Korea GM, "We Support Our Heroes in June as Well"... Campaign Extended

[Asia Economy Reporter Kiho Sung] Chevrolet, under Korea GM, announced on the 1st that it will extend the campaign "Chevrolet Supports Our Heroes!" in June as well, following May, to encourage those working hard amid the COVID-19 pandemic.

Through this campaign, special support ranging from 200,000 to 300,000 KRW per vehicle model will be provided to workers in the medical and delivery industries, as well as public officials. The same benefits will also be offered to families with multiple children, multicultural families, newlyweds, teachers, and school staff.

Additionally, the "Tax-Free Event," which supports additional tax burdens beyond the individual consumption tax, will be extended until June. Under this program, customers purchasing a Spark (excluding LS and Van trims) with the combo installment plan will receive support equivalent to 1.2 million KRW, corresponding to 12 years of automobile tax. Customers purchasing Malibu, Trax, or Equinox will receive support for acquisition tax amounting to 7% of the vehicle price.

Moreover, a minus installment program returning 1% interest to Spark buyers is being offered. For Malibu, Trax, and Equinox buyers, there is a 36-month full interest-free installment plan or the "Happiness for 10,000 KRW" installment program, which allows customers to purchase a vehicle by paying 10,000 KRW per month for the first year. The "Happiness for 10,000 KRW" program is a customized installment plan designed for customers concerned about initial purchase costs, requiring monthly payments of 10,000 KRW for the first year, followed by a 4.5% interest rate applied over the next three years.

Support for customers owning old vehicles and special promotions for business owners will also be extended through June. Depending on the ownership period of the existing vehicle (5, 7, or 10 years), customers purchasing a new vehicle will receive additional benefits up to 700,000 KRW. Business owners purchasing Damas and Labo models will receive an additional 200,000 KRW benefit.

Lee Yong-tae, Head of Domestic Sales Division at Korea GM, stated, "As the government's individual consumption tax reduction is scheduled to end in June, this month is the last chance to receive the tax reduction and additional tax support." He added, "We hope that the acquisition tax support and various installment programs prepared by Chevrolet in June will be a small but significant help to our customers."