Last year's performers, the electronics and home appliances stores were dealt a heavy blow last month when the new norms on lending were introduced. However, the sales targets set early in the year remain unchanged in most cases. The explanation is simple - the credit free of down payment and guarantor is back.
Last week witnessed the first TV spot advertising a loan without down payment and guarantor, which clearly mentions the name of a bank, Raiffeisen Bank, besides that of the retailer, Domo.
"We noticed banks found ways to avoid the provisions of NBR's regulations. Some of them found certain loopholes, which are against the spirit of the law. We asked the NBR whether it planned to provide additional clarifications to close the loopholes and it said it did not. So that we thought we could do it, as well. The loan we are offering through the Domo store chain is perfectly legal and we have nothing to hide," Raiffeisen Bank president Steven van Groningen said. The best solution banks can use to avoid falling under NBR's norms is concluding an insurance policy against the risk of defaulting on the loan.
The NBR regulation requires a down payment of 25% of the value of the item purchased, personal guarantees or guarantors. A financial risk insurance made out to the bank is considered a personal guarantee, so that the buyer may either skip the guarantor or the down payment.
Another loophole the banks can use is to cover the required down payment through the loan granted, so that the loan applicant no longer has to come up with this money.
After Flanco (which continued this "no down payment, no guarantor" campaign throughout February) and Domo, this week is Altex chain's turn to release a similar offer.
"We will soon announce a lending system that does not require down payment and guarantor, and the credit period will be extended to 4 or maybe even more years," Altex general manager Dan Ostahie says.
Under the new circumstances, almost every network selling electronics and home appliances maintains its sales targets, and its only problem is getting people back to the stores.
"January was above the budget, February was below the budget; overall we are probably a little below the targets we set for the first two months of the year. On the other hand, these fluctuations are also hiding sales transfers from one month to another, therefore we can expect the low sales in February to generate a relative plus in March," said Marius Ghenea, general manager of Flanco, a company targeting 170 million-euro sales early this year.
"I believe we will not be able to make a more accurate estimate as to the sales figures this year any sooner than late March, but the consumer credit will surely rebound," Ostahie in his turn said.
oana.nuta@zf.ro ; ionut.bonoiu@zf.ro
