The loan for the Moves III Plan is immediate to the purchase, only for the amount of the aid, and can reach € 7,000 for the electricity and up to € 5,000 for the plug-in
It eliminates the wait for aid from the buyer and is ideal as an entry or extension of the entry fee for financing
The interest rate is 0% for twelve months and cannot be applied to a direct purchase
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A new method of financing without interest for him government aid plan it may be the final push that encourages buyers to get a plug-in or electric hybrid vehicle by taking advantage of Moves III grants.
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It is an initiative launched by the marca MG, recently “revived” by the Chinese giant SAIC and supported in this financial action by Santander Consumer Finance. The new range of MG is focused on electric vehicles and plug-in hybrids and, like all brands and dealers, they have seen how the Moves III Plan for purchasing aids is not proving as effective as expected.
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The crisis does not help, but the main problem, as Faconauto, the employer’s association of dealerships, has pointed out ad nauseam, is that aid is granted, yes, but the consumer does not ‘see’ the discount made until several months after the purchase, when the corresponding autonomous community reimburses the assigned amount.
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Faced with this ‘failure’ of the system, the private initiative to propose a way in which the buyer can take advantage of these helps instantly, applying them at the entrance for financing, without the need to disburse your own money.
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Aid advance
The brand has thought that it was necessary to help the buyer by anticipating these aids to all its customers. And this is the disruptive and novel method they have found:
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- Once the purchase or financing of your vehicle has been authorized and signed, Santander Consumer performs a consumer loan for the amount of aid that the client can obtain through the Moves Plan. It is a separate and differentiated loan from the financing of the rest of the amounts of the car purchase. That is, there are two loans: one for the amount of the Moves and the rest, apart.
- Thus, the client immediately count on that money to apply it in the initial installment of the financing.
- Does not apply to direct purchase, only to purchase with financing.
- The loan is with a 0% interest rate, with a term of one year (12 months).
- The client you can cancel the advance loan with that 0% commission if you receive the grant before it expires (or if you can and want to do it for another reason in advance). Logically, the payment times for the amount depend on the autonomous communities, but 12 months seems sufficient time for the amounts to be paid to the buyer. Both MG and Santander Consumer have made calculations in which they believe that the CCAA will return the amount in about eight months on average, that is, before the date set by the credit.
- The amounts that can be requested with the Moves Plan for purchase aid are € 2,500 to purchase a plug-in hybrid of electric autonomy of between 30 and 90 kilometers and € 4,500 for the acquisition of a 100% electric to batteries. To that you can add another 2,500 euros more for scrapping a vehicle over 10 years old for the purchase of either of these two types of car. Likewise, brands are obliged to offer a minimum discount of 1,000 euros so that customers can apply for the aid, which would add up to € 6,000 for the EHS plug-in and € 8,000 for the ZS electric. But in addition, promotions are usually higher in all brands, including MG, leaving the prices of the vehicles quoted at € 27,599 and € 22,000 respectively.
- This ‘English’ brand campaign is valid for both individuals and the self-employed.
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Just MG?
Readers are surely wondering if this product is only available under the MG brand. And the answer is that for now yes. But it is also true that in the case of a financial company so widespread among automotive brands such as Santander Consumer Finance and being such an interesting and innovative opportunity to help the purchase of this type of vehicle, we have almost no doubts that the bank and other interested automotive companies may reach an agreement to offer it to customers of other brands in the future.
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Likewise, it is possible that other financial institutions offer this type of product with its own nuances later.
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Aid, guaranteed
Any customer who has purchased a model of these alternative energies as of April 8 you can request the aid from the Moves III Plan. The granting of subsidies is guaranteed by their publication in the Official State Gazette, after having been approved by the Government of Spain. In addition, it has a generous budget of 400 million euros, expandable up to 800 million and will be valid until the end of 2023, as we already reported in NIUS.
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However, there has been some controversy because, in the absence of a month of the deadline established by the national government, there is still no autonomous community has published these grants to date in their own official gazettes, an obligatory procedure so that the subsidies can be obtained. They are still on time, since they have until the 15th of next July.
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