UPDATE 1-China Auto Rental files for IPO of up to $300 mln

* JP Morgan to underwrite the IPO

* Aims to list ADSs on NYSE under symbol "CARH"

* To use proceeds to repay debts and buy vehicles

Jan 18 (Reuters) - China Auto Rental Inc filed with U.S. regulators on Wednesday to raise up to $300 million in an initial public offering of its American depositary shares (ADS).

The Beijing-based car rental company intends to use the proceeds from the offering to repay debts and buy vehicles, it said in a filing with the U.S. Securities and Exchange Commission.

The company, which competes with Avis Budget Group, expects to list its ADSs on the New York Stock Exchange under the symbol "CARH."

J.P. Morgan Securities will underwrite the IPO, the company said.

The filing did not reveal how many shares China Auto planned to sell or their expected price.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.