Auto loans: beautiful, but expensive (analytical review)

In June, the U.S. automaker general Motors (GM), which for 77 years been the world leader in the manufacture of cars, went to court in New York with the application for bankruptcy. Not just GM, but other giants of the global automotive industry today is undergoing a deep crisis due to the sharp decline in sales of their products in 2008 and early 2009. "World car market in 2009 could completely collapse because of concerns about credit availability and the difficulties experienced by the global economy," the report says an influential U.S. think-tank agency JD Power and Associates. Same problems today have Kazakhstani producers and dealers. Thus, in 2008, automobile assembly plant "Asia Auto" has produced 2 times less cars than in 2007. Official dealers in 2008 sold 33% fewer new cars than in 2007, and in January 2009 - at 46,36% less than in January last year. The secondary automotive sales slump in 2008 was even stronger than in the primary - by 60%, according to official statistics. Experts in automotive expect that these negative trends in 2009 continue. Especially now in the Government is considering the possibility of a significant increase in customs duties on imports of both new and used vehicles. The main causes of decline of sales are the same as everywhere else - reducing solvent consumer demand and reduction of car loans by banks. So, For example, in the company "Astana Motors", which is the largest automobile "white" dealer in the Kazakh market, the number of transactions in credit in 2008 decreased by 38% compared to 2007. Consumer lending (which includes loans and auto loans) is generally much reduced in 2008 and especially in the beginning of 2009, for example, if in July 2007 on consumer target population was granted loans amounting to 157 billion tenge in March - only 17 billion The average cost of credit established at a level above 20% per annum. At the same time increasing the rate of growth of arrears on consumer loans - from 6 billion at the beginning of 2007 to 67 billion in April 2009. Many banks in these conditions have suspended lending, including the purchase of cars. Others have tightened lending terms. But still get this car loan at the bank's real. Conditions for obtaining such credits are listed below. Of the ten largest banks to lend to car buying People's Bank, Kazkommertsbank, ATF Bank, BTA Bank, Bank CenterCredit and Eurasian Bank. Incidentally, the last - the only one of the top ten last year increased its auto loans. From providing this service today, temporarily abandoned Alliance Bank, Temir, kaspi bank and Noor Bank.