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planes de ahorro previo

English translation: save & loan plan

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:plan de ahorro previo
English translation:save & loan plan
Entered by: Esperanza Clavell
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13:05 Mar 12, 2002
Spanish to English translations [PRO]
Bus/Financial / a report
Spanish term or phrase: planes de ahorro previo
Si hay reactivaciòn en la ARg, se reactivarán los planes de ahorro previo...
Esperanza Clavell
Argentina
Local time: 08:06
save and loan plan
Explanation:
I do not know whether these plans exist in the USA. It is a plan by which you have to save 20 or 25% of the amount you wish to be granted, and once you have paid off this amount, you are granted the loan. The problem with these plans is that many of them are not adjusted by inflation (consumer price index), and if you get involved in one while inflation is high, when you receive your loan of devaluated pesos, it might not be enough to cover the price of what you want to buy. Even during the period in which the exchange rate to the peso was pegged to the dollar during 12 years (1 to 1), the prices in Dollars during the first year of the program increased by 70%, to then stabilize, so that even if the plan were in US Dollars, it might not cover the price of what you want to buy. But sometimes it is the only option if you do not qualify financially for a bank loan.
These plans are mostly granted for the purchase of houses, apartments and cars, but they also cover other items, and there are some for "whatever you want to buy". Many times you do not receive the loan on the agreed date, because other members of the group are in default with their payments. They are normally formed with groups of say 40 persons.
Hope it helps.
Selected response from:

Robert INGLEDEW
Argentina
Local time: 08:06
Grading comment
¡Gracias!!
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +2save and loan plan
Robert INGLEDEW
4 +1The previous savings plans??
MIGUEL JIMENEZ
4buyers' circles
P Forgas
4Lay-away or Christmas club
Judy Rojas


  

Answers


11 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
save and loan plan


Explanation:
I do not know whether these plans exist in the USA. It is a plan by which you have to save 20 or 25% of the amount you wish to be granted, and once you have paid off this amount, you are granted the loan. The problem with these plans is that many of them are not adjusted by inflation (consumer price index), and if you get involved in one while inflation is high, when you receive your loan of devaluated pesos, it might not be enough to cover the price of what you want to buy. Even during the period in which the exchange rate to the peso was pegged to the dollar during 12 years (1 to 1), the prices in Dollars during the first year of the program increased by 70%, to then stabilize, so that even if the plan were in US Dollars, it might not cover the price of what you want to buy. But sometimes it is the only option if you do not qualify financially for a bank loan.
These plans are mostly granted for the purchase of houses, apartments and cars, but they also cover other items, and there are some for "whatever you want to buy". Many times you do not receive the loan on the agreed date, because other members of the group are in default with their payments. They are normally formed with groups of say 40 persons.
Hope it helps.

Robert INGLEDEW
Argentina
Local time: 08:06
Native speaker of: Native in EnglishEnglish, Native in SpanishSpanish
PRO pts in pair: 1940
Grading comment
¡Gracias!!

Peer comments on this answer (and responses from the answerer)
agree  Maria-Jose Pastor: these are called either "Savings and Loan Plans", "S&Ls" or "Credit Unions"
4 mins
  -> Savings and Loan Plans. Thank you, MJPastor.

agree  Dr. Chrys Chrystello
1 hr
  -> Thank you, Chrys.
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19 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
The previous savings plans??


Explanation:
Should it read "previos"?

Saludos,

MIUGLE

MIGUEL JIMENEZ
Local time: 07:06
Native speaker of: Native in SpanishSpanish
PRO pts in pair: 151

Peer comments on this answer (and responses from the answerer)
agree  xxxLia Fail: On the face of it, it seems to refer to 'previouus', in other words of the economy recovers, then the previous savings plans will be reactivated
6 hrs
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
Lay-away or Christmas club


Explanation:
It depends on the purpose and place of the savings. In the US, for example, you can purchase a goods from some stores on what is called a "lay-away" plan. That is, the store holds the item at a set price and the client makes monthly (or weekly) payments until the purchase price is reached and then gets the merchandize. With banks, on the other hand, you can open a Christmas Club account or a Vacation Club account to save money for that special purpose.
HIH

Ricardo Martinez de la Torre


Judy Rojas
Chile
Local time: 08:06
Native speaker of: Spanish
PRO pts in pair: 525
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2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
buyers' circles


Explanation:
The most popular line of credit for an automobile purchase in
Argentina are buyers' circles. In this system the companies
create an administration to handle the savers' funds (grouping 60
savers for the payment plans of 60 installments and 84 savers for
the 84 installment payment plans) which accumulate the total
value plus the financial costs of the credit through the monthly
installments.

A buyers' circle member can possess his own unit long before
completing its full payment (from the second installment on), if
he wins the monthly lottery or if he bids the largest number of
installments. The 5 year, 60 monthly installment plans are
preferred.

http://www.corporateinformation.com/data/statusa/argentinaau...

P Forgas
Brazil
Local time: 08:06
Native speaker of: Spanish
PRO pts in pair: 1241
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