Turkey’s 2014 car sales forecast to be reassessed

ISTANBUL-Reuters

The BDDK’s limits on car loans is expected to affect car sales. AFP Photo

Turkey’s 2014 automotive sales forecast will be reassessed in the light of Banking Regulation and Supervision Agency (BDDK) regulations raising the downpayment on car loans, the Automotive Distributors’ Association (ODD) said yesterday.

The sales forecast for 2014 stands at 800,000-860,000 units, but the timing and content of BDDK measures, aimed to curb Turkey’s growing current account deficit, is expected to affect sales.
Turkish automotive sales rose 10.59 percent year-on-year in November to 79,301 vehicles, the association said.

According to the draft legislation of BDDK, car loans will be limited to 70 percent of the total amount for vehicles that cost less than 50,000 Turkish Liras. The draft also foresees the restriction of consumer credit to a 36-month loan and of car credits to 48-months.