After the intervention of the Antitrust, 14 car manufacturers modify their financing offers

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After the intervention of the Antitrust, 14 car manufacturers modify their purchase offers with financing and leasing: the Agency reports this, explaining that it has closed the proceedings concerning FCA, Volkswagen, PSA, Renault, Toyota, Ford, BMW, Mercedes , Hyundai, Kia, Suzuki, Nissan, Honda, MM Automobili who had not clearly provided information on the economic conditions of the purchase offers with financing and leasing “accepting the commitments proposed” by the companies.

According to the Competition Authority – reads the note of the Competition and Market Agency – “the methods of submitting offers to purchase with financing and leasing were omissive and misleading: the low amount of the monthly installment was emphasized or a price that does not include financial charges or expenses, while at the same time relegating essential information on the cost to be borne in sections that are not easy to read ».

Financing is now one of the most popular ways to purchase new cars. Over time, traditional loans characterized by a long duration and an advance of variable amount have been flanked by loans with a final maxirata. More recently, some car manufacturers have begun to offer consumers, as an alternative to the purchase, leasing contracts often lasting three years, structured on the basis of a significant advance, a monthly payment and, in the case of financial leasing, an option. of ransom. “These – explains the note – are rather complex proposals due to the presence of different elements (advance, a number of monthly installments, final maxirate / redemption value), which allow different breakdowns of payments over time”. The commitments presented by the companies – which will concern both digital and traditional offline communication – continues the Antitrust Authority – “allow the consumer to understand, already from a first reading of the conditions of the offer, the extent of the economic commitment required and its distribution over time. The concentration in a single visual box of all the relevant economic information (the amount of the advance, the number and monthly amount of the individual installments and leasing fees, the amount of the final payment, any surrender value , the TAN and the APR), presented clearly and with adequate graphic evidence, allows the consumer to calculate the cost of the car with simple arithmetic operations and understand the payment methods over time.

The proposed commitments – concludes the note – “therefore represent a significant improvement in communication relating to financing conditions because they reduce the information asymmetry, ensure transparent and immediately understandable offer conditions, innovate communication in the automotive sector and, above all, put an end to the current practice that emphasized at the first contact the low amount of the monthly installment (or rent) or a price that did not include financial charges or expenses “.

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