Betting on the consortium to buy a car is a way to realize the dream of owning the vehicle without having to bear the high interest charged by the bank financing. The modality, which becomes increasingly well known in the market, works in a similar way to the consortium of new cars, where the consortium manager takes care of participants’ money and charges the management fee for it. Through the consortium of used cars, you choose the value of the car you want to buy and have the possibility to divide the value in up to 120 months. Just like in the case of new cars, the shareholder must keep the portions of the plan he chose on the day and, when he is drawn, he can choose the car he wants to buy within the value of his letter of credit. Here’s how the car consortium works:
In addition to the fees charged being more competitive than in the case of bank financing, another advantage of opting for the used car consortium is the lack of need to prove income or have a guarantor. By choosing the mode to purchase the used car, you can choose the vehicle you want, regardless of the make or model. Even entering the consortium of one assembler you can buy the vehicle from another, for example.
Aside from not charging interest, there is less bureaucracy. Another relevant point is the value of the installments and the letter of credit is only corrected when the good appreciates (which is evaluated on the prices stipulated by the manufacturers, based on the table of the National Extended Consumer Price Index – IPCA).
The rules of the consortium of used cars change according to the company. However, you need to be aware of one thing: when the car has more than five years of use it may have different buying conditions compared to a new one, for example. It is possible that the consortium administrator requires a car with a value that exceeds that of the letter of credit, if the asset has a long period of use. Therefore, carefully reading the conditions of purchase of used cars that are defined in the consortium contract is essential.
Using the consortium to buy a used vehicle may be a good option for anyone who wants to realize the dream of own vehicle without being decapitalized and / or suffering from the high interest charged on bank financing. However, in order to avoid problems up front, in addition to carefully reading all the rules of the consortium in which you will become a quota holder, it is important to make a careful assessment to see if the type of car you wish to purchase meets the requirements of the agreement. Another important point is to check the conditions of the car before closing the deal, making sure that it is in good condition and with the documentation up to date.
Have you used the consortium to buy a used car? How was the experience? Leave a Reply!