Korean automaker to offer one-year return policy if you can’t make your payments
These tough times have hit Hyundai harder than most. If the 30-plus percent drop in sales reported by General Motor or Toyota sounds scary, just think how the folks over at Hyundai are doing after it was announced that their December sales were down 48 percent.
So to keep people buying Hyundai’s the Korean manufacturer has announced that anyone who buys a new vehicle can return it within 12 months if they lose their job.
Actually, the offer applies to those who lose their job due to: involuntary unemployment, physical disability, loss of driver’s license for medical reasons, a job transfer overseas or personal bankruptcy if you are self-employed. Oh… and you someone else can also return your car if you die.
The deal only applies to those who lease or finance a car, the owner must have made at least two payments and the vehicle must be returned within 12 months of the purchase date.
Technically, some customers could be stuck with a bill. The fine print states that Hyundai will take the car back at no charge if the difference between what is owed on the car and how much it is actually worth is less than $7,500. If the difference is greater (which is unlikely) the owner will have to pay the difference in order to return the vehicle.
Official release after the jump:
HYUNDAI TEAMS WITH WALKAWAY USA TO OFFER CONSUMERS ONE-OF-A-KIND VEHICLE RETURN PROGRAM
FOUNTAIN VALLEY, Calif., 01/02/2009 Hyundai Motor America announced today an agreement with WALKAWAY USA, LLC to offer consumers unique financial protection in this uncertain economic environment called the “Hyundai Assurance Program.” Beginning today, Hyundai will provide a private label version of WALKAWAY® Protection for Automotive Financing as a complimentary 12-month vehicle return program provided on every new Hyundai that is financed or leased at participating dealers. WALKAWAY USA, LLC is a wholly-owned subsidiary of EFG Companies, a Dallas-based, national performance management company serving the retail automotive industry. The Hyundai Assurance Program expands the protection offered through “The Hyundai Advantage: America’s Best Warranty,” which has provided 10-year, 100,000-mile powertrain protection to Hyundai owners for a decade.
The Hyundai Assurance Program is complimentary for one full year, covers all Hyundai models and is available to everyone.
“In this uncertain economy, we are looking for ways to reassure shoppers that Hyundai still represents the best value in the auto industry,” said John Krafcik, acting president and CEO, Hyundai Motor America. “Our agreement with WALKAWAY allows us to offer a unique form of financial protection in all 50 states for the first time by an automaker.”
The Hyundai Assurance Program, the first of its kind for an automaker in the U.S. auto industry, will be offered to Hyundai exclusively by WALKAWAY USA. WALKAWAY USA holds the exclusive U.S. distribution license to the WALKAWAY program originated in Canada. Since its introduction in Canada in 2000, WALKAWAY has made it possible for consumers to walk away from over $35 million in automotive-related debt and has provided WALKAWAY retailers with a competitive sales advantage.
“We are pleased to collaborate with Hyundai in offering this program through an automaker for the first time in the United States,” said Paul Budvitis, president of WALKAWAY USA, LLC. “WALKAWAY is one of the most innovative products to hit the auto-finance marketplace, addressing consumers’ most pressing challenge to purchasing a new car in today’s economy.”
The Hyundai Assurance Program complements America’s Best Warranty as standard protection on new vehicles financed or leased from a participating Hyundai dealer, and supplements all existing consumer incentives. The program is available to any consumer, regardless of age, health, employment history or financed amount of the vehicle. The program is complimentary for the first 12 months of the financing or lease date for vehicles financed through Hyundai Motor Finance Company and other third-party lenders and financing sources.
For more details about the Hyundai Assurance Program, please visit www.HyundaiUSA.com or www.HyundaiAssurance.com.