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Paying very little per month, but after those 4-5 years, when there is such a high remainder, many times the client chooses to change the vehicle and enter the purchasing circuit again." , he points out. Vehicle marketers offer their customers a lower price if financed than if purchased in cash. As author of the III Barometer of ASUFIN consumer loans, Gallardo Sánchez-Toledo emphasizes that, in most cases, financial companies offer better conditions than traditional banks. “In our latest personal loan barometer from June 2021, banks have an average interest rate on loans of up to five years of 8.89% compared to 8.50% for vehicle finance companies.” “Everything is explained by the same thing, this commercial interest means that more risks are assumed (more is granted) and financial advantages are offered,” concludes Gallardo Sánchez-Toledo.
The Bank of Spain puts the magnifying glass on financial companies On December 28, the Bank of Spain announced that it had launched a supervisory action of the entities most active in the marketing of consumer Phone Number Data credit for the purchase of automobiles. The objective of this initiative was to examine the usual practices, procedures and internal controls in relation to this activity, as well as to assess the degree of compliance with the obligations contained in the 16/2011, of June 24, on credit contracts to the consumption , among other regulations. The Bank of Spain detects "weaknesses" in the fulfillment of certain obligations Well, according to the communication issued by the national central bank, the supervisory assessment has shown the “ existence of weaknesses ” in the fulfillment of certain obligations “in terms of transparency and customer protection in relation to financing for the automobile acquisition.
For this reason, the Bank of Spain sent various requirements and recommendations to 14 financial entities (unknown to date) in order to correct the weaknesses detected. “It has to be financed no matter what” Recently, from Preico Jurídicos, through its CEO and founder Raúl Castañeda , they broadcast a video through YouTube , in which this type of “weaknesses” are evident that both financial companies and the commercial agents who serve in the first place incur. terminate customers upon arrival at the dealership. |
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