Full-Scale Launch of Automotive Financing Services
for All Vehicle Models in Australia
Hyundai Capital announced on June 2 that it will officially begin offering services to Kia customers across Australia.
Hyundai Capital Australia, the Australian subsidiary of Hyundai Capital, launched "Genesis Finance" and "Hyundai Finance" in October and November last year, respectively. Building on this, the company will now provide automotive financing services to all customers of Hyundai Motor, Genesis, and Kia throughout Australia.
Hyundai Capital Australia plans to actively support vehicle sales for Hyundai Motor Group by offering not only financial products such as auto installment loans, but also providing stable dealer financing services to local dealers.
In particular, Hyundai Capital Australia will highlight its flagship product, the Guaranteed Future Value (GFV) installment plan, to help reduce the monthly payment burden for customers.
This product allows customers to pay only the amount excluding the vehicle's residual value (used car price at the end of the term) in monthly installments until the contract matures. At the end of the term, customers can either sell their vehicle to settle the remaining balance or pay off the remaining loan to take ownership of the car.
Hyundai Capital Australia also plans to offer competitive interest rates to local customers, leveraging Hyundai Motor Group's high global credit rating.
Previously, in March, the newly established subsidiary received an "A- (Stable)" standalone credit rating from the global rating agency Standard & Poor's (S&P), which is an unusual achievement for a new company.
Based on its standalone credit rating, Hyundai Capital Australia aims to enhance its competitiveness in the local funding market as well as the interest rate competitiveness of its products offered to customers.
A Hyundai Capital representative stated, "Hyundai Capital Australia will strive to ensure that Australian customers can access reasonable and practical automotive financing services, based on a close and strong partnership with Kia, Hyundai Motor, and Genesis."
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