Hyundai Motor Co has seen encouraging results from its program that allows customers to return a new car if they lose their jobs within 12 months of purchase, a company executive said on Wednesday.
After sales of new cars plunged 48 percent in December, the company has seen U.S. sales increase in the first half of January from a year earlier. (Reuters News)
Hyundai’s new Assurance Program, announced on Jan. 5, allows buyers to return their new Hyundai within 12 months of the purchase if they experience an involuntary loss of income.
Acting president and CEO of Hyundai Motor America, John Krafcik, said, “Ten years ago, Hyundai’s industry-leading warranty provided peace of mind to consumers about Hyundai’s quality and reliability. Today, we’re extending that peace of mind to cover consumers’ employment status and personal finances.”
Here are the details from Hyundai for anyone who is caught off-guard and loses their source of income. If you qualify, you can return the car and be absolved of any financial responsibility and negative impact on your credit.
Qualifying circumstances include:
* Involuntary unemployment
* Physical disability
* Loss of driver’s license due to medical impairment
* International employment transfer
* Self-employed personal bankruptcy
* Accidental death
Buyers must also have made at least two payments on their loan or lease, be current on their payments and return the vehicle within 12 months of the purchase date. Further, Hyundai will forgive the remainder owed on the vehicle up to $7500 less than the purchase price. If the vehicle has depreciated beyond that dollar amount, the buyer will have to pay the difference. The car must be returned to the dealer it was purchased from, and the dealer is responsible for appraising the vehicle’s value and depreciation — both of which are factored into the valuation formula. Once the deal is complete, the dealer can then resell the vehicle.
The Hyundai Assurance Program is complimentary, applies to all Hyundai vehicles, is available to anyone and supplements Hyundai’s 10 year/100,000-mile powertrain warranty and all other incentives. There are no restrictions based on age, health, employment history or the amount of money financed. The vehicle can be financed through Hyundai or other participating third-party lenders. You’ll just have to find a participating dealer and lender. (source: Hyundai)