“The Now 30 plan has not been successful as thought. According to FECOBA, sales of televisions, sportswear and party favors related to the traditional commercial activity of the Soccer World Cup register a retraction of up to 30% compared to 2018. partly because The banks have not raised the credit card limits to finance consumer fees basically because they are excessively financing the fiscal deficit of the National State and, in turn, they see that there is a credit risk behind the financing of Argentines in these inflation levels“, indicated Damián Di Pace, Director of Focus Market Consulting.
In the event that an Argentine buys a 50′ Smart TV before the start of the World Cup in Qatar for $95,000, the monthly fee to pay for 30 months for a fixed value is $6,395, so if a person today wants to buy This product could follow the following scheme “ram return” to be able to pay for the product in less time and for less than the initial value:
- Deposit the value of $95,000 in the bank, an amount that will be retained in the bank for the next 3 months, generating a UVA yield (inflation value +1%).
- After 3 months, only the interest should be withdrawn ($21,375, which is equivalent to the value of 6 installments), that is, the first 3 three installments that were paid at the beginning of the grape fixed term will be recovered, the value of 3 installments will be more and above all the capital will remain intact at the starting value.
- Finally, you must continue with the process until January 2025, where all installments will be paid only with interest and recover the initial capital at the end of the term.
“Unlike the initial objective of the Plan Ahora 30, which was that consumers who needed to access these durable goods in a financed way, since there was no limit available on the card, this option ended up using people of a higher socioeconomic level with more limit available. The operation allows you to take a fixed-term return with a positive real rate and pay for consumer financing with a negative real rate compared to inflation that the program offers,” said the economist.
This “return to ram” shows us that we will not only obtain a product in negative real terms adjusted for future inflation, but also that financing it with Now 30 allows us to obtain it “practically free” if this market distortion is taken advantage of correctly.
“While retail sales fell 3.2% in October according to the CAME in the case of Smart TVs, cell phones and Air Conditioners there was an advancement of purchases financed in Ahora 12 or even in cash due to the jump in the parallel exchange rate that had occurred in the month of July due to the uncertainty generated by the departure of Martin Guzmán and the assumption of Batakis, which generated price changes in the price lists to the public that were anticipated by consumers. In fact, that weekend generated record purchases with year-over-year sales that some categories exceeded by as much as 250% year-over-year,” the report concluded.