The Hungarian vehicle leasing market continues to suffer
heavily, as uncertainty over foreign currency loans and the cost of
leasing have replaced lack of funding as the main concerns of
buyers.
The latest quarterly figures from the Hungarian leasing
association (HLA) show that the number of new contracts signed has
dropped 80 percent year-on-year, with Hungary’s overall
registration numbers down just 50 percent in the corresponding
period.
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This year, new regulations will come into play, requiring larger
down payments on leasing purchases. It is feared that at a time
when leasing penetration is already falling, this will only make
things worse.
In mitigation, lease contracts of up to seven years will be made
possible, as a result of a compromise between the National Bank of
Hungary (which wanted maturities limited to five years), and the
HLA (which wanted eight year maximums).
Fred Crawley
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By GlobalData
