Hyundai has announced the first details of Hyundai Shield - a new leasing option available for buyers, incorporating Hyundai’s first ‘guaranteed future value’ program.
Shield offers no-deposit finance with fixed monthly repayments and includes the option to incorporate the cost of Hyundai’s iCare servicing program as well.
At the end of the lease term the vehicle’s value is predetermined by the figure set out at the start of the contract. Owners are then able to choose to keep, trade, or return their current vehicle.
Buyers that opt to trade their current car on a new Hyundai will be able to begin a new repayment schedule based on the vehicle they’ve chosen.
Those who opt to return their car at the end of the lease can do so, with the minimum value of the car already locked in. If owners choose to hang on to their current vehicle they may pay out the final figure or refinance as they see fit.
It's a similar scheme to that offered by Skoda and Volkswagen under their Skoda Choice and Volkswagen Choice finance programs. Holden, Toyota and a number of luxury automakers also offer similar finance schemes in Australia.
Around 85 percent of new vehicle purchasers look to source finance, according to Hyundai Australia’s estimates. The new program offers buyers a factory-approved alternative to bank, in-dealer, or lending-house finance.
Although hesitant to predict the take-up rate for Hyundai Shield initially, representatives from Hyundai suggested that in time up to 30% of finance purchases could be handled through Hyundai Shield.
After an initial roll-out with five volume-selling models, the Hyundai Shield program will be expanded to the rest of the range beginning early 2016. We’ll keep you up to date as more information becomes available.
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