Just because people didn’t buy very many American cars in December and both Chrysler and GM needed a bailout, don’t think every company is relying on government programs to stay profitable. Hyundai, the Korean car maker, just launched a program that allows consumers to buy a new car free from fear of being overwhelmed by the additional debt if they lose their jobs.
Hyundai Motor America unveiled a novel approach to the problem over the weekend. Dubbed the Hyundai Assurance Program, the South Korean automaker said that people who purchase or lease a new Hyundai during the next 12 months can return the car if they “experience an involuntary loss of income” within one year of the purchase date…
Depreciation can reduce a new car’s value by 25% or more during the first year of ownership. But since Hyundai’s lineup skews toward low- and moderately priced cars, the amount should be enough to cover the lost value on most Hyundai vehicles, save for the top-of-the-line Genesis sedan, which has a starting sticker price of around $32,000, and the Santa Fe SUV, which lists for around $30,000.
According to a Hyundai press release, buyers can return a vehicle for no additional charge within 12 months of purchase if any of the following occur:
— Involuntary unemployment
— Physical disability
— Loss of driver’s licence for medical reasons
— Job transfer overseas
— Personal bankruptcy filing by a self-employed worke
— Accidental death
In short: buy the car now, and if you lose your income in the next 12 months, you can return it!
Below are two 30 second ads promoting the new program.