79 One of the financing options for expansion or modernization of a rental or leasing company’s fleet is CredFrota program, offered by Caixa Econômica Federal, has begun 2015 offering several innovations. CredFrota is a line of credit designed to help renew and expand the fleets at micro, small, medium and large companies. “With the revitalization of the product, which began in October last year, several improvements have been made to serve the rental and lease segment,” says Jorge Pedro de Lima Filho, the national head of vehicles at Caixa. The new features are: extended payback term from 18 to 24 months; the release of guarantees according to the contract’s amortization; the extension of the range of eligible items, which now covers the following guarantees: newmotor vehicles, Brazilian and imported, in the light, cargo, van and utility categories; and the creation of a minimum percentage of depreciation in accordance with the financing term (see chart *). According to Lima Filho, it is estimated that the volume of credit to be granted to fleet managers in 2015 has grown by 157% on last year to R$ 1 billion. The car rental and leasing companies are users of the program. Last year the segment accounted for approximately 10% of total finance. However, the bank expects these improvements to double this figure in 2015. Lima Filho says one advantage of CredFrota over other funding programs is its Constant Amortization System (SAC) which allows a company to adapt payments to billing flow, since the product allows the payment of part of the finance in the last installment, as is often the case in the sale of vehicles that are renewing the fleet. Another difference is that this line of credit has parameters to address the particularities of each sector. “For vehicle rental and leasing companies, there is in addition to SAC a simplified procedure of risk, rate and term analysis,” says Lima Filho. He says, “ When comparing identical situations for amortization of 90% between SAC and Price, for example, we come to a saving in total funding, via Credfrota of about 5%, but the gain is much higher than that.””After all, rental and leasing companies can tailor the contract’s amortization percentage, which can be composed of more than one guarantee for the flow of vehicle sales. That is, there is no impact on the company’s working capital at times when it has no fleet sales revenues,” says Lima Filho. Lima Filho also says some customers say financial control has been made easier because it reduces the need for extra credit operations to capitalize the company at times of fleet maintenance or market changes. Regarding the conditions for financing via CredFrota, Lima Filho says that the payback terms for the rental and leasing segment is up to 24 months. Rates vary according to the period, the amortization percentage, the vehicle’s year, and the customer’s relationship with Caixa. Made to measure CredFrota is offered by Caixa Econômica Federal to finance vehicles for fleet owners, with special conditions for each sector Prazo /Payback (Meses/Months) Percentual mínimo de amortização Minimum amortization percentage 1 - 12 20% 13 - 15 25% 16 - 18 30% 19 - 24 40% Prazos e percentuais mínimos de amortização do CredFrota Payback terms and minimum amortization percentages in CredFrota Divulgação Jorge Pedro Lima Filho explica como o CredFrota é lavado ao conhecimento dos agentes financeiros: “O CredFrota faz parte do portfólio de produtos da Caixa destinados à Pessoa Jurídica, disponível em todas as agências Caixa que possuem relacionamento PJ. Estas, por sua vez, divulgam junto aos clientes e parceiros comerciais da Caixa as modificações e vantagens do produto.Parceiros comerciais, como a ABLA, auxiliam nesta divulgação, além de contribuírem para a melhoria constante da operação com sugestões que buscam atender às aspirações de crescimento do setor”. Disclosure Jorge Pedro Lima Filho explains how CredFrota is promoted to financial agents: “CredFrota is part of the portfolio that Caixa holds for corporate clients, and is available at all Caixa branches that have corporate relations office. These, in turn, disclose to customers and business partners of Caixa’s the changes and advantages of the product. Commercial partners, such as the ABLA, assist in this disclosure and contribute to the continuous improvement of the operation with suggestions that seek to serve the sector’s growth targets.”
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