Discount loan

There were real discounts on car loans of banks and car dealerships on the market, literally interrupting each other, shout that they can give a loan on a car much cheaper than the law tells. The buyer has to not only sweat pretty at the phone, choosing a more profitable offer, but also to spend a lot of nerves in order to find out the details of future relations with the bank and the seller of the car. In any case, few of the interlocutors, especially in road stores, were able to support a full -fledged conversation about car loans.

So, the loans specialist in New York Motors Irina in detail presented the newspaper for Ford Motors: “Your initial fee is 70%, after which there will be 4.9% annual rate and plus insurance. The rate is less “legal”, because the bank that gives you a loan draws it up at 9%, and we compensate the bank 4.1% for the year thanks to the Ford Company. ” However, in most firms, the girls on the phone only tried to find out the phone of a potential client for the promise of a loan expert call.

The manager of the credit department of the official Ford dealer, Major, Julia Osipova, explained that Ford Focus has a special program for issuing a loan for 3 years. Raiffeisenbank, MMB and Gazprombank participate in it. The rate is 4.9% per annum with insurance in addition.

At Mazda, Julia promised a loan at only 6%: “These subsidies are provided in the form of a reduced price for a car. That is, overpayment for three years is compensated by a decrease in value. If you buy a car on normal credit conditions of the bank, then overpay about 1 thousand dollars. And if according to this special program, you will get a discount on the price. "

This is done due to the fact that the refinancing rate established by the Central Bank actually prohibits banks to issue a loan at lower interest.

One of the first such a program was really launched by Ford. Now other automakers rushed after him. The latest offer of a “discount” loan can be called a large-scale subsidization of the percentage rate of Renault-Nissan. General Motors Corporation even announced the intention to independently give out loans.

Game with bets

As a rule, the real value of the loan is more expensive than the declared in advertising. But I must admit: schemes have appeared on the market that can reduce the cost of car loan in real, not advertising.

And interest rates can be reduced significantly. There are also magic interest -free car loans.

Naturally, banks have nothing to do with these miracles. The difference is paid by car dealerships or the automakers themselves.

It looks as follows. In the loan agreement, which is signed with the bank, a rate of 9%is indicated. Its value is determined by the Tax Code. Until recently, the market showed a rather tangible scatter of these bets - from 8 to 16% or more. Now the bets are legalized, and competitive dumping of these bets has to be implemented by a discount on the car. And here the main thing is to decide on the loan currency. If it is issued in rubles, explains the vice -president of the Avangard Bank Sergey Tarakanov, then the borrower arises material benefit if he takes a loan at a rate below three quarters of the refinancing rate established by the Central Bank - today it is 12%. And for loans in currency, this level is established by the Tax Code and is equal to 9% per annum. That is why this rate is formally present in the contract with the bank. And the buyer receives the car at a discount, which, in fact, is a reduced credit interest. And as a result of this simple, but quite legitimate “fraud”, the client does not need to report this benefit to the tax inspectorate. Doting occurs in the amount of the difference between those interest that should be accrued at the legislative rate, and the effective rate that is declared advertising. And either the seller, or the manufacturer of equipment, or both jointly, does it. That is, the car as a result will be cheaper to be as much as the difference in these percentages. The correctness of interest count is the case of each car seller.

Installment plan

On the market, there is also an interest -free installment plan, which is offered by several banks. In fact, we are talking about commercial factoring, slightly "twisted" for car loaning individuals. “When factoring, the bank pays in advance in advance to the alleged debt of the client to the car dealership,” says Sergey Tarakanov. “This is beneficial to the bank, if only because the money that is supposed to be paid in the future is much cheaper today due to inflation.” Accordingly, from a client point of view, the installment program is perceived not as factoring, but as an interest -free loan.

New intermediaries

Recently, insurance and credit brokers began to include in the credit chain of the car dealership - the bank - the bank. It is clear that any car is a collateral property that must be safe. Here insurance companies appear. “We will pick you up the bank ourselves,” said Lena’s insurance company Astrobraker, a car loan specialist. - Banks do not have such programs. Only car dealerships have such a program. ” Lena will report details about such an “exclusive” only on condition that you will leave her your phone. This is a risky step, given that the offer may not be so exclusive, but the phone in the database of the insurance company will be preserved for subsequent multiple offers of similar “exclusives”.

“The current institute of brokers is a certain layer that should be freeated sooner or later,” said one of the bankers in an interview with Gazeta, “their activities today are possible only thanks to the weak informative of the consumer. It often happens that credit managers in the car dealership are perceived as bank employees and then claims for their incompetence are presented to us. ”

So, car dealerships earn on their dealer marge, service, and selling additional equipment. And insurers simply pay extra to car sellers. And since, under the conditions of the manufacturer’s guarantee, the buyer has the right to serve a car from any dealer, the loss of a client for the service is quite significant. So they fight for a client of various kinds of brokers, as they can - because this allows not to educate staff, but actually use as their staff of banks.

As you can see, the main insurance of the consumer from errors is to thoroughly understand the sentence, to be competent and vigilant. And do not be too lazy to conduct a whole investigation to find a source of his own benefit hidden in the Bourlane.

05/22/2006 / Lena Tikhomirova, the material was published in the newspaper No. 85 dated 05.23.2006.