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Following the footprints of the industry’s other sectors, auto financing is also facing a recession. Car financing in Pakistan has recorded a drop fourth time in a fiscal year. As per details revealed by the State Bank of Pakistan (SBP), car financing stood at Rs. 345 billion – 1.4% down in October than September 2022 – month on month (MoM) decline.
As per experts, the decline is not as consequential as anticipated, and once the economy stands firm, it may restore in the coming months. Interestingly, auto financing is not the only menace, but car prices, back-to-back production cuts, burgeoning interest rates, late delivery and import restrictions inflicted by State Bank of Pakistan (SBP) has shattered the purchasing capacity of customers.
The Senate standing committee on Industries and Production comes with a recommendation to protect customers from paying price differentials as the consequence of manufacturers increasing the price.
The committee chaired by Senator Khalida Ateeb wanted to protect buyers from making additional payments. Meaning the consumers should not pay an extra amount while receiving their vehicle when they have already made the complete payment for their car.
It was also among the committee recommendations that customers should be spared of price hikes laced with justification narrating domestic or economic dynamics, mainly dollar appreciation against the Rupee.
On the other hand, the automobile sector expressed serious reservations over the committee’s recommendations – carries a different stance on the prevalent issue.
Abdul Waheed Khan, Director General of the Pakistan Automotive Manufacturers Association (PAMA), stated, “The Senate Standing Committee can pay the difference then.” “If the US Dollar, or whatever currency in which the imports are denominated, is fluctuating so widely, then companies should not be required to pay from their pocket,” he added.
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