Hyundai Capital Services is stepping in to support small and midsize rental-car companies. The key measures are a six-month deferral of automobile installment principal repayments and a 50% reduction in deferred interest.
Hyundai Capital Services currently provides financial services worth approximately KRW 740 billion to around 700 small and midsize rental-car companies, including for the purchase of rental vehicles. All such companies currently using Hyundai Capital Services’ financial services may apply for this support program.
The company is also considering additional support measures. If one of its leased or rented vehicles requires a short-term replacement because of an accident or breakdown, vehicles from small and midsize rental-car companies would be assigned first. Hyundai Capital Services is also discussing a plan to transfer returned long-term rental vehicles to these companies first to help them secure operating assets. It is further reviewing ways to expand enrollment of long-term rental vehicles in insurance products offered by the National Rental Car Mutual Aid Association.
A Hyundai Capital Services representative said, "We have prepared financial support measures for small and midsize rental-car companies to promote mutual growth and cooperation with the industry and to actively participate in the government’s inclusive-finance policy. Hyundai Capital Services will continue to take the lead in creating a mutually beneficial rental-car ecosystem through additional support programs and ongoing dialogue and cooperation with small and midsize rental-car companies."
Sohyung Kim Reporter compact@sportschosun.com
This article has been translated by GripLabs Mingo AI.
