Hyundai Plans to Boost Incentives
According to a Reuters report, a Hyundai Motor official reported that the car maker planned to slash interest rates on installment financing to around 1.5 to 2.5 percent from the current four to 4.5 percent. The official said the slashed interest rates would take effect "soon", but could not give an exact date, the report added. The interest rate would be similar to those offered by Japanese rivals.
A Kia official said it would make a similar move, Reuters said. A Kia spokeswoman told Reuters that the company had begun offering installment financing to a greater number of customers in the United States since early this year, but was not able to comment on the exact change in interest rate.
The Hyundai official told Reuters that dealers who sold more than 15 cars a month would be eligible for discounts of $300 per vehicle, up from the current $100.
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