New Delhi, 05 July 2008: Hyundai Motor India yesterday announced an exchange and upgrade scheme that allows customers to lower their monthly car-loan payments even as they upgrade to a bigger car. The scheme is targeted at the users of smaller compacts who would prefer to upgrade to a bigger car but are prevented from doing so because of the higher EMIs of a bigger car.

The new offer will allow all the potential owners of bigger compacts to do just that, the company said. All they have to do is bring in their smaller compact to any Hyundai dealership and get an evaluation of this done at the dealership and put the value as a down payment to upgrade to a bigger Hyundai car.

Typically the equated monthly installment (EMI) value for a 48-month loan tenure works out to be an amount which will be lower than the EMI for a smaller car. The scheme is open for all makes of car and upgrade is possible for the Santro, the newly-launched i10 or even the bigger cars like the Accent and the Verna.

"We want to see people upgrade to bigger compact cars and sedans which would be more compatible with the lifestyle of our current customers and hence we have tailor-made these scheme for all the owners of smaller hatches who were so far forced to use a smaller car because of budgetary constraints", said Mr.Arvind Saxena, Senior V-P, Marketing & Sales, Hyundai Motor India.

"Typically, a first-time car buyer opts for a compact car and subsequently upgrades. Hyundai is offering to make this upgrade process easier with the new scheme, especially at a time when inflation is high and the cost of loans has increased. In fact, the scheme has been structured in a way that will bring down the EMIs", he further added.

The scheme will start from the first week of July and will continue till the end of the month.