Perhaps anyone who has ever bought a car with credit money has an idea of ​​the tricks used by car dealers and banks, with which they “powder” customers and persuade them to borrow money to buy a car.

In the psychology of deceiving a potential buyer, a huge role is played by all kinds of silence and disguise in the terms of the contract of all sorts of additional conditions and services supposedly provided to the customer, for which he must distribute tidy sums to merchants and bankers. They are usually included in the body of the loan. In order to at least moderate the appetite of car dealers and financiers, the State Duma and the Federation Council recently passed amendments to consumer credit legislation, and now President Putin has signed it.

According to them, banks will be obliged to include in the calculation of the total cost of the loan all the costs of the borrower to pay for the services of the lender and third parties – when their provision is a condition of obtaining a loan. For example, we are talking about compulsory insurance. Or a fee for “legal services”, for SMS notifications and other inherently optional “goodies”. Credit institutions actively impose them on their customers.

Now the bankers will have to inform the latter of the borrower’s right to refuse any additional “help”. In addition, if the loan agreement provides for two interest rates to be applied depending on the behavior of the borrower, the bank will have to calculate and present to the customer the maximum total cost of the loan in both options – at the minimum and maximum rate. The novel takes effect 180 days after publication, that is, a little less than six months.

Perhaps anyone who has ever bought a car with credit money has an idea of ​​the tricks used by car dealers and banks, with which they “powder” customers and persuade them to borrow money to buy a car.

In the psychology of deceiving a potential buyer, a huge role is played by all kinds of silence and disguise in the terms of the contract of all sorts of additional conditions and services supposedly provided to the customer, for which he must distribute tidy sums to merchants and bankers. They are usually included in the body of the loan. In order to at least moderate the appetite of car dealers and financiers, the State Duma and the Federation Council recently passed amendments to consumer credit legislation, and now President Putin has signed it.

According to them, banks will be obliged to include in the calculation of the total cost of the loan all the costs of the borrower to pay for the services of the lender and third parties – when their provision is a condition of obtaining a loan. For example, we are talking about compulsory insurance. Or a fee for “legal services”, for SMS notifications and other essentially optional “goodies”. Credit institutions actively impose them on their customers.

Now the bankers will have to inform the latter of the borrower’s right to refuse any additional “help”. In addition, if the loan agreement provides for two interest rates to be applied depending on the behavior of the borrower, the bank will have to calculate and present to the customer the maximum total cost of the loan in both options – at the minimum and maximum rate. The novel takes effect 180 days after publication, that is, a little less than six months.