Azerbaijan, Baku , 15 November / corr Trend N.Ismayilova / According to reports of world automobile concerns, published at early November, volumes of sales at world automobile market in October reduced to its record low over the past 30 years.
The biggest cut in sale was fixed in General Motors company - by 45% and in Ford Motor - by 30%. Fall in sales at U.S. market could not pass by the Japan producers of automobiles: Nissan Motor announced on cut in sales by 33% as compared to last year, Honda - by 30% and Toyota Motor - by 23%.
Analysts named reduction of population's income, mass dismissals, rise in petrol prices and
uncertainty in the next day among major reasons reducting demand. For the time being, recession of sales is not observed, Azerbaijani offices of key automobile producers said. Only change which the automobile shows selling cars on credit did, was their decision with banks on change of terms of lending. It was made with the purpose to reduce risks of banks.
Presently, sale of automobiles on credit is realized through Nikoil Bank, UniBank, AGBank and Pasha Bank. They sell cars on credit at an annual rate of 24%, with a primary payment of 30% for the term of two years. Previous annual rate was 10%, with primary payment from 19% to 21% for the term of five years. Negotiations are being carried out for cooperation with other banks in connection with lack of bank's funds for lending, the automobile show of Toyota said.
The automobile show of Subaru said that they cooperate with Bank Respublika, which allots loan for purchase of automobile with the primary payment of 30% for the term of five years at an interest rate of 21%. Earlier, credit was provided with primary payment of 20%, at an interest rate of 22% and for the term of five years. Only producer's policy can influence on change of prices of automobiles. The policy is stable at present, and therefore, changes of prices are hardly expected.
The automobile show of Hyundai said they cooperate with Bank of Baku which lends for purchase of automobile with the primary payment of 25%, at an interest rate of 24% and for the term of three years. Earlier, the terms were as follows: 20%, 22% and five years respectively.
Purchase of cars on credit is carried out through NBC Bank on the following conditions: primary payment - 20%, interest rate - 23% and for the term of five years, the automobile shows of Nissan and Ford said.
It is unlikely that terms of lending and rates will be considered, the bank and the automobile shows said.
"We cooperate with Bank Standard and changes of interest rates and terms of lending were not observed. Presently, primary payment depends on price of automobile. Loan is given for the term of five years with interest rate of from 19% to 22%," the automobile show of Porsche said.
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