Hyundai Capital America is expanding its subscription program from electric cars in southern California to mass-market vehicles in Ohio, the company announced in a press release Wednesday.
Whereas the original Hyundai Ioniq Unlimited+ program provided EV enthusiasts with unlimited miles and charging reimbursement, the new Hyundai Plus program scraps those benefits to give users access to mainstream combustion engine vehicles with insurance and maintenance included in the cost. No changes have been made to the California program.
While pricing will be calibrated for the user’s specified vehicle and mileage band preference, monthly payments will start at $279. Like Hyundai Ioniq Unlimited+, consumers will be locked into a three-year term.
“It’s a more attractive price for the consumer,” Mark Abbasi, Hyundai’s vice president of product development, told Auto Finance News. “If you look at month-to-month programs it’s quite expensive — it’s a premium price and we wanted to come out with something that’s more affordable and provides more value to the consumer. That three-year term helps you get there.”
The program is available for model-year 2018 Elantra, Sonata, Tucson, and Santa Fe Sport models in Ohio at five select dealerships. The program will expand across the state by the end of July, Abbasi said, and following a period of observation in Ohio, HCA is targeting “a handful of states” where it can move quickly to roll out the program.
HCA is partnering with MetLife to provide the insurance, which will allow the consumer to keep a fixed rate for three years.
For more information on the program, attend the 2018 Auto Finance Summit October 24-26, where Hyundai Capital America President and Chief Executive Ross Williams will sit down for a Fireside Chat. Click here for more information.