Hyundai Capital Supports SME Rental Car Industry with Six-Month Deferment on Installment Principal Payments

50% Reduction in Deferred Interest

On September 14, Hyundai Capital announced that it would grant a six-month deferment on auto installment principal repayments for all small and medium-sized rental car companies using its financial services, and would also reduce deferred interest by 50%.

Hyundai Capital headquarters in Jung-gu, Seoul. Hyundai Capital

According to Hyundai Capital, approximately 700 small and medium-sized rental car companies are utilizing its financial services, with a combined scale of around KRW 740 billion.

Hyundai Capital also stated that it is reviewing additional support measures beyond financial assistance.

The company is currently considering measures such as prioritizing the allocation of vehicles from small and medium-sized rental car companies when a short-term replacement vehicle is needed due to an accident or breakdown involving its own lease or rental vehicles, as well as transferring returned long-term rental vehicles to these companies first.

It is also reviewing ways to expand subscriptions by Hyundai Capital's long-term rental cars to insurance products offered by the Korea Rent-A-Car Association Mutual Aid Association.

A Hyundai Capital representative stated, "We will continue to prepare a variety of additional support programs and work with the small and medium-sized rental car industry to foster a mutually beneficial rental car ecosystem."

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