Can I purchase any goods or services with the consortium credit?

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This is perhaps one of the most common questions we receive: what goods or services can I buy with the consortium credit? If I purchased a share to buy a car, can I exchange it for a motorcycle? And for a trip? That is what we will clarify in this post.

In terms of services, we can say that the consortium member has total freedom, since it is possible to hire any service when awarded. So, if you take out a consortium for a wedding party, you can opt for a trip for two around the world!

In the case of a consortium for purchasing goods, the consortium member also has freedom, but must meet certain criteria defined by the Central Bank of Brazil (BCB), the agency that regulates the Consortium System. We call the division of goods and services that can be acquired through a consortium a “category”.

Categories defined by the BCB :
– Real estate : real estate or set of real estate, built or in the planning uganda whatsapp list stage, including land, with the option of use for construction or renovation.

– Movable property :

Subcategory I: motor vehicle, aircraft and vessel, as well as capital or production machinery and equipment, such as road, nautical, aerospace, agricultural and industrial machinery and equipment.
Subcategory II: composed of any new movable property or set of movable property, except those referred to in Subcategory I.
– Service : services of any nature.

After contemplation and presentation of guarantees , if applicable, the consortium member may, until the last group meeting, purchase from a supplier that best meets its needs, any good or service, as long as it belongs to the same category or subcategory of the good or service referenced in the contract.

Examples of using consortium credit
In general, consortium contracts, especially for vehicles, use a specific model as a reference. This is done to establish the amount of credit to be released when the quota is contemplated, as well as the criteria for updating the installments of the contracted plan.

But this does not mean that the consumer is obliged to buy that specific vehicle. He can choose another model or another brand, as well as the seller that best suits him. He can even choose another type of vehicle, such as a boat. This is because both belong to the same “subcategory I”.

Likewise, the consumer who joined the consortium to buy an apartment is free to use the credit to carry out renovations or buy land, for example, as all of these possibilities are included in the “real estate” category.

Please note that a consortium member who acquired a loan to purchase a motor vehicle would not be able to purchase a property with that loan, as these assets belong to different categories.

We hope to have clarified this extremely important topic for those who are going to or have already entered into a consortium! To learn more about using consortium credit, download our free booklet “ How to take advantage of your consortium credit” .