Leasing for individuals frozen for a month
Individuals who want to buy a car in leasing have to wait
because most leasing companies have frozen financing to individual
clients since the end of June, after an ordinance with new lending
regulations entered into force.
Ordinance no. 50/2010 on credit contracts for consumers, which came
into force on June 21st, brought new transparency rules for banks,
leasing companies, and consumer loan companies. The new regulations
entail, among other things, changing contracts for new clients,
which have to be written in Times New Roman, with an at least 10
font size, elimination of the early repayment commission, supplying
the client with comprehensive credit details (mainly on all costs
involved) 15 days ahead of signing the contract.
"The contracts need to be consistent with the new ordinance, they
cannot be drawn up from one day to the next. That is why some
companies suspended financing for individuals for a month, two, or
three, until they are able to adjust. In Romania, legislation is
adopted without providing for a transitory period," said Adriana
Ahciarliu, secretary general of the Association of Financial
Companies (ALB), which includes leasing and consumer loan
companies.