If you decided to bid on a savings plan and you won, the dealer will ask you for a series of documentation to put together the folder that must then be approved by the administrator to move forward with the process of assigning the chosen vehicle.
This is the precise moment when some questions might appear, such as: What about the guarantors? o Can you get two guarantors?
To determine the different solutions that can be found, it must be kept in mind that in the savings plan the adherents are part of a group of people who get together to buy a vehicle 0 km. And everyone will be able to access their withdrawal throughout the contract as long as they are up to date with payments.
In the specific case of the tender, the adherent has to present his proposal (with an economic offer) and if he wins, he must attach all the requirements requested by the administrator to assign the vehicle.
Among them, proof of income that allows you to demonstrate that you will be able to continue paying each of the monthly installments.
With this, a credit portfolio will be put together and if the administrator considers that the income is not enough or is not sufficient to grant the assignment, it will request guarantors of the operation.
What to do if they ask for guarantors
The people who accompany the adherent as guarantors must prove have enough income to cover the debtif necessary, and sign the pledge contract.
The monthly installments will continue to come in the name of the plan owner, but in the event of non-payment of several installments, the lienholder could initiate a claim against the owner and the guarantors for the total debt.
For these reasons sometimes It is very difficult to get one or more people to be guarantors of the operation and an alternative must be found to avoid losing the tender already won.
The solutions will depend on the financial situation of each member but, in general terms, the ideal is to reduce the debt; That is, advance a number of installments that allow the income that can be demonstrated to be sufficient to credit the administrator that it will be able to make payments until the end of the plan installments.
If the option of advancing installments is not viable, You will be able to continue paying month by month and then re-tender. In this case, the member will have to make the decision to request a refund of the amount contributed for this concept and the administrator must return it within 30 days.
There is no need to wait until the group ends to get that money back. Or you can also leave that money deposited to bid again, but the disadvantage is that the update of that money will be done by interest rate and not by mobile value of the vehicle.
The last option is to cancel the tender and ask the administrator to refund the amount paid for this concept. It is not necessary to wait until the group ends to get that money back because The administrator must refund it within 30 days.
In this case, you can continue paying for the plan without bidding again or you can also choose to give up the savings plan. But in the event of resignation, the administrator will return the fees paid at the end of the entire group.
It is made clear that the specific case must always be evaluated and this note does not imply advice on the specific situation but rather general guidelines.
