Banks have exhausted additional limits on preferential car loans until 2024
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As Kommersant learned, large banks have exhausted their funding limits for preferential car loans and in 2023 will no longer be able to issue discounted loans for cars with internal combustion engines. Additional financing of 1.2 billion rubles. was allocated in November, but traditionally the instrument is in high demand: 5 billion rubles. at the beginning of the year it took a month and a half. The Ministry of Industry and Trade denies stopping the program and a week ago they hoped that it would smooth out the emerging decline in auto sales. Preferential loans for Lada and Haval Jolion models will return no earlier than 2024 – according to Kommersant, there will be no new funds until then.
Funds for preferential car loans for cars with an internal combustion engine (ICE) have been completely exhausted for this year, sources in the car market and among banks told Kommersant.
Initially, the budget for the program was 5.1 billion rubles, and the limits for cars with internal combustion engines were chosen by the spring. But the program was additionally financed by 1.2 billion rubles. quite recently – the head of the Ministry of Industry and Trade Denis Manturov announced such a plan on November 2. On November 14, he said that the additional tranche could compensate for the potential downward trend in auto sales against the backdrop of an increase in the Central Bank rate to 15%. “I hope that for some period we will provide compensation in this way,” he said (quoted by RIA Novosti). According to Autostat, weekly car sales began falling in the second week of November. Based on these data, November will be lower than the October results of 112.3 thousand cars.
The Ministry of Industry and Trade told Kommersant that the preferential car loan program “continues to operate for education workers, medical workers, SVO participants and members of their families, as well as citizens with disabilities.”
At the same time, Kommersant’s sources say that large banks are mostly already close to using up their limits, and some have completely overspent them. Banks receive limits in different amounts and can spend at different speeds, but spending 1.2 billion rubles. in a few weeks – this is a fairly typical pace for the market. Limits on preferential car loans have traditionally gone quickly: for example, Otkritie Auto said that the initial 5 billion rubles. according to the state program were spent in 1.5 months (see “Kommersant” dated November 16).
This week, Kommersant sources say, the ministry sent a letter to banks notifying them that there will be no more funds in 2023. Also, according to one of the interlocutors, the quota within the lending budget for electric vehicles was excluded, and we are talking about the end of the entire program budget.
Officially, the banks did not comment to Kommersant on the suspension of the program. But Alexey Bessonov, head of the product policy department at Rosbank Auto, noted that “the main demand of the state program was for the entire model range of Lada cars”: “In second place is the model of the Chinese manufacturer – Haval Jolion.” Let us remind you that to purchase on credit with state support, a car must be produced in the Russian Federation and cost up to 2 million rubles, so now we are talking about Lada and one Haval model, which is produced by a concern in Tula. Starting next year, it will also be necessary to score 1.6 thousand points for localization.
The preferential car loan program will return in 2024 with record funding volumes since 2020 of 17.3 billion rubles.
If banks exceed their limits this year, part of these funds will be used to cover debts for 2023. But even 17.3 billion rubles. will be spent in a few months, according to banks.
Sergei Udalov from Avtostat agrees that funds for preferential car loans traditionally quickly disappear. At the same time, the market is now shrinking, but the highest competition for buyers is concentrated in the segment above 3 million rubles, while the program concerns cheaper cars. Stopping the issuance of preferential car loans will probably not have a significant impact on the market, he believes, since it is unlikely that most of the audience will wait for a restart next year: “Although, of course, there is a certain part of buyers who expect discounts.”
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