Why banks invest in the Mondial de l’auto

Why banks invest in the Mondial de l’auto

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Candidate Macron had promised to reduce the monthly cost of renting an electric car to 100 euros for low-income households. This campaign commitment will not come about without the financial support of banks, insurance companies and the manufacturers themselves. Of course, each partner in the project will fund it out of their own pocket: the government will contribute a little (a lot) of public money; the car dealer will sacrifice part of his margin; the insurer grants a discount on the amount of the premium; and the financing organization will deduct a few tens of euros from the amount of the rent.

The consumer credit specialist Sofinco (subsidiary of Crédit Agricole Consumer Finance) is setting an example with the surprisingly generous conditions of its rental with purchase option (LOA) offer, which has been on the market since October 14, 2022 The monthly rent can be reduced to just 100 euros for the buyer of a vehicle who meets the requirements for the granting of the conversion bonus (up to 5,000 euros) and the eco-bonus (6,000 euros, soon to be reduced to 5,000 euros as of January 1, 2023). For others, the rent will inevitably be more expensive.

By combining bonuses and rewards, Sofinco is targeting a rental of 100 euros for an electric vehicle on long-term rental

There is no secret. In order to reach the psychological threshold of 100 euros, Sofinco has to extend the term of the lease (between 5 and 8 years) and accept a financial outlay in the form of a reduced installment. In addition, Sofinco Auto has yet to involve its dealer partners, who “will agree to reduce their commission,” reveals Laila Mamou, Deputy CEO of Sofinco.

also read10 things you should know about leasing a used car

Reference: www.challenges.fr

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