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The Bank of Lithuania examined the 2018-2019 72 contracts for the management and use (lease) of vehicles with UAB mogo LT and it was established that they are mainly consumer credit contracts, which are subject to the requirements of the Credit Law to Consumption and to the Regulation of Evaluation of Credit Quality and Responsible Credit of the Beneficiaries of Consumer Credit.
In accordance with the terms of some of the company’s contracts, it was established that the consumer sold his car to UAB mogo LT, received money for it and continued to use the same car by paying fees, and at the end of the contract he could exchange it for the value residual.
In the case of a lease, the consumer rents the car for his own use without tying it to the sale of his own car. In this case, the company’s contracts were treated as secured consumer credit agreements, and the transfer and leasing of the property was intended to disguise the true purpose of the transaction, which was to provide a loan to the consumer, regardless of their ability to return the credit.
The other part of the vehicle rental contracts concluded by the UAB mogo LT, taking into account the real objectives of the contract, were evaluated as car financing contracts, that is, consumer credit contracts subject to the requirements of the Law Consumer Credit, regardless of whether the contracts formally specify the consumer’s rights. instead of the obligation to buy a rental car.
Taking into account the mitigating circumstances – the company has taken steps to rectify the situation and it would not be possible to commit the same or a similar violation in the future – the Financial Market Supervisory Authority of the Bank of Lithuania has awarded UAB mogo LT LTL 90 one thousand. a fine of EUR.
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