Hyundai is leasing cars to buy and sell to owners to keep the cars in operation, according to an internal document obtained by NHL.com.
The company has been exploring ways to sell and lease cars to people with little or no equity in the cars, but has been unsuccessful, the document said.
The documents, which were provided to NHL..com by an insider who has been in contact with Hyundai, state that Hyundai leased about 500 vehicles in 2019.
The lease documents also reveal that Hyundai will lease more than 10,000 cars to new owners.
Hence the company will sell or lease about 10,200 of its vehicles, it states.
Hyundai said it is selling a “small number” of the cars to third parties, but did not disclose the exact number.
Hyundai leases about 40 percent of its cars, according the document.
The car companies internal documents say Hyundai will offer its leasing program to owners of leased vehicles who do not own a home.
“The leasing program will help to offset some of the upfront costs for the leasing program, such as a first lease payment, and it will provide a cushion for customers with little equity in their vehicles,” the documents state.
The plan will be similar to what other automakers have done with the leasing programs of other car companies, such for example, General Motors, Honda and Nissan.
Hyundai, based in Seoul, South Korea, has said that its leasing programs will help offset the upfront cost of leasing a new vehicle, but the details of the plan have not been disclosed.
The South Korean government is expected to give Hyundai and its rivals a green light to begin the leasing of cars in 2019, but Hyundai’s own internal documents show that Hyundai has not yet been awarded an order to lease cars in the country.
The deal to lease vehicles comes at a time when automakers have been struggling to keep up with demand from consumers for new vehicles.
Last month, Ford announced plans to lease more vehicles in 2020, and GM announced that it is in talks to lease its entire fleet in 2019 as well.
Hyuki has been under pressure to sell more cars to buyers.
In September, Hyundai told analysts that it plans to sell as many as 3,500 new vehicles a year in 2019 compared to 3,000 a year this year.
It also said that it will lease 1,000 vehicles a month to new drivers in 2019 from 2018.
In 2019, Hyundai will also lease 1.6 million vehicles to owners, according its internal documents.
Hyulani said that the plan to lease a large number of cars to private owners is in line with its goal to expand its leasing to owners.