Hyundai Capital
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| File:Hyndai Capital Logo.png | |
| Industry | Consumer Finance |
|---|---|
| Founded | 1993 |
| Headquarters | Seoul, South Korea |
|
Key people
|
Tae Young (Ted) Chung, CEO |
| Products | New Car Financing Used Car Financing Auto Lease Personal Loan Mortgage |
| Revenue |  KRW 3,331 bn (2011) |
| KRW 659 bn (2011) |
|
| KRW 507 bn (2011) |
|
| Website | www.hyundaicapital.com |
Hyundai Capital Services (Hyundai Capital) is a South Korean consumer finance company providing a range of auto financing, auto leasing, personal loan and home mortgage products. The company is a joint venture between Hyundai Motor Company and GE Capital.
Established in 1993, Hyundai Capital is the largest provider of auto financing in Korea, and is also a major player in the auto lease market. Hyundai Capital is also advancing into overseas markets such as China and Europe.[citation needed]
Contents
Overview
Hyundai Capital is a joint venture between Hyundai Motor and GE Capital. Hyundai Capital’s principal business areas are as follows
• Automotive Finance: Hyundai Capital provides automotive financing to purchasers of new and used vehicles, arranged as either installment financing or loans;
• Automotive Leasing: Hyundai Capital provides automotive leasing to individual and corporate customers, including maintenance and accident management services and arrangement of third-party automobile insurance; and
• Personal Loans: Hyundai Capital provides unsecured and unguaranteed personal loans and mortgage loans to individuals and small business owners.
History
Hyundai Capital was incorporated in December 1993 as Hyundai Auto Finance Co., Ltd. Hyundai Capital subsequently changed its trade name to Hyundai Financial Services Co. in April 1995. In January 1996, Hyundai Capital was licensed as an installment financing company by the Ministry of Strategy and Finance of Korea. Shortly thereafter, Hyundai Capital commenced its housing and automotive installment financing businesses and began providing automotive financing to purchasers of new and used Hyundai Motors vehicles.
In October 2004, Hyundai Capital and Hyundai Motors entered into a strategic alliance with GE Capital whereby GE Capital, through its wholly owned subsidiary, General Electric Capital International Holdings Limited, acquired a 38.0% equity interest in Hyundai Capital. In November 2005, GE Capital increased its equity interest in Hyundai Capital to 43.0%. In conjunction with its initial share acquisition, GE Capital also transferred the consumer finance (excluding mortgage loan business) and used vehicle installment financing businesses of its subsidiary, GE Capital Korea, to Hyundai Capital.[citation needed]
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