Delay in mileage – Newspaper Kommersant No. 21 (7466) dated 02/06/2023
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At the end of 2022, delinquency in the car loan segment reached 5% in both monetary and quantitative terms. So far, this is an acceptable figure, but market participants assume that it will grow: in the car lending segment, the share of loans for used cars is increasing, the risk of defaults for which is much higher. Nevertheless, bankers are still ready to independently engage in the collection of car loans, without the involvement of collectors.
At the end of December 2022, the portfolio of overdue debts for a period of more than 90 days in the car loan segment amounted to RUB 55.8 million. and 1.7 million. This is approximately 5% of the total portfolio of car loans, both in monetary terms and in quantitative terms, follows from the data prepared by the Scoring Bureau and the National Association of Professional Collection Agencies.
At the end of December 2022, 46.5 thousand units were issued. auto loans for 57.9 billion rubles. This is 1.5 times less than a year earlier. The fall began in March 2022, and so far the market has not recovered amid a shortage of cars.
The current indicators of overdue debt on car loans are acceptable to lenders, but some of its growth is possible against the backdrop of a decrease in the volume of new loans, admits Oleg Lagutkin, general director of the Scoring Bureau. “A higher level of delinquency is observed for loans issued for the purchase of used cars. From the point of view of the probability of non-repayment of a car loan, such borrowers are considered more risky,” he explains.
More than half of car loans today are issued specifically for used cars against the backdrop of difficulties in supplying familiar brands to the Russian market and downtime of Russian manufacturers (see Kommersant of January 13). However, market participants are not inclined to worry about the growth in loans for used cars. “Due to the flow of good customers into the used car segment against the backdrop of a scarce market for new cars, the risks of issuing loans in the second half of the year began to decline,” Otkritie Avto explains.
In such a situation, banks prefer to work with problematic car loans without the involvement of collectors. VTB independently collects overdue debts on products with collateral, the bank said. Usually, at the stages of extreme collection (delay of 90–120 days), if the client is communicative and solvent, the bank tries to agree on its own so that the car is sold and the debt is repaid, they note in Auto Discovery.
At the moment, the value of non-core assets on the balance sheets of banks can be estimated at 1.3 trillion rubles. The most profitable of them are vehicles and commercial real estate (see Kommersant dated December 22, 2022). “Working with overdue car loans is significantly different from working with other assets, since at the later stages of collection it involves the presence of employees on the ground to seize vehicles, store, exhibit. This is a rather complicated process, more difficult than mortgage collection, it requires a developed infrastructure,” adds Evgeny Senkovsky, director of the department for dealing with overdue debts of Rosbank. According to his estimates, the market portfolio of auto loans in the late stages of collection is 50-60 billion rubles.
In more complex cases, court proceedings begin, which can last up to 10-12 months. And only at the next stage the overdue car loan gets to the collectors. “If there is an auto pledge, banks themselves try to collect and sue, if necessary, and they are already selling “tails” to collectors: when the pledge is realized, it is often below the market price, but the car loan debt remains, including the principal debt, interest and fines,” the CEO explains online – auction for the sale of overdue Debex Sasha Danilov. Also, he notes, banks sell car loans in difficult cases: if bailiffs cannot find collateral, the client himself is wanted or under other enforcement proceedings.
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