In the midst of the shortage of new cars due to the lack of semiconductors throughout the world, Mexican users have not been left wanting to change vehicles and have opted for used cars, so that financing, particularly from banks, has turned to that segment.
According to data from the National Banking and Securities Commission (CNBV), at the end of 2021 the automotive credit granted by banks reached a total of 144 billion pesos, a drop of 7.6% compared to a year before.
However, according to statistics from the Mexican Association of Automotive Distributors (AMDA) and JATO Dynamics, last year the credit of the banking and financial brand for preowned grew 14% compared to 2020.
Although it is not the best time for this important industry, which consequently is reflected in a lower placement of credit, banks continue to finance the purchase of cars.
Banorte reported as of the fourth quarter of 2021 a total of 12 thousand 73 pre-owned financed, equivalent to a portfolio of three thousand 368 million pesos, an increase of 25.2% compared to 2020.
In the case of BBVA, in 2021 it financed 119 thousand 698 cars preownedwith which it obtained 23.8% of the marketwhich represented an increase in placement of 0.1% compared to 2020.
The result is the consequence of a differentiated offer strategy, with rates from 10.99%, as well as digital processes in alliance with partners for the placement of credit online through their platforms.
SQM
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