SAN DIEGO — Hyundai Capital America plans to roll out the Hyundai Plus Lease pilot in Florida as it continues down “the path of bundling total cost of car ownership,” National Sales Director John Thacker said during a panel discussion at the Auto Finance Sales & Marketing Summit.
“[HCA] found that typical car insurance runs $100 a month for consumers, and bundling insurance [with a lease] brought that down to $50 a month,” Thacker said. Also, the Hyundai Plus Lease is “easy” for dealers to pitch to consumers since it helps simplify the car-buying experience by bundling options, he added.
Already, the Hyundai Plus Lease program has sparked an increase in penetration rates in Texas — historically a smaller lease market for the captive. HCA initially launched the all-inclusive lease option in July 2018; it is currently being piloted in New Mexico, Ohio, Texas, and Wisconsin. The program allows consumers to lease cars for a three-year term that combines payment, car insurance, and maintenance coverage into the $279-per-month starting price.
HCA chose its newest market for the Hyundai Plus Lease on the heels of the success of Genesis Finance’s all-inclusive lease program called Genesis Spectrum, which launched in Florida in March, Thacker said. “The Genesis version of the program is doing pretty well,” he said. “It finds us a segment of business. A lot of that business is first-time buyers.”