Kia Will Launch Finance Arm
NEW ORLEANS -- Kia Motors of America Inc. plans to have its own finance arm operating nationwide by June.
NEW ORLEANS -- Kia Motors of America Inc. plans to have its own finance arm operating nationwide by June.
Kia Motors Finance will be a private label offshoot of Hyundai Motor Finance Co., reported Automotive News. The finance arm will mostly handle prime customers with A- or B-level credit. Lower-level credit customers will be handled by AmeriCredit Corp., a large subprime lender, said Peter Butterfield, president of Kia Motors of America Inc.
Since Kia is owned by Hyundai, Hyundai Motor Finance has serviced Kia paper since the middle of 2004, but the change will create an official private label relationship.
Kia says it will launch the company Feb. 15 and expects the finance arm to be certified in all 50 states by June.
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