EMBEDDED BID: How Does It Work? Is It Worth It?
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Let's say you have a consortium to purchase a R$50,000 vehicle. However, after analyzing the market options, you've identified a R$40,000 model that perfectly meets your expectations. If you want to be selected as soon as possible and weren't selected by the last auction, you can use this "extra" R$10,000 from your credit to place a pre-bid.
It's important to note that a bid is nothing more than the advance payment of installments. When you bid with your own funds, you use your own savings to pay a certain number of installments in advance. With a lump sum bid, you pay these installments in advance using part of your credit.
Therefore, following the example above, if you bid with a lump sum bid and are awarded a loan, you will not receive a R$50,000 loan, but rather R$40,000. The difference (R$10,000) will be used to prepay some installments of your consortium. Regardless of the type of bid, the discounted amount will be the same; what changes is whether the funds come from your personal savings or your credit.
It's important to understand that even if you bid with a lump sum bid and receive a smaller loan, all fees will continue to be paid on the full amount of the loan. After all, you won't use the difference to purchase the goods or services, but rather to pay off part of your debt to the group and the administrator.
A lump sum bid will only be awarded if your bid is the winning bid. You will compete equally with other participants who wish to submit bids, whether embedded or with your own funds, according to the rules established in the contract. The amount will only be deducted from your credit if your bid is the winning bid.
Embedded bid + own funds bid
The consortium is quite flexible and offers numerous possibilities. One of them is to combine both types of bids, embedded and with your own funds, as long as this is stated in the membership agreement. In this case, ABAC recommends that you weigh all the pros and cons and analyze whether the total amount available will meet your objectives.
Embedded bid as FGTS (Fund for Severance Indemnity Fund)
If you have a consortium for the purchase of a residential property, you can use up to 100% of the balance in your FGTS-linked account to submit a bid. Since the amount is paid directly to the property seller, the FGTS bid is considered a built-in bid: if your credit is R$200,000 and you offer R$30,000 with this resource, the administrator will make R$170,000 available for you to purchase the property. In total, you will have R$200,000 to purchase the property.
It's worth remembering that there are some prerequisites for using the FGTS in a residential property consortium. Learn more in the post "How to Use the FGTS in a Residential Property Consortium."
Installment Reductions
When the award occurs through a bid, whether built-in or with your own resources, the consortium installments can be deducted in three ways: by paying off the last installment to the first (reverse order), by paying off the next payment (direct order), or by reducing the amount of all outstanding installments. The administrator is responsible for defining the group rules and recording them in the membership agreement.
The embedded bid is provided for in Circular No. 3,432 of the Central Bank of Brazil, the regulatory and oversight body of the Consortium System. This is another way for consortium members to be considered and carry out their plans without relying solely on lotteries.
Via: http://blog.abac.org.br/consorcie/sai...
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