HYUNDAI MOTOR FINANCE COMPANY INTRODUCES DEALER-FOCUSED CREDIT APPLICATION SYSTEM

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Chris Hosford

NEW WEB-BASED SYSTEM DESIGNED TO MAKE CAR BUYING PROCESS EASIER

FOUNTAIN VALLEY, Calif., 01/22/2000

Hyundai Motor Finance Company today announced plans to introduce a new Internet-based credit application and finance management system designed to assist dealers and customers alike in making the credit application process easier. The company announced its plans at the 2000 National Automobile Dealers Association Convention in Orlando, Fla. Hyundai expects to begin rolling out the program in key pilot markets this spring, with complete dealer coverage anticipated by year-end.

The new dealer-focused system will automate and streamline key parts of the car buying finance process including customer loan and lease credit applications, processing and approval.

The World Wide Web-based system has an open design. Hyundai dealers will have access to a related online finance forms library that will include e-contract forms among others and will have the ability to easily submit customer applications to multiple lenders simultaneously. Through the new system, dealers will have access to: up-to-the-minute application status reports; online credit bureau reports; Hyundai e-mail; marketing bulletins including rates, terms and programs; and, in the months to come, the ability to cash contracts through the Internet and obtain current customer pay-off quotes as well as online floor-planning information.

"While some car manufacturers are beginning to question the value of their dealer networks, Hyundai is committed to supporting its dealers by giving them the technology and tools they need to remain competitive," said Bill Thaxton, president and CEO of Hyundai Motor Finance Company. "Our new credit application system will make our dealers more productive, more efficient and help them better serve their customers. We want our dealers to know that Hyundai will provide various new Internet services to support its dealers' traditional sales needs."

Hyundai Motor Finance Company and Hyundai Motor America, headquartered in Fountain Valley, Calif., are subsidiaries of the Hyundai Motor Company of Korea. Hyundai Motor Finance Company provides consumer loans, leases and wholesale dealer inventory financing. Hyundai cars are distributed throughout the United States by Hyundai Motor America and are sold and serviced through nearly 500 dealerships nationwide.

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