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Russians abruptly stopped paying car loans

Russians abruptly stopped paying car loans
Photo: pixabay.com

A sharp increase in overdue car loans was recorded in Russia. In June, overdue debt of up to 30 days increased by one and a half times - up to 617 million rubles.

As the RIA News" with reference to the credit bureau Equifax, the increase in debt was caused by the weakening of requirements for borrowers due to the desire of banks to increase the issuance of car loans. Since the beginning of the year, the debt indicator has been at its minimum values, increasing by about 1% every month. The total volume of delinquencies in banks in June amounted to 49,1 billion rubles.

According to the general director of Equifax, Oleg Lagutkin, such a sharp increase has not been observed before.

“All this is happening against the backdrop of a fall in car loans, which in the future may negatively affect the performance of car loans. The growth in the volume of overdue loans will be observed until the end of the year, when the worst part of them will leave the balance sheets of creditors, ”he added.

At the end of last year, Equifax also celebrated growth in early delinquency on car loans - 638 million rubles of payments were passed in October. Compared to September, the volume of overdue debt increased by 10,6%.

In July 2020, it happened rush demand for car loans in Russia. The situation was affected by the lifting of restrictive measures on coronavirus and the fear that there will be an increase in car prices.

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