Car back to be sold in 60 months

To spawn 15 more days to stock up on vehicles, the concessionaire Palazzo, resale General Motors brand, sell car financed in 60 months, i.e. in five years. And without requiring an entry.
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"We expanded sales by 20% since we started the promotion, for 15 days," says the commercial Director of dealership, Wilson Goes. With three stores in São Paulo, today the network has a stock of vehicles equivalent to 45 days of sales. The normal is 30 days.
Attracted to this promotion, the Secretary Flory Okoro, 31 years and with monthly income of r $ 2.1 million, managed to buy the first car zero kilometer. On Friday of last week, she went to the dealership to get the vehicle. Celta 1.0, 2014 model, fully equipped, with air conditioning, power steering and electric glass was financed in 60 months, no entry and with interest of 0.99% per month.
By car, the deadline will cost $ 41,940, the Secretary will have to shell out $ 699 per month. "This is the portion that fits in my pocket," said the Secretary. In sight, Celta was $ 30,490. That is, interest only, Marcia will spend $ 11,450.
The plan maximum of 42 months, previously offered by the concessionaire, the value of the supply of the Celtic would rise to about $ 1,000. That figure would be incompatible with the income of Marcia, who is single and has a home.
Secure. In the opinion of the Secretary, the 60-month financing is not risky in the sense that there is some problem in the period and that impede the payment of benefits. Anyway, she tried to get insurance offered by the Bank. This insurance guarantees the repayment of benefits for a period of six months, if the holder of the purchase miss the job.
60 month plans without input were those responsible for the recent rise in consumer delinquencies in sales financed automobiles. Therefore, banks and financial decided to disable this type of credit. To prevent against the shell, in addition to short deadlines, financial and banks began to require an entry.
The impact of changes in financing conditions was the exclusion of consumers as Marcia, for insufficient income, could not assume shorter plans of Layaway.
Goes high risk not seeing default rates on back of funds with long maturities, which aim to accelerate the spawning stocks. Now, in your opinion, the banks would be more careful on credit approval. The promotion, according to the Director, is being supported by the Bank of GM and by the concessionaire, which subsidizes most interest. The promotion goes until the end of the month.
Exchange with loose change. In recent weeks, the dealership also rescued the mode of purchasing "Exchange with change." That is, the buyer of the vehicle zero can sell your used and pocketing the money to take over the financing of a new car. "A year ago that we no longer have this promotion," says Goes. But, as inventories of cars used car sales declined, the company decided to resume this practice.
Despite the efforts of retailers to boost sales, the President of the National Association of Automotive vehicle manufacturers (Anfavea), Luiz Moan, says that the total stocks in automakers of vehicles are being considered "absolutely normal."