consórcio

03:49 Oct 25, 2011 

It's amazing how complex a single word can be, 'cause of the concept. cheers lad

20:18 Oct 23, 2011 

This is a very Brazilian concept. A large group of people, perhaps 50 or 100, all wanting the same thing, in this case a car, all pay a monthly payment to a consorcio and once a month (usually) 1 or 2 members of the consorcio are picked by lottery to receive their goods. With some groups, if a member has some extra money in a given month, they may bid and the highest bidder gets their car above and beyond the lottery. This is an alternative to financing for those who may not have a good credit rating or credit score. The important thing here is that the vehicle remains in the name of the concorcio until you have made the final payment. If you stop paying, naturally, they repossess. The concorcio is finished when everyone has their car.