Vehicle Consortium - Membership and Contemplation

 

 

 

 

 

In this article, you will obtain information about how avehicle consortiumworks and its forms of contemplation.

Also its advantages and benefits, which in most cases are extremely appropriate for the financial situation we find ourselves in.

Many people’s dream is certainly to own their vehicle, be it a car or motorcycle. However, this desire requires a lot of money.

And the vehicle consortium becomes an excellent alternative in the long term to be able to acquire a vehicle without having to pay exorbitant interest rates as in the financing contract.

The importance of the vehicle consortium

Many do not have the necessary amount, so the only and best alternative is to request credit.

And the credit in question is financing that has the only advantage of purchasing the vehicle at the time of contracting.

However, interest rates are very high, even more so when the operation is without a down payment. Financing has three types, one of which is the consortium, and this is what we will discuss in this article.

So, so that you can have more information, continue reading to have access to all our information and be able to resolve, once and for all, all your doubts related to this subject.

What is a Vehicle Consortium and How Does It Work?

As previously stated, a consortium is one of the types of vehicle financing.

One of the things that most differentiates this modality from others is the fact that it is based on the construction of a group, in which each member can be called a consortium member or a shareholder.

Everyone who makes up the group has a common goal, the acquisition of their car.

Finally, a vehicle consortium works as follows: each of these consortium members must pay an amount each month (the amount will be defined by the institution, through an analysis carried out by it).

But even though you are paying, you still will not be in possession of your vehicle, and to do so, your name must be drawn. Something that happens once a month.

When this happens, you will finally be able to choose the motorcycle, car or other vehicle you want to buy, and then pay the financing in installments.

Paying installments on time

Instalments must be paid via direct debit or bank slips that have general information about the group such as news, number of people drawn in the previous month, among other things.

It is worth noting that the value of the installments will change, as a new calculation will be made, analyzing the total number of installments and the monthly interest rate.

And on top of that, the amount you had already paid will be deducted/deducted, before being considered, that is, drawn.

But while this doesn’t happen, what you should do is make the correct payment of the installments, because contrary to what many think, the preference of those who carry out the consortium are those who pay them properly.

Payments and payments are the sole responsibility of the administrators. The person who oversees the entire progress of the consortium is the Central Bank of Brazil.

Car consortiums have plans, the number of installments of which can vary between 50, 60, 70, 80 or even 120 months.
Motorcycle financing has smaller installments ranging from 25, 26, 50, 60 to 70 months.

What are the other ways to be included in a vehicle consortium?

Although the draw is the main alternative for you to obtain your credit card, a vehicle consortium still presents other alternatives to be considered.

Contemplation guarantees that you can take possession of your vehicle, which is why everyone who forms the group looks forward to the draw. But luck isn’t with everyone, is it? Therefore, there is still a way for you to place bids.

The bids in question work like an auction, in which the consortium members who offer the highest bid value (which will then be deducted from the installments) can then be considered.

But if neither the draw nor the bids work out for you, there is still closure. As the name suggests, you will have access to your letter of credit at the end of the consortium.

This will be a disadvantage for many, but at least you will have already paid a good part of the amount corresponding to the total value of the item.

But it is essential that in the meantime, you continue to pay correctly each of the installments of your consortium.

For more information about the world of vehicle consortiums, access our material and stay up to date with all the information.

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