Hyundai Motor Finance is piloting a subscription payment option in Ohio that packages a special lease price, vehicle maintenance and auto insurance, the captive said Wednesday.
The company initially is offering the 36-month Hyundai PLUS lease package on the Elantra, Sonata, Tucson and Santa Fe Sport, and plans to expand it to other models. Hyundai also expects to offer the package in other states soon.
The Hyundai PLUS format is similar to the Ioniq Unlimited+ subscription product that comes with a 36-month lease and unlimited mileage on the electric hatchback in addition to "free maintenance and wear items for up to 50,000 miles per year." The Hyundai PLUS package, in contrast, comes with a traditional leasing arrangement with set mileage parameters. It will be unavailable for electrified powertrains. Pricing is yet to be finalized, a spokeswoman said, and it will be determined by the dealers and each customer's needs.
On the service side, Hyundai PLUS comes with a maintenance plan that includes items such as tire rotations and oil changes. The only thing consumers will have to worry about is putting gasoline in their vehicles, said Mark Abbasi, Hyundai Capital America's vice president of product development. Abbasi said the Hyundai PLUS program will create more service opportunities for dealers.
Offerings such as Hyundai PLUS help the automaker toward its goal of adding more convenience to the car-buying experience, which is highlighted by its Shopper Assurance program. Shopper Assurance is built around fair-market pricing listings online, flexible test drives, the ability to handle more of the transaction online and a three-day money-back guarantee.
Abbasi said Hyundai PLUS eliminates the worry of rising insurance rates each year. The pricing of the subscriptions is locked in.
Hyundai PLUS "aligns well with our overall Hyundai approach," Connie Kahn, Hyundai Capital America's director of product development, told Automotive News. "Our OEM partner is going through this Assurance route of bringing peace of mind to the customer. This is part of the larger objective to help the consumers as well as dealers get to that next level of comfort and ease of ownership."