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Failure of car scrappage scheme to be remedied by leasing

Failure of car scrappage scheme to be remedied by leasing
22.06.2009, 17:16 7

As of July 1, individuals will also be able to acquire a new car under financial leasing contracts, as part of the car fleet renewal scheme, according to sources from the car market.

The first stage of the "Rabla" (Junk Car) programme is considered to be a failure by players in the automotive sector, because only 12,000 cars have been sold, out of a total of 20,000, with Romanian brand Dacia selling 5,693 units.
In addition to this change, individuals will also be able to acquire light utility vehicles, and the number of cars per person will no longer be limited. Up until now, those who acquired a car via the "Rabla" scheme could do it either with cash or via a bank loan, but not under a leasing agreement.
"The ability to acquire a new car under a leasing contract as part of the "Rabla" scheme will definitely have a positive impact on the market and on the scheme, implicitly. We are currently awaiting publication of the ordinance," said Ernest Popovici," chairman of the Automotive Manufacturers and Importers Association (APIA).
Unlike loans, which can be granted only by banks, funding under leasing agreements can also be granted by leasing arms of automotive companies, such as RCI Leasing in the case of Dacia and Renault, and Porsche Leasing.
Starting on September 1, the third stage of the car renewal scheme will also allow corporate entities to scrap a vehicle older than 10 years and will be able to acquire a new one.
The leasing market saw a 75% decline in the first quarter of this year compared with the similar period of last year, to 356 million euros.

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