The Competition and Market Authority (Agcm) announced that it has closed, accepting the proposed commitments, 14 proceedings launched against the major car manufacturers operating in Italy: FCA (Fiat, Jeep, Alfa Romeo), Volkswagen (Volkswagen , Seat, Škoda), PSA (Peugeot, Citroën, Opel, DS), Renault (Renault, Dacia), Toyota (Toyota, Lexus), Ford, BMW (BMW, Mini), Mercedes, Hyundai, Kia, Suzuki, Nissan, Honda, MM Automobili (Mitsubishi exclusive distributor). According to the Authority, the methods for submitting purchase offers with financing and leasing were in fact omissive and misleading: the low amount of the monthly payment was emphasized or a price that did not include financial charges or expenses, at the same time relegating to sections of not easy to read, essential information on the cost to be incurred.
Financing is now one of the most popular ways to purchase new cars. Over time, traditional loans characterized by a long duration and an advance of variable amount have been flanked by loans with a final maxirata. More recently, some car manufacturers have begun to offer consumers, as an alternative to the purchase, leasing contracts often lasting three years, structured on the basis of a significant advance, a monthly payment and, in the case of financial leasing, an option. of ransom. These are rather complex proposals due to the presence of different elements (advance, a number of monthly installments, final maxirate / redemption value), which allow different breakdowns of payments over time.
The commitments presented by the companies – which will concern both digital and traditional offline communication – “allow the consumer to understand, from a first reading of the conditions of the offer, the extent of the financial commitment required and its distribution over time. “. The note explains that the concentration in a single visual box of all the relevant economic information (the amount of the advance, the number and monthly amount of the individual installments and leasing fees, the amount of the final payment, any redemption value, the TAN and the APR), presented clearly and with adequate graphic evidence, allows the consumer to calculate the cost of the car with simple arithmetic operations and understand the payment methods over time.
The proposed commitments represent, concludes the Agcm, a significant improvement in the communication relating to the financing conditions because they reduce the information asymmetry, ensure transparent and immediately understandable conditions of offer, innovate the communication of the automotive sector and, above all, put an end to the practice. current that emphasized at the first contact the low amount of the monthly installment (or rent) or a price that did not include financial charges or expenses.