SEOUL, April 25 (Korea Bizwire) – Hyundai Motor Group’s Gift Car Campaign, a program to help those in financial need through free car donations, has turned out to be a great success.
Looking back at the five years since the campaign launched, the company discovered that the average debt of 199 applicants dropped from 24.5 million won to 18.5 million won, a decline of 6.3 million won.
A total of 11 applicants are now debt free, and one fifth of the applicants managed to improve their credit ratings.
The number of candidates with monthly earnings greater than 2 million won has increased to 61.4 percent, allowing them financial stability, and a noticeable increase from the initial 15 percent.
Of the 57 applicants who were receiving government aid at the beginning of the campaign, 19.3 percent have now exited welfare programs, and 16.2 percent of all the applicants are no longer part of the lower income group and are financially independent.
Cheon-pyeong Park, one of the candidates, managed to raise his monthly income by 471 percent from 850,000 won to 4 million won through sales of organic vegetables.
The Gift Car Campaign has donated a total of 199 vehicles over the past five years. The most popular of all established businesses was the food truck business. Others included agricultural and marine product distribution, flower shops, photo studios, and image production.
The vehicles offered ranged from compact cars to trucks, all from the Hyundai and Kia product lines. The candidates were offered up to 3 million won in insurance and acquisition taxes on top of 5 million won in business funds with free career consultation.
By Lina Jang (email@example.com)