Clipping of news on Brazilian Culture, Law and Citizenship
27/07/2012
This article was translated by an automatic translation system, and was therefore not reviewed by people.
Reporter Kelly Oliveira Agency Brazil Brasilia - In June, the default rate of vehicle financing fell for the first time since December 2010. The reduction was 0.1 percentage points and came after a record of default - which considers delays of more than 90 days - recorded in May, when it reached 6.1%. Last month, the delinquency rate stood at 6%, according to Central Bank (BC) reported today (26). The Head of Economic Department of the BC, Tulio Maciel, said that the delays between 15 and 90 days are also retreating, which "indicates more favorable trajectory of delinquency." In this case, the reduction was 0.5 percentage points, remaining at 8%, from May to June. Maciel said that the fall of default occurs due to reductions in interest rates, rising incomes and also due to greater caution and selectivity of banks to grant credit. Moreover, he said, banks are reducing the share of the value of the car financed. The BC data also show an increase in average daily loan approvals for the purchase of vehicles, influenced by the recent government measure to reduce the tax on industrialized products (IPI). The government's aim was to encourage the auto industry, facing slumping sales. In June, the daily average of concessions grew by 22.8% compared to May. "This modality was in recovery and showed a declining trend due to the reduction of the IPI," Maciel said. Edition: Lana Cristina
Source: Agency Brazil
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This article was translated by an automatic translation system, and was therefore not reviewed by people.