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37 AutoData | November 2018 Disclousure/Novo Banco for the automotive industry: “Since our financial balance involves all types of vehicles (new and used) a reaction in our segment is usually an indicator of a future increase in 0 KM vehicle sales”. DEFAULT DECREASES The credit recovery in the automotive sector came after a dramatic moment along with the crisis of 2014 - the inflec- tion of the economy and unemployment increase led many consumers to default. The first signs of a slight recovery emer- ged only last year, but were established this year. According to Anef, the default rate fell mainly due to a reorganization of the vehicle financing portfolios made by the financial market after the recession peak. At the end of 2016, the payment delay index of more than ninety days in the installments of vehicles financing via CDC (direct to customer) was at 4.6% and to- day it is at 3.5%. According to Montenegro, the appro- val volume of forms in some manufac- turer banks is currently at the range of 75%, a very reasonable index. “Yes, there was a time of a greater restriction, but customers are much more aware of their capacity for indebtedness today. In 2012 and 2013 this notion was low and the banks were on the wave of optimism. After a long learning process The five most financed models 79 898 36 277 46 808 33 211 32 308 1º Onix 3º Ka 2º HB20 4º Kwid 5º Polo Disclousure/Chevrolet Disclousure/Hyundai Disclousure/Ford Disclousure/Renault Disclousure/VW Source: B3