HYUNDAI Capital has started to underwrite business contract hire deals under the Hyundai Contract Hire brand.
The joint venture with Santander has supplied PCP deals to Hyundai dealers, but until now all business contract hire offers were underwritten by ALD under a white label agreement.
Hyundai president and ceo Tony Whitehorn explained that Hyundai Capital had taken part in a soft launch last year with the new Hyundai i30 model. He said dealers could decide whether they wanted to take the ALD route or the Hyundai Capital route to finance deals.
“Both get identical terms from us,” said Whitehorn. “And the rentals are pretty much identical. I guess many dealers have been using Hyundai Capital for our PCP agreements so going down that route with Hyundai Capital might be easier for them. But it’s up to the dealers to decide.”
Whitehorn added that the company had a rolling agreement with ALD underpinned with a strong relationship saying, “We are almost allowing market dynamics to decide.”
Hyundai Capital is based in Reigate, Surrey, and also underwrites Kia finance programmes, although to date Kia has not followed Hyundai’s route of offering business contract hire.