Word: consorciado
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...second car is then auctioned off to another consorciado, with the proceeds from his highest cash bid going into the group pool. He, too, continues making the regular monthly payments, except that these are reduced slightly to make up for the additional cash that he has had to pay out in the auction...
...remaining partners always have the next lottery and auction to look forward to, with the procedure continuing month after month until every one of them gets a car. The most remarkable thing is that even the last consorciado, unlucky as he has been, will probably wind up with a car sooner than if he had merely put aside the same amount of money every month on his own. Reason: the extra cash accumulated in each auction, coming on top of the members' regular monthly payments, enables the consorcio to buy-and distribute by lottery-a third, or maybe even...
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