Auto-related financing up 18.4% in November, on strong direct lending

- Tuesday, January 18, 2011

Auto-related financing up 18.4% in November, on strong direct lending

Brazil's auto-related credit reached 184bn reais (US$110bn) in November 2010, an 18.4% increase when compared with the year-ago period, with direct lending operations performing strongly, according to the latest figures from local auto financing association Anef.

Direct lending jumped 48.4% to 136bn reais in November, while leasing operations shrank 24.9% to 47.8bn reais during the same period.

The 90-day delinquency rate fell to 3% in November 2010, compared with 4.6% recorded 12 months prior.

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Anef expects to close 2010 with direct lending operations above the 185bn-real mark, and projects a 10-15% increase for 2011.