ANNOUNCED AS TEMPORARYNo
On 24 June 2014, the government of Argentina launched stimulus project for domestic car production entitled "Pro. Cre. Auto". The scope of this project is to provide consumers with subsidized financing for purchases of new, domestically manufactured cars.
Participants in the program receive subsidized financing for up to 90 percent of the sales price subject to a maximum loan value of ca. USD 13'300. For clients of the National Bank of Argentina, the loans are made available at the "subsidized rate" of 17 percent. For customers of other banks, the rate is set to 19 percent. The maturity of the favorable loans is set to 5 years.
The models of cars that are subsidized via this stimulus project belong to the following brands: Chevrolet, Citroen, Ford, Fiat, Honda, Pugeot, Renault, Toyota and Volkswagen. While these are multinational corporations, only those cars which are manufactured in their Argentinian plants are eligible for the benefit.
The Pro. Cre. Auto program was set to expire on 24 September 2014, but was extended to January 2015 via the Pro. Cre. Auto II framework (which is an extension of Pro. Cre. Auto. 1). After January 2015, the government did not extend the Pro. Cre. Auto.II framework. Nevertheless, on June 2016, the government reintroduced this incentive program via launching PROCREAUTO II 2016.
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