan according to the provisions of the loan
contract. 
 Article LXII. As Party C provides Party A with financial consulting management services, Party A shall pay Party C the cooperation
management remuneration. Once the principal of this consumer loan is issued in accordance with the loan contract, Party C shall have the right to obtain cooperation management remuneration under this clause. Party C shall issue relevant special VAT
invoices to Party A. (See Appendix 7 for specific payment methods and procedures) 
 Article LXIII. Party A shall pay Party C the cooperation
management remuneration according to the following charging standard formula: cooperation management remuneration = total interest actually deducted in the previous month at the interest rate in the loan contract - total interest calculated in the
previous month at the annualized interest rate of [REDACTED]%. 
 Chapter XIII Cooperation Commitment 

Article LXIV. Party A, Party B and Party C are equal subjects of civil rights and obligations, and the three parties shall jointly manage each loan. If
the other two parties suffer direct losses due to the fault of one party, the losing party shall have the right to claim compensation from the defaulting party who shall bear a certain proportion of liability for damages according to the degree of
fault. 
 Article LXV. Party B and Party C shall timely, accurately and completely transmit to Party A the relevant information and data under the
project, including but not limited to the loan application materials and repayment information, as well as handle other loan-related matters as instructed by Party A. 

  
 10 

 Article LXVI. During the term of performance of this Agreement, Party B and Party C shall manage the
underlying credit assets under this project in accordance with their generally applicable credit management procedures and the terms and requirements of applicable laws, and cooperate with Party A in reviewing and auditing the credit assets granted
by Party A. 
 Article LXVII. For each personal consumer loan, the cooperative relationship between Party A, Party B and Party C shall take effect
from the time of granting each loan to the time when the loan is settled. Unless agreed by the three parties in writing, such cooperative relationship shall not be terminated in advance. If the loan has not been settled upon expiration of the term
of this Agreement, the cooperative relationship under this loan shall be terminated upon settlement of loan. 
 Article LXVIII. Party A, Party B and
Party C agree that the information and data related to the approval, granting, repayment and risk control of this personal consumer loan shall be timely delivered to the other party through the electronic data interchange system jointly established
by the three parties. The three parties shall jointly formulate the format of application data list, sending and receiving methods and data review rules and methods required by retail customers under this project. After the three parties reach an
agreement on the format of application data list, sending and receiving methods and data review rules and methods, any party shall not amend at will without the written consent of three parties. 

Article LXIX. Party A, Party B and Party C shall ensure that the information is released in the form of communication and negotiation in advance. 

Article LXX. Party A, Party B and Party C shall be obligated to keep confidential the business secrets and customer information of any party during the
business cooperation, except for the cooperation required by laws, regulations and competent authorities. 
 Article LXXI. The three parties shall
separately reach an agreement on and implement the handling mechanism in case of system abnormality or inconsistency of data between the two parties. 

Article LXXII. Party A, Party B and Party C shall discuss the control scope, transmission mode and use scope of information security together during
the information sharing process, and shall not provide corresponding shared information to the fourth party. 
 Chapter XIV Liability for
Breach of Contract 
 Article LXXIII. After this Agreement takes effect, in case of the following circumstances to any party, the other two
parties shall have the right to identify its breach and require it to bear the compensation liability arising from its breach: 
 1. In case of non-performance or non-full performance or violation of the obligations agreed upon in this Agreement, it shall bear corresponding liability for breach of contract and
compensate for the losses caused to the other party; 

  
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 Article LXXIV. After this Agreement takes effect, if any of the following circumstances occurs to any
party, both parties may negotiate whether to change or terminate this Contract: 
 1. Any other material adverse changes occur due to its own status, which
has affected or may affect its ability to perform various obligations under this Agreement; 
 2. Closing of business; 

3. Being dissolved, suspended for rectification, revoked of business license or cancelled. 

Article LXXV. If the enactment or change of any law or regulation or any change in the interpretation or application thereof has shown or will show
that the performance by any party of its obligations under this Agreement is unlawful so that this Agreement may not be performed, Party A, Party B and Party C shall communicate in a timely manner, adjust the cooperation model, and the three parties
shall not bear any liability for breach of contract. 
 Chapter XV Dispute Resolution 

Article LXXVI. If any dispute arising from the performance of this Agreement cannot be settled through negotiation, such dispute shall be submitted to
the People’s Court of Shanghai Pudong New District for litigation. 
 Chapter XVI Information Exchange 

Article LXXVII. Any notice, request or other communication given or made under this Agreement shall be delivered in the written form (including
registered mail, courier, fax, electronic data interchange system, e-mail). For any notice delivered by registered mail or courier, the delivery date shall be the date of receipt by the recipient; by fax, the
delivery date shall be the date when the sender send a complete fax report; by electronic data interchange system, the time of entry of electronic data into the system shall be deemed as the arrival time; by
e-mail, the delivery date shall be the date on which the recipient receives it. 
 Article LXXVIII. The
communication information of the three parties shall be separately agreed upon. If it is necessary to change the relevant communication information, the changing party shall notify the other two parties in writing 15 workdays in advance. Otherwise,
the other two parties shall have the right to continue to notify the other party according to the original contact person and contact information, and the changing party shall be liable for all consequences caused thereby. 

  
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 Article LXXIX. The respective contacts of the parties are confirmed as follows: 

 

											
	 Partnerships
	  	 Name
	  	 Address:
	  	 Tel.
	  	 Mobile
	  	 E-mail

	 Party A
	  	Du Haiyan	  	 2/F, Bank of Shanghai,

No. 369 Fuxing Middle Road
	  	[REDACTED]	  	[REDACTED]	  	[REDACTED]
	  	Cao Sanmei	  	 2/F, Bank of Shanghai,

No. 369 Fuxing Middle Road
	  	[REDACTED]	  	[REDACTED]	  	[REDACTED]
	  	He Wei	  	 2/F, Bank of Shanghai,

No. 369 Fuxing Middle Road
	  	[REDACTED]	  	[REDACTED]	  	[REDACTED]
	 Party B
	  	Song Zhipeng	  	 16/F, Building 2,

Youyou Century Square,
 No. 428
Yanggao South Road
	  	[REDACTED]	  	[REDACTED]	  	[REDACTED]
	  	Ni Cheng	  	 19/F, Building 2,

Youyou Century Square,
 No. 428
Yanggao South Road
	  	[REDACTED]	  	[REDACTED]	  	[REDACTED]
	 Party C
	  	Yan Min	  	 16/F, Building 2,

Youyou Century Square,
 No. 428
Yanggao South Road
	  	[REDACTED]	  	[REDACTED]	  	[REDACTED]

 The application scope of the aforesaid address for service includes the non-litigation
stage and the first instance, second instance, retrial and execution procedure after the dispute enters the litigation procedure. 

Chapter XVII Effectiveness, Alteration, Rescission and Termination 

Article LXXX. This Agreement shall come into effect after being signed by the legal representatives (responsible persons) or authorized representatives
of the three parties and affixed with the Company’s seals. 
 Article LXXXI. In case of any discrepancy between this Agreement and any prior
agreements signed by the three parties with respect to the business cooperation, this Agreement shall prevail. 
 Article LXXXII. The term of
cooperation under this Agreement shall be from on [ ], 2018 to December 31, 2019. If any party fails to raise any objection to the other two parties within 90 days prior to the expiration of the term of cooperation, the term of cooperation
under this Agreement shall be automatically extended by 3 years. Upon the expiration of the extended term of cooperation, the automatic renewal rules shall still be implemented in accordance with the above-mentioned provisions, with no limit on the
number of times. 
 Article LXXXIII. During the term of this Agreement, the three parties shall have the right to terminate this Agreement in written
notice to the other two parties (90) days in advance. This Agreement is terminated with the written consent of the three parties, provided that the termination of this Agreement shall not relieve any party of its obligations and liabilities to
the other two parties under this Agreement. 

  
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 Article LXXXIV. If the effectiveness or legality of the cooperation is involved due to changes in
laws and regulations or policies of government regulatory authorities, the three parties have the right to terminate the cooperation and this Agreement immediately. 

Chapter XVIII Supplementary Provisions 

Article LXXXV. This Agreement shall be written in Chinese in [six] copies, with each party holding [two] copies and each copy having the same legal
effect. 
 Article LXXXVI. The appendixes under this Agreement shall be an integral part and have the same legal effect. The contents in the
appendixes can be adjusted according to the subsequent business operation (see Appendix 8 for details). 
 Article LXXXVII. After this Agreement
comes into effect, the Cooperation Agreement on Personal Consumer Loan between Bank of Shanghai and Shanghai Chejia (contract No.:     ) signed by Party A, Party B and Party C in April 2018 shall be annulled at the same
time, and the business during the period shall not become invalid. 
 (No text below) 

  
 14 

 (Signature page below without text) 

 

					
	 Party A (seal)
  

[Puxi Branch of Bank of Shanghai Co., Ltd.]
	 		 	 Party B (Seal):
  

[Shanghai Chejia Financing Lease Co., Ltd.]

			
	Responsible person or authorized representative: [Wang Ming] (seal)	 		 	Responsible person or authorized representative: [Zhang Xiaojun] (seal)
			
	Date of Signing: July 31, 2018	 		 	Date of Signing: July 31, 2018
			
	 Party C (seal)
  

[Shanghai Cango Investment and Management Consultation Service Co., Ltd.]
	 		 	
			
	Responsible person or authorized representative: [Zhang Xiaojun] (seal)	 		 	
			
	Date of Signing: July 31, 2018	 		 	

  
 15

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