Leasing for individuals frozen for a month

Individuals who want to buy a car in leasing have to wait because most leasing companies have frozen financing to individual clients since the end of June, after an ordinance with new lending regulations entered into force.
Ordinance no. 50/2010 on credit contracts for consumers, which came into force on June 21st, brought new transparency rules for banks, leasing companies, and consumer loan companies. The new regulations entail, among other things, changing contracts for new clients, which have to be written in Times New Roman, with an at least 10 font size, elimination of the early repayment commission, supplying the client with comprehensive credit details (mainly on all costs involved) 15 days ahead of signing the contract.
“The contracts need to be consistent with the new ordinance, they cannot be drawn up from one day to the next. That is why some companies suspended financing for individuals for a month, two, or three, until they are able to adjust. In Romania, legislation is adopted without providing for a transitory period,” said Adriana Ahciarliu, secretary general of the Association of Financial Companies (ALB), which includes leasing and consumer loan companies.