Individuals who want to buy a car in leasing have to waitbecause most leasing companies have frozen financing to individualclients since the end of June, after an ordinance with new lendingregulations entered into force.
Ordinance no. 50/2010 on credit contracts for consumers, which cameinto force on June 21st, brought new transparency rules for banks,leasing companies, and consumer loan companies. The new regulationsentail, among other things, changing contracts for new clients,which have to be written in Times New Roman, with an at least 10font size, elimination of the early repayment commission, supplyingthe client with comprehensive credit details (mainly on all costsinvolved) 15 days ahead of signing the contract.
"The contracts need to be consistent with the new ordinance, theycannot be drawn up from one day to the next. That is why somecompanies suspended financing for individuals for a month, two, orthree, until they are able to adjust. In Romania, legislation isadopted without providing for a transitory period," said AdrianaAhciarliu, secretary general of the Association of FinancialCompanies (ALB), which includes leasing and consumer loancompanies.
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