Following on the heels of Ford Credit's approval, General Motors said the China Banking Regulatory Commission (CBRC) had given it the green light to proceed with forming a joint venture with Shanghai Automotive Group Finance to issue car loans. The news comes as car sales wane in the wake of Beijing's effort to tighten credit. Volkswagen and Toyota still await approval to launch their lending programs. GM Acceptance Corp will hold 60% of the finance venture. Plans call for the company to sell both wholesale and retail loans. GM said car financing in China would grow at 70-80% a year. But industry consultants Automotive Resources Asia warned that, with China's car prices falling by up to 12% in two years, some buyers were willfully defaulting on car payments after the value of their purchases fell below their loan principal.