The average size of car loan in Russia fell significantly in April

the Average size of auto loans in Russia decreased last month by 17.8% relative to March and accounted for 697,4 thousand rubles, follows from the review of the National Bureau of credit histories (NBCH).

yoy decline in the average size of loans was less substantial in April and 7.1% (in April 2019 of 750.8 thousand rubles).

Commenting on the findings, General Director nbki Alexander Vikulin noted that “during the period of isolation, the most serious in the retail sector has suffered exactly the segment of auto loans, the fall issue here amounted to more than 80 percent.”

At the same time, the expert said, “the decrease in issuance was mostly due to borrowers of good credit quality, which tend to reduce their lending activity in times of crisis”.

Recall also that sales of new cars and light commercial (LCV) cars in Russia has fallen in April 2020 at 72,4% yoy (after rising 4% in March and a decline of 2.2% in February) to 38,922 thousand units, follows from the review of the Committee automakers Association of European businesses (AEB).

For the first 4 months of current year in Russia were sold 415,102 thousand cars and LCVs (down 19.1% in annual terms).

“After exceptionally strong sales in March 2020, in April in connection with the situation around COVID-19 dealer companies were forced to suspend or significantly curtail their activities,” — said the Chairman of automobile manufacturers Committee AEB Thomas Starzel.

at the end of February, the international rating Agency Investors Service Moody’s did not rule out a decline in sales of cars in Russia in the current year by 4%, “amid continued slow economic growth and lack of government stimulus”.

And at the end of April experts of the consulting company PwC has not excluded that sales of new passenger cars in RRussia at the end of this year may have fallen by 30% over the previous year to 1,142 million cars. In this scenario without taking into account stress factors for 2020 implies a decline of only 3.7% to 1.57 million vehicles.

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