Hyundai Capital, the financing arm of South Korea’s Hyundai Motor Group, is expanding its presence in Brazil with new retail financial products, officials said Thursday.
The financial firm’s joint venture with Santander Brasil -- Banco Hyundai Capital Brasil -- which was launched in April this year, is set to unveil a new retail product that guarantees the residual value of a car, called “personal contract purchase.” It computes the expected price of used cars in the future and enables a customer to pay back the balance in installments for customers who buy Hyundai Motor vehicles available in the country, including HB20 and Creta.
BHCB has been working to enter the insurance brokerage market, which can bundle auto financing and insurance products, with a focus on Hyundai Motor vehicles. For this, it has started building a wholesale and retail finance sales network with about 220 dealerships.
Backing the efforts is Hyundai Motor’s steady sales in the region -- it has sold 1 million cars in six years. Its local factory’s production capacity is expected to increase from 180,000 to 208,000 a year.
“It is important to make sure more consumers can access finance products. We will communicate with the dealers and support them actively, so more customers can access our financial products,” said BHCB CEO Cezar Janikian.
By Jie Ye-eun (firstname.lastname@example.org)