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August 21, 2014
Monday, June 23, 2014

CFK unveils new credits for new car purchases

President Cristina Fernández de Kirchner has revealed that her government will introduce a new credit scheme for buying new cars, in a bid to arrest the decline in the automotive industry since the start of 2014.

Accompanied by Industry minister Débora Giorgi in Government House, the head of state released details of the Pro Cre Auto plan, which aims to boost sales in the flagging sector.

"[This plan] aims to complete the chain of industrial development," CFK asserted during today's televised act.

Giorgi had explained that up to 90 percent of the car's value will be available on finance, with rates to be fixed between 17 and 19 percent and a credit limit of 120,000 pesos. Pro Cre Auto, according to today's announcement, will remain in place for the next three months.

The minister further underlined that the credits would cover those automotive brands "who have applied reasonable price decreases."

The financing will be available between June 24 and September 24, and can be taken out through Banco de la Nación at rates of 17% for clients, and 19% for those who are not customers of the bank.

The president moved on to criticise the heavy price seen in the auto sector, denying that those rises were caused by taxes on luxury vehicles.

"[Manufacturers] lifted prices and they tried to put the blame on the tax increase," Cristina fired from Government House, accompanied by Economy minister Axel Kicillof as well as Giorgi.

"Understand that over the last 10 years you had sustained profits thanks to public policies, and you cannot leave everybody in the lurch at the first opportunity," she added, speaking directly to those in the industry.

"Those lucky enough to buy an imported car are fine, but it seems to me that if you want that, you have to pay what it is worth. The smallest taxes must be for the vehicles that Argentines buy. It is logical for me."

"The referees screw us over"

And with the World Cup in full flow, the president borrowed a couple of football analogies to explain the current situation faced by her government.

"I can be the goalkeeper. The truth is ... given we're in a World Cup mood, they shoot penalties at me, free kicks, they score with their hand ... The referees screw us over two-thirds of the time with terrible bias," she claimed.

"We're marching on," CFK exclaimed, framed by images of Eva Perón. "Don't let your guard drop, because in another attack, we'll score another goal!"
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Tags:  CFK  Argentina  announcements  cars  economy  





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