Truck consortiums have been gaining traction as a way to purchase this type of vehicle, due to economic uncertainties. 

In terms of numbers, the consortium is establishing itself as a financing option for trucks and other large vehicles. 

In the first four months of 2021 alone, sales of consortium shares for trucks, buses, and tractors grew by more than 501% compared to the same period last year. 

So, in terms of value, more than R$ 8 billion in credits were reached. 

Of all these quotas, 66% represent only trucks. Thus, we are talking about more than R$ 5 billion in credit for the acquisition of trucks. 

ABAC – the Brazilian Association of Consortium Administrators – states that the positive result is a direct reflection of the difficulties faced when buying a new truck. 

Today, truck drivers report that the main difficulties when buying a new truck are:

Economic instability, difficulty obtaining credit, and of course: high interest rates. 

In this sense, a consortium ends up being a really excellent option because it has plans with terms ranging from 100 to 120 months. 

Furthermore, there is no interest and the administration fee is around 0.12% per month. 

Just like with smaller vehicles, the buyer can prepay the installments and receive the truck sooner if they are drawn in a lottery or make the highest bid in the month. 

With the aim of helping truck drivers who need a new truck and drivers who want to buy a new vehicle to work independently, our experts have gathered information for another special article. 

Today we're going to show you everything and more about truck consortiums. 

Let's learn?

A truck consortium is a more financially secure way to purchase your vehicle. 

Therefore, in this type of transaction, there are no interest charges, as is the case with financing, for example. 

The only fees charged are:

The fact that it doesn't charge interest is already a great advantage, since the effective cost practically doesn't exceed the value of the truck.

This is the complete opposite of financing, where in the end, the buyer may end up paying up to 3 times the total value of the truck. 

The truck consortium works as follows:

The interested party buys a share, with the value and number of installments specified, which can reach up to 120 installments, and all of this is put into a contract. 

From then on, he will compete to obtain his letter of credit in two ways:

Monthly raffles (or another type of frequency defined in the contract) and bids to expedite the letter of credit. 

The consortium member can deposit from 10% of the truck's value and if, in that month, there is no other higher bid, then he is the one selected. 

However, something good to mention is that there are truck consortium options that allow you to use up to 30% of the vehicle's value as a bid. 

This makes contemplation easier. 

Now that you know that truck consortiums are on the rise and how this type of business works, it's time to find out how to create one for yourself. 

So, don't take your eyes off the screen because now we're going to teach you step-by-step how to get your truck through a consortium. 

It all starts with hiring! 

When contacting the consortium administrator, the interested party presents their needs in order to be introduced to the available plans. 

By analyzing the existing options, it is possible to choose among the various choices and define the best opportunity. 

Then, it's possible to proceed with the hiring.

In a truck consortium, just like in a car consortium, the participant joins a group of people who share the same goal:

To buy an item in installments and on a scheduled basis. 

Each member of the consortium is identified by a number, called a quota. 

Here's where you need to pay close attention: The hiring process is the most important moment of all! 

Therefore, clear up any doubts before signing the contract. 

In a consortium, winning the asset in the monthly draw depends on all members of the group making their payments on time.

In other words, if one member of a consortium is late or fails to pay their installment, the entire group ends up being harmed. And it doesn't stop there. 

In addition to incurring interest and penalties, late payments can cause the following losses to the consortium member:

So, please be aware that you need to make all payments on the correct date. 

The groups are formed by specific numbers of participants and within a timeframe offered by the consortium administrator. 

All types of consortia are formed by groups with the same interest in the same common asset. 

Therefore, everyone there wants a similar truck. 

Assemblies take place every month.

It is at these meetings that the raffles are held and the consortium members are awarded prizes. 

Timely payment of installments is essential for consortium members to participate in meetings and have a chance of being selected. 

The selection process follows two criteria: a draw and a bid, allowing the winner to receive the value of their credit letter to purchase the truck. 

This is the most anticipated moment for the truck consortium. 

Another very famous term, but unknown to many people, is "lance"! 

The bid is one of the criteria used to determine who wins the awards. 

A bid is simply an advance payment of installments proposed by consortium members who are interested in receiving their credit letter sooner and thus, getting their hands on the truck.

However, at each meeting, all participants have the opportunity to propose an advance payment of their contributions. 

Therefore, the group member who offers the highest bid will be the winner of the month. 

The most common types of shots are free throws and fixed throws. 

The free bid rewards the consortium member who offers the highest percentage of installments paid in advance. 

The fixed bid, on the other hand, is for participants who offer a specific percentage of the contracted plan, as established by the administrator. 

Contemplation is the pinnacle of the truck consortium. 

Being selected, whether through bidding or drawing, grants access to the credit letter that will be used to purchase the truck! 

However, it is important to mention that the recipient must be up-to-date with all payments. 

If you are selected but have overdue installments, you must pay off those installments to gain access to the credit letter. 

Although rare, it's worth keeping in mind that there's a chance a participant might withdraw from the truck consortium.

So, in this case, the amount paid can be refunded with deductions stipulated in the contract. 

However, it is necessary to wait for the release of the funds, which may occur if your share is drawn in the draw for canceled shares, or only upon the closing of the group. 

But another option that is quite common for a withdrawing participant is to transfer their share to another person. 

Just as important as buying your truck through a consortium is finding a trustworthy administrator. 

Finding a reliable administrator is a relatively simple task. 

Therefore, the first tip from our experts is to always look for a company authorized to operate by the Central Bank. 

Because on the institution's website you can find a list of companies authorized and regulated to operate in the truck consortium sector. 

In addition, it is possible to conduct internet research on the different administrators. 

Because websites like Reclame Aqui (a Brazilian consumer review site) and social media are great indicators of customer satisfaction. So, avoid those with negative reviews.

Furthermore, an important point to mention about truck consortia is that, on many occasions, it can be a lengthy process. 

Therefore, the longer a deal lasts, the greater the chances of encountering some kind of snag along the way. 

Therefore, before signing any truck consortium contract, evaluate the situation as a whole.

Now, if you're in a hurry, have a certain amount of money, and don't want to have endless installments to pay, a truck auction is an interesting option. 

Thus, at truck auctions, you can find examples in 0 km condition for prices up to 50% lower than those practiced in the FIPE table. 

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