Here's what Argentina's doing to help ITS auto industry

interesting, no...?

Gov’t cranks out cut-rate car loans
3.1 billion pesos earmarked for first-time new car buyers

The government jump-started Argentina’s sputtering auto industry yesterday providing details of a 3.1 billion peso boost with cut-rate loans for first-time new car buyers.

Production Minister Deborah Giorgi said that six automakers will each offer two models selling for 31,000 pesos or less for people buying a new car for the first time.

The companies will have to promise to shun layoffs and hold down profit margins on cars sold under the programme. Buyers can choose a pre-savings plan under which delivery times are determined by lottery or they can contract low-interest financing. Payments are supposed to range around 800 pesos a month.

The programme affects vehicles sold by local branches of Renault, Peugeot Citroën, Ford, General Motors, Fiat and Volkswagen.

whether this makes more sense than a direct auto industry bailout, i'm not economically savvy enough to say, but i can say this... it's clearly more aimed at directly helping the average citizen rather than the fat-cats who are already grossly overpaid...

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