Russians often leave their Hyundai cars as collateral when applying for loans. This is stated in a study of the CarMoney car loan service provided to socialbites.ca.
“The most preferred collateral for automobile loans in 2023 were Hyundai automobiles. “They replaced the former leader Kia, but together the two Korean brands still account for about 18% of total car deposits in Russia,” he notes.
For the 9 months of 2023, Hyundai’s share of pledged cars was 9.8%, compared to 9.2% in 2022, according to the service. Kia ranked second, accounting for 8.1% of the vehicles pledged. This is followed by Volkswagen with 6.3% and Toyota with 6.1%.
Russian brand Lada (6.1%) rose from seventh to sixth place in a kind of anti-rating of debtors in 2023. It is followed by Nissan, Renault, Chevrolet and Skoda.
In addition, the number of Chinese-made cars pledged in 2023 has increased rapidly; experts estimate growth in this category at 33.2% year-on-year.
The rating is based on analysis of more than 15 thousand collateral transactions, which is more than half of the number of loans secured by cars that Russians took in January-September.
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Source: Gazeta
Anika Rood is an author at “Social Bites”. She is an automobile enthusiast who writes about the latest developments and news in the automobile industry. With a deep understanding of the latest technologies and a passion for writing, Anika provides insightful and engaging articles that keep her readers informed and up-to-date on the latest happenings in the world of automobiles.