As each day passes more and more Costa
Ricans are giving back the keys to their new
cars and homes, finding it difficult to keep
up the payments as the economic crisis
continues in the country.
According to the Superintendencia General de
Entidades Financieras (SUGEF) - the banking
regulating authority - in the last 12 months
an estimated ˘35 billion colones of goods
and properties purchased on credit have
fallen into arrears, an increase of 80% over
the last year.
Carlos Arguedas, an economist for the
Universidad Nacional (UNA), said that the
arrears are on purchases made by consumers
during low interest rate periods and now
facing a hard time to pay with the rise in
the rates.
The arrears situation is affecting both
private and public banks, affecting
primarily their new car loan portfolios on
loans of less than two years.
While some banks are opting to renegotiate
their loans, other banks are taking back the
vehicles and selling them off at the best
price they can obtain.
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