HYUNDAI Capital Services of Seoul, South Korea, has launched Hyundai Finance in Australia.

Hyundai Capital Services, the financial arm of Hyundai Motor Company, Kia, and Genesis, is to launch its finance options for Hyundai Motor Company in Australia from November 25. 

Called Hyundai Capital Australia Pty Ltd (HCAU), it will offer products “tailored to the passenger vehicles of Hyundai dealerships and Genesis dealerships in Australia”. 

Australia will be the 12th overseas financial subsidiary of Hyundai Capital.

Hyundai Palisade

HCAU started servicing exclusive financial deals to Genesis owners in October. 

The company said the launch of Hyundai Finance, together with Genesis, sees the beginning of HCAU’s move into the auto financing business in Australia.

Multi-franchise Hyundai dealers may be able to offer Hyundai Capital finance to buyers across all their brands although not all finance packages available to Hyundai or Genesis buyers (Guaranteed Future Value, for example) will be offered to buyers of other brands.

Hyundai Ioniq

The company said in a statement: “Based on the outstanding global ratings of Hyundai Motor Group, HCAU designed competitive rate loan products for the customers and introduced flexible and personalised finance options tailored to each vehicle.

It said that Guaranteed Future Value* (“GFV”) for example, “is HCAU’s standout offering to the Australian market. For approved applicants, the GFV loan gives the minimum resale value of the vehicle, while equipped with affordable financing options and a range of closing choices at the end of the loan term. 

At the end of the GFV loan term, customers can choose to:

1. Trade-in: The vehicle’s value is used towards paying out the loan. If the trade-in value is higher than the GFV, the equity can be used towards a new vehicle.

2. Keep: Pay the GFV amount to own the vehicle outright.

3. Return: Hand back the car with no further payments, provided it meets the agreed fair wear and tear and kilometre conditions.

“Additionally, GFV may offer lower repayments compared with traditional financing as customers only pay for the amount that excludes the minimum resale value of the purchased car, divided in preferred loan term – from 24 months up to 48 months. However, total interest payable may be high than a loan with no GFV.

Hyundai Santa Fe

HCAU said it expects “to lead auto financing in Australia with its seamless and convenient digital financing services using a global IT system developed and established by Hyundai Capital which has created a streamlined finance application process. 

“HCAU has improved the efficiency of its underwriting process through online document submission and system auto-approval functionality. Furthermore, HCAU introduced an AI chatbot service that operates 24/7, taking customer convenience to the next level.

Hyung-Jin David Chung, CEO of Hyundai Capital South Korea said in a statement: “We are proud to introduce auto financing products and services to our Australian customers who are already using or looking to purchase a Hyundai or Genesis vehicle at their respective dealerships.

Donglim Shin

“With our strong partnership with Hyundai Motor Group, Hyundai Capital Australia will offer competitive and personalised products and services reflecting on customer needs.”

He added, “Hyundai Capital will continue to expand its business reach in key strategic markets to promote Hyundai Motor Group’s global sales growth.”

Donglim Shin, CEO of Hyundai Capital Australia: “We are thrilled to announce the launch of Hyundai Finance, the exclusive finance partner for Hyundai and Genesis in Australia. This milestone represents a significant step in strengthening our long-term partnership with the Hyundai dealer network and delivering exceptional value to our customers. 

“By embedding digital processing into the loan application and providing a self- servicing customer portal, Hyundai Finance will enhance the ownership experience at every stage of the loan lifecycle. 

“This initiative underscores our commitment to innovation and customer-centric solutions, supporting the success of Hyundai Motor Company Australia.”

Ian Ritchens, CCO of Hyundai Capital Australia said: “Hyundai Finance is built on a foundation of collaboration, innovation, and customer focus. 

“We are investing in our people, behaviours and culture, to ensure we are well-equipped to deliver meaningful outcomes.

Ian Ritchens

“Our strategic vision of ‘One Hyundai’, is committed to creating a competitive advantage that drives sales opportunities and sustainable growth with Hyundai Motor Company and our dealer partners. 

“Combined with access to competitive funding, new technology and speed our goal is to support every facet of the dealership business. Above all, we are committed to putting the Hyundai customer at the centre of everything we do, exceeding their expectations throughout the ownership journey.”

The company outlined the following key points:

Finance Products: Hyundai Finance offers competitive, flexible loan options including Hyundai

Guaranteed Future Value (GFV) consumer and business loans, which guarantee a vehicle’s

minimum resale value. *The GFV is the minimum future value of their new or approved demo Hyundai or Genesis set out in their contract. At the end of the term, a customer can sell their car to us, and we will pay the GFV which will be put against their final payment, provided they are not in default under their contract and subject to fair wear and tear requirements and agreed kilometres being met.”

Seamless Customer Experience: Customers can select their Hyundai model and apply for finance at the dealership, ensuring simplicity and convenience. Hyundai Finance has a strong focus on creating a streamlined application and approval process through digital services.

Tailored Solutions: Flexible payment options and personalised interest rates, allow customers to tailor their finance to suit their personal or business requirements.

Competitive Repayments: The GFV* product potentially lowers monthly payments compared with traditional financing, making Hyundai vehicles more accessible and with flexible end of term options. However, total interest payable on the loan will be higher than a loan with no GFV.

Exclusive Finance Offers: Access to exclusive campaigns and promotions tailored specifically for Hyundai customers. For example, Hyundai Finance will launch with a $5,000 deposit bonus offer on new and demonstrator Palisade. Available at Hyundai Finance dealers to approved applicants, until 31 December 2024. Applications must be received by 31/12/24 and settled bv 14/01/25. Available with standard and GFV personal and business loans. Terms, conditions, fees, charges and lending criteria applies.Finance is provided by Hyundai Capital Australia Pty Ltd ABN 42 611 226 316 Australian Credit Licence 554051. For approved applicants only. Terms, conditions, fees, charges and eligibility criteria applies.