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Hyundai Motors India Limited (HMIL) has announced a new venture with ALD Automotive to introduce car leasing facilities across it's entire range of products in India. Chennai, Hyderabad, Mumbai, and Delhi NCR will be the first cities to be incorporated into the leasing scheme.
According to CarBlogIndia, Hyundai India says that the leasing facility will be available with monthly lease packages and rentals. They say the benefits of leasing the vehicles would include no upfront cost or no down payment, and no financial risks at all. The leasing scheme would also feature tax benefits, easy upgrades, and no maintenance or insurance worries. All of it will be covered in the monthly rental.
Hyundai's leasing scheme could be availed for a minimum of two years and a maximum if five, depending on which city and what model of car is selected. Mr. S.J. Ha, Executive Director, Sales and Marketing, Hyundai Motor India, said, "The vehicle leasing business is rapidly picking pace in India and offers great prospects."
Less than on percent of all vehicles in India are bought via a leasing scheme in India, and this 'less than one percent' is mostly popular within the corporate circles, and for premium company cars. In foreign countries, on the other hand, leasing a car is more popular than purchasing it with a loan. In fact, leased cars have a 45 per cent market share as compared to purchases made with a loan.
Hyundai intends targeting salaried individuals, owners of small and medium sized enterprises, public sector and corporates with the introduction of this new leasing program. The aim is to give younger customers a new concept of vehicle ownership. Leasing is also expected to play an important role in bringing in sales for automotive manufacturers in the coming years.
ALD Automotive French owned automotive leasing and fleet management firm. They started India operations in 2005 and have a fleet of 13,000 vehicles. They are the operational and fleet management business line of the Société Générale Group. They are headquartered in Mumbai and have a direct presence in Delhi, Hyderabad, Pune, Bangalore, and Chennai.
Thoughts About The Hyundai Offering Leasing Options To Customers
This is a brilliant move by Hyundai. And this is definitely the easiest way one can 'own' a car. And why not — there's no down payment, no loans, no insurance, and no maintenance to pay. Woohoo!