The consortium is a modality of access to credit that has its own legislation and several rules issued by the Savers Connection Bank. And although it is easy to understand its dynamics, there are several rules that may be unknown even to those who are already consortium members. In today’s post, we will reveal 5 curiosities about the use of the consortium credit.
1. You can purchase used goods
In the use of credits linked to the acquisition of motor vehicles, aircraft, boats, machinery, equipment and real estate, it is possible to purchase used or semi-new goods. The administrator may establish, in the contract, rules regarding the time of use of the assets.
2. You can purchase another item and choose the supplier you want
Even if your contract is referenced in a certain item, you can purchase another one, provided it belongs to the same category. Thus, even if you have made a consortium for the purchase of a car, you can, when contemplated, opt for a motorcycle, since both are part of the same category. Get to know the categories directly in Circular BC 3,432 / 09, which addresses this issue in item XIII, of Art. In addition, no matter which administrator you made your consortium in, you will always have the right to choose the supplier or service provider that best suits you.
3. You can withdraw credit in cash
You can receive the consortium credit in cash provided that you have paid off the entire balance and 180 days have passed since the date of the contemplation meeting. It is worth remembering that, although it is allowed, the consortium’s objective is always the acquisition of a good or the contracting of a service, OK?
4. You can use credit to pay off financing
It is possible to use the consortium credit to fully discharge the financing of its ownership of goods and services that can be acquired through the credit obtained. For example: the credit referenced in a vehicle cannot be used to settle a mortgage, only a vehicle. This possibility is subject to prior approval by the administrator and compliance with conditions established in the contract.
5. You can use up to 10% of the credit amount for other purposes
The consortium allows you to use up to 10% of the credit amount to pay for expenses related to the acquisition of the good or service. Examples are property transfers, taxes, notary records, registration institutions and insurance.
It is worth remembering that the consortium is regulated and supervised by the BC. All of these possibilities for using credit are set out in Law 11,795 / 08 (Consortium System Law) and Circular BC 3,432 / 08. If you have doubts, in addition to consulting the regulations.