The car auto financing is an option for those can’t prove income. It is a system of commercialization of goods in which a group of people celebrate a adhesion contract to contribute money periodically to a common savings fundwhich is managed by the provider of a service.
What is self-financing used for?
So you can acquire a movable or immovable property. It is not a credit or a loan and it is used when the most common options for acquiring goods do not suit your possibilitiesfor example, when you want buy a car at an agency and there is no way for you to verify income.
What is the adhesion contract and how are the cars delivered?
In the adhesion contract that is signed, specified the way the cars are deliveredthrough various award events What:
- Settlement: Delivery until the total agreed amount has been paid
- Antiquity: Delivery to the consumer who has first signed his adhesion contract of self-financing
- Score or percentage: It will be delivered to the consumer who has the higher number of quotas contributed at the time of delivery
- Lottery: Consumers who are current with their payments participate in a random procedure
- Auction: Advance Fees Offered and the resources are assigned to the consumer who, with the highest number of auctioned monthly installments, has the most points
- Other authorized procedure: As long as it specified in the contract of adhesion
What should you check before requesting self-financing?
Check that the providers that provide the self-financing service have the authorization of the Ministry of Economy for its funtionability. Also make sure they have registered adhesion contract before the Consumer Attorney General’s Office (Profeco). Check that you have at least the following information:
- The authorization data granted by the Ministry of Economy
- Number of consumers that make up the group and the number that corresponds to you as a member
- Number of periodic installments that you will have to pay so that they can give you the vehicle
- vehicle specificationindicating brand, model, type, gender or the way in which it should be determined
- vehicle priceindicating the factor by which the amount to be paid is periodically updated.
- Amount, conditions, frequency and concept of amountsas well as the way in which they will be updated
Also, check the frequency of award eventsas well as the way in which the vehicle will be delivered to you and the means and frequency for the supplier to notify and disseminate the results of the award events.
In addition, the term and procedure for the liquidation of the groupthat is, the term in which the supplier undertakes to deliver the vehicles to all the consumers of the group, and thus conclude the signed adhesion contract.
The Causes of cancellation of the adhesion contract and the amount that any of the parties must pay as a penalty, in case of non-compliance with it.
Finally, the types of insurance and coverage. This insurance may be contracted by the consumer or by the supplier.
You have the right to be informed, so the supplier must make available to you consumer handbook and the adhesion contract. See also the Regulation of Marketing Systems Consisting of the Integration of Consumer Groups In the following link https://bit.ly/3KlTS0R.
What does Profeco recommend for self-financing?
1. They must give you a payment receipt
The provider must give you the receipt or voucher for each payment of the periodic fees that you make.
2. Review the cancellation of the contract
You may cancel the contract without penalty within the first five business days from the signing thereof, as long as you have not participated in an award event. The supplier must within a period not exceeding 25 calendar days following notification, return the total amount of the payments made. If you don’t, you’ll also have to pay default interest.
3. The group must be liquidated
The liquidation of the group must be carried out within 60 calendar days following the date of contract expiration.
What are your obligations in a self-financing?
By being part of a self-financing system you are obliged to cover the quotas that you have agreed in the adhesion contract. These amounts or percentages must be fixed and equal.
If you have questions, the prophet makes the phone available 55 5568 8722 and 800 468 8722. Their social networks are also available at Twitter @Profeco Y @AttentionProfeco, and in Facebook in Official Prophet.