Panama: Car Loan Defaults Increase

According to data from the Bank Superintendent of Panama, the balance of defaults and past due accounts reached $37.3 million in 2008.

Tuesday, February 24, 2009

María de Gracia writes in Pa-digital.com.pa: "The loans that show the highest default rate are those for cars that have a price of up to $15,000, with $28 million, followed by the ones of up to $30,000, with $7.2 million."

More on this topic

Auto Credit Up 17%

April 2013

Analysis has been conducted on the composition of the loan portfolio to buy vehicles, one of the fastest growing sectors in recent years.

In the past five years, auto financing in Panama has been increasing, in February Panamanian banks provided loans of this type worth $813 million.

Credit for Car Loans in Panama Up 9%

August 2012

As of July there were a total of 88,000 loans for car purchases, according to the Panamanian Credit Association.

A 9% increase in loans up to July 2012 has been reported, compared to the same period last year.

According to Luz Maria Salamis, CEO of Panamanian Credit Association (CPA), "'The increase in the numbers of active auto loans, demonstrates not only the boom in the Panamanian economy, but also consumer confidence in the financial system in Panama... "

Panama: 9% Increase in Consumer Credit

April 2011

The statistics on loans granted in the first months of the year reflect the economy's recovery.

In the last two years, Panama's banking system loosened the restrictions it was forced into placing by the international financial crisis and as a result credit, especially to personal consumers, has begun increasing.

Panama: Defaults Increase in the Banking Credit System

February 2009

In the month of June of 2008, past due accounts and defaults represented 2.4% of the credit accounts receivable; in September, 2.7%; and in December, 3.4%.

Prensa.com publishes in its website: "Commercial banks should maintain defaults under control and make other provisions to assure stability."

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