Only 18 Ecuadorian Car-Purchase Plan Firms Meet the Reported Legal Requirements

Ecuador’s programmed vehicle-purchase market recorded 7,669 contracts between January and July 2026, but a sector group says only 18 companies currently meet the relevant capital and financial requirements. Primicias published the warning on August 20, 2026 at 05:50.

Programmed purchase plans are an alternative to traditional credit. Participants make monthly contributions without interest, then receive vehicles through a process that can involve draws, bids, or scheduled awards. The model is different from a promise to deliver a car immediately.

The regulatory gap

The Superintendence of Companies issued the regulation for programmed purchases and global funds in June 2024. Requirements include an annual financial-sustainability report, monthly reporting of customer contributions and the funds allocated to purchases, and an insurance policy or bond equal to 2% of the contributions from customers who have not yet received a vehicle.

The trade group says that, as of June 2026, only 18 companies met the minimum capital and equity requirements. It says another 30 companies may be offering programmed purchases without meeting the regulation and that 23 companies have entered dissolution and liquidation proceedings ordered by the Superintendence.

The source says five companies lead the market: Chevyplan, Condelpi, Motorplan, Globalplan, and Certero. It also describes a Quito case in which customers reportedly paid up to USD 4,500 after being promised a vehicle immediately or within two days.

What the compliance checks involve

The trade group recommends checking the company in the Superintendence’s records, reviewing capital and equity, and reading the contract before signing. The report says the required minimum capital and equity is USD 300,000, and that customers should receive the contract 72 hours before signing.

A promise of immediate delivery is a warning sign because programmed purchases depend on contributions and the adjudication terms in the contract. The reported model is not the same as a conventional vehicle loan.

What this means for expats and investors

Foreign residents considering a vehicle plan should verify the operator’s legal status before paying an enrollment fee or making contributions. A logo, storefront, or vehicle advertisement does not establish that the operator belongs to an authorized network.

For investors and financial operators, the market illustrates a supervision issue: demand exists, but the gap between formal operators and firms alleged to be outside the requirements creates consumer-protection and reputational risk.

Source: Primicias