Financing and leasing are becoming more and more; common when it comes to buying a new car. These are complex financial solutions as they provide for the presence of various elements such as advance, installments, interest, maxi final installment, redemption and more.
According to the Authority; Competition and Market Guarantor , FCA (Fiat, Jeep, Alfa Romeo), Volkswagen (Volkswagen, Seat, Skoda), PSA (Peugeot, Citroen, Opel, DS), Renault (Renault, Dacia), Toyota ( Toyota, Lexus), Ford, BMW (BMW, Mini), Mercedes, Hyundai, Kia, Suzuki, Nissan, Honda, M.M. Automobiles (Mitsubishi exclusive distributor) did not provide the information clearly on the economic conditions of the purchase offers with financing and leasing.
In detail, the Authority & agrave; found that the modalities of submission of purchase offers with financing and leasing were in fact omissive and misleading .
The limited amount of the monthly installment or a price that did not include financial charges or expenses was emphasized, at the same time relegating essential information on the cost to be borne in sections that are not easy to read.
THE COMMITMENTS OF THE HOUSES AUTOMOTIVE
Following the intervention of the Antitrust, the car manufacturers have undertaken to modify the purchase offers with financing and leasing . Commitment that & egrave; been accepted by the Authority so much so that it has decided to close the proceedings against these companies.
According to what was communicated, the commitments made by the car manufacturers that will concern both digital communication and the traditional offline one, will allow the consumer to understand, already & agrave; from a first reading of the conditions of the offer, the entity & agrave; of the required financial commitment 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 the monthly amount of the individual installments and leasing fees, the amount of the final payment, any value of redemption, 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 modalities; payment over time.
The proposed commitments therefore represent a significant improvement in the communication relating to the financing conditions because reduce the information asymmetry, ensure transparent and immediately understandable offer conditions, innovate the communication of the automotive sector and, above all, put an end to the current practice that emphasized at first contact the content amount of the monthly installment (or rent) or a price that it did not include financial charges or expenses.
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