Hyundai launches finance scheme for 'Getz' in select markets

New Delhi, Aug 9 (UNI) Hyundai Motor India Ltd (HMIL), the second largest automobile manufacturer in the country, today launched a special structured finance&buyback scheme, the first of its kind in the compact segment in India, for its young and sporty 'Getz' model in select markets.

''The reason behind launching this scheme is to make Getz more affordable for our customers as its EMI's will be comparable to that of any compact car,'' HMIL Sales&Marketing Vice President Arvind Saxena said.

Under the scheme, customers in Delhi, Mumbai, Bangalore Pune, will be able to buy a Getz car by paying low monthly instalments for 35 months. In the 36th month, the EMI will be a lump sum amount to the tune of around 35 per cent of the ex-showroom cost of the car.

Further, in the 36th month, the scheme also gives the customer an upfront choice of either owning the car by paying the lump sum amount, or upgrading to another Hyundai car with HMIL open to buying back the car at a prefixed price.

The scheme will be run through select Hyundai Finance partners.

HMIL is a wholly owned subsidiary of South Korea's Hyundai Motor Company, and presently markets 32 variants of passenger cars in six segments -- Santro (B segment), Getz (B+), Accent (C), Elantra (D) segment, Sonata Embera (E), and the Tucson in the SUV segment.

The company recorded combined sales of 252,851 in 2005 with a growth of 17.26 per cent over year 2004.

HMIL's has fully integrated state-of-the-art manufacturing plant near Chennai and to continue investing in providing the Indian customer global technology, it has announced plans for its second plant, which will produce 300,000 units per annum, raising HMIL's total production capacity to 600,000 per annum by 2007.

The company is investing to expand capacity in line with its positioning as HMC's global export hub for compact cars. HMIL plans to expand its dealer network, which will be increased from 157 to 200 this year, while the service network will be expanded to over 1,000 this year.

Employing over 68,000 people worldwide, Hyundai Motor posted 27.383 billion dollars in sales in 2005. Its vehicles are sold in 193 countries through some 5000 dealerships and showrooms.

UNI RA YA HT1820