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VTB: en octubre la emisión de préstamos para automóviles en Rusia disminuyó casi un tercio
According to VTB, in October last year, Russians received more than 165 billion rubles to buy cars. This is almost a third lower than the result of September this year, but is at the same level compared to October last year.
Market dynamics in October were mainly due to concentrated demand in the previous month due to plans to increase recycling collection.
Additional factors holding back demand for auto loans included current macroprudential premiums and high interest rates on market auto loan programs.
Following mortgages and consumer loans, a cold wave has hit the automotive sector. Despite a large selection, demand is held back by high market interest rates and changed conditions due to central bank requirements. The situation is especially sensitive for those who prefer used cars. This is because there are subsidy programs for manufacturers with cheaper credit limits for new cars. Alexey Bocharnikov, head of VTB's auto lending department, said that, given the forecast for key interest rates and the regulator's further plans to tighten requirements for auto loans, the "cold weather" has long been coming to this market.