Hyundai "Assurance Program"

Started by ifcar, January 04, 2009, 04:51:11 PM

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ifcar

January 04, 2009, 04:51:11 PM
http://www.autoblog.com/2009/01/04/keep-the-receipt-hyundai-buyers-can-take-back-the-car-if-laid-o/

QuoteIf you need a new car but your job at the First National Bank of the City Federal isn't exactly guaranteed, Hyundai has an offer just for you.

The Hyundai Assurance Program gives buyers some peace of mind that if they lose their jobs during their first year of ownership, they won't have to pay back the full amount owed on their cars. Hyundai is teaming up with Walkaway USA to provide the 12 months of protection at no extra charge to buyers.

There are plenty of catches, though. Hyundai buyers must have made at least two payments on their new cars, be current on said payments, and their reasons for unemployment must fall under a list of common causes. The plan also only covers $7,500 worth of depreciation. In other words, if you beat the hell out of your Hyundai and your car's now worth $7,500 less than what you paid for it, you gotta come up with the rest. There's also probably a clause somewhere in there somewhere that also sticks the buyer for tag, title, taxes, fees, etc. etc.

Otherwise, drive your new Genesis for 11 months, re-enact Jack's Smirking Revenge from Fight Club and take the car back.

More information:

http://www.hyundaiusa.com/financing/HyundaiAssurance/HyundaiAssurance.aspx

dazzleman

#1
January 04, 2009, 05:03:24 PM
Interesting.

I'm guessing that for qualified buyers, who can actually afford the payments, fear of job loss is one of the biggest things keeping them from making a major purchase like a car at this point in time.  This at least partially addresses that fear, so it could spur sales to some degree.
A good friend will come bail you out of jail...BUT, a true friend will be sitting next to you saying, DAMN...that was fun!

Soup DeVille

#2
January 04, 2009, 05:06:18 PM
So, Hyundai's going after the current UAW members directly now?
Maybe we need to start off small. I mean, they don't let you fuck the glumpers at Glumpees without a level 4 FuckPass, do they?

1975 Honda CB750, 1986 Rebel Rascal (sailing dinghy), 2015 Mini Cooper, 2020 Winnebago 31H (E450), 2021 Toyota 4Runner, 2022 Lincoln Aviator

the Teuton

#3
January 04, 2009, 07:57:58 PM
Quote from: Soup DeVille on January 04, 2009, 05:06:18 PM
So, Hyundai's going after the current UAW members directly now?

Genius!
2. 1995 Saturn SL2 5-speed, 126,500 miles. 5,000 miles in two and a half months. That works out to 24,000 miles per year if I can keep up the pace.

Quote from: CJ on April 06, 2010, 10:48:54 PM
I don't care about all that shit.  I'll be going to college to get an education at a cost to my parents.  I'm not going to fool around.
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She'll hate diesel passenger cars, all things Ford, and fiat currency.  They will masturbate to old interviews of Ayn Rand an youtube together.
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Madman

#4
January 06, 2009, 05:19:32 PM
I just heard an interview with Hyundai USA's president on NPR about this programme.  He said that as far as he knew, no other car manufacturer had done anything like this before.

WRONG!!!

Volkswagen had a similar programme during the First Bush Recession of the early 1990s.  The difference was that under the VW plan, the buyer got to keep the car and VW made the payments until the buyer found another job.  Under Hyundai's promotion, the buyer has to hand the car back and they will only cover $7,500 of negative equity.

As far as I am aware, Volkswagen didn't have to make anyone's payments whilst this promotion was in effect.  Considering Hyundai's plan is nowhere near as comprehensive as Volkswagen's was, I seriously doubt Hyundai will have to shell out any money, either.


Cheers,
Madman of the People
Current cars: 2015 Ford Escape SE, 2011 MINI Cooper

Formerly owned cars: 2010 Mazda 5 Sport, 2008 Audi A4 2.0T S-Line Sedan, 2003 Volkswagen Passat GL 1.8T wagon, 1998 Ford Escort SE sedan, 2001 Cadillac Catera, 2000 Volkswagen Golf GLS 2.0 5-Door, 1997 Honda Odyssey LX, 1991 Volvo 240 sedan, 1990 Volvo 740 Turbo sedan, 1987 Volvo 240 DL sedan, 1990 Peugeot 405 DL Sportswagon, 1985 Peugeot 505 Turbo sedan, 1985 Merkur XR4Ti, 1983 Renault R9 Alliance DL sedan, 1979 Chevrolet Caprice Classic wagon, 1975 Volkswagen Transporter, 1980 Fiat X-1/9 Bertone, 1979 Volkswagen Rabbit C 3-Door hatch, 1976 Ford Pinto V6 coupe, 1952 Chevrolet Styleline Deluxe sedan

"The saddest aspect of life right now is that science gathers knowledge faster than society gathers wisdom." ~ Isaac Asimov

"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses." - Johannes Kepler

"One of the most cowardly things ordinary people do is to shut their eyes to facts." - C.S. Lewis

Madman

#5
April 27, 2009, 08:08:05 PM
New Hyundai assurance commercial.  :lol:

http://www.funnyordie.com/videos/0ecc000105/hyundai-assurance-commercial


Cheers,
Madman of the People
Current cars: 2015 Ford Escape SE, 2011 MINI Cooper

Formerly owned cars: 2010 Mazda 5 Sport, 2008 Audi A4 2.0T S-Line Sedan, 2003 Volkswagen Passat GL 1.8T wagon, 1998 Ford Escort SE sedan, 2001 Cadillac Catera, 2000 Volkswagen Golf GLS 2.0 5-Door, 1997 Honda Odyssey LX, 1991 Volvo 240 sedan, 1990 Volvo 740 Turbo sedan, 1987 Volvo 240 DL sedan, 1990 Peugeot 405 DL Sportswagon, 1985 Peugeot 505 Turbo sedan, 1985 Merkur XR4Ti, 1983 Renault R9 Alliance DL sedan, 1979 Chevrolet Caprice Classic wagon, 1975 Volkswagen Transporter, 1980 Fiat X-1/9 Bertone, 1979 Volkswagen Rabbit C 3-Door hatch, 1976 Ford Pinto V6 coupe, 1952 Chevrolet Styleline Deluxe sedan

"The saddest aspect of life right now is that science gathers knowledge faster than society gathers wisdom." ~ Isaac Asimov

"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses." - Johannes Kepler

"One of the most cowardly things ordinary people do is to shut their eyes to facts." - C.S. Lewis

hotrodalex

#6
April 28, 2009, 04:13:28 PM
Quote from: Madman on April 27, 2009, 08:08:05 PM
New Hyundai assurance commercial.  :lol:

http://www.funnyordie.com/videos/0ecc000105/hyundai-assurance-commercial


Cheers,
Madman of the People


Crap, I had that playing on normal speakers at work and it dropped the f bomb at the end..

Don't think anyone noticed though.

Madman

#7
April 28, 2009, 11:14:10 PM
Quote from: hotrodalex on April 28, 2009, 04:13:28 PM
Crap, I had that playing on normal speakers at work and it dropped the f bomb at the end..

Don't think anyone noticed though.


Sorry 'bout that!  Guess I should have warned you guys first?  :mask:


Cheers,
Madman of the People
Current cars: 2015 Ford Escape SE, 2011 MINI Cooper

Formerly owned cars: 2010 Mazda 5 Sport, 2008 Audi A4 2.0T S-Line Sedan, 2003 Volkswagen Passat GL 1.8T wagon, 1998 Ford Escort SE sedan, 2001 Cadillac Catera, 2000 Volkswagen Golf GLS 2.0 5-Door, 1997 Honda Odyssey LX, 1991 Volvo 240 sedan, 1990 Volvo 740 Turbo sedan, 1987 Volvo 240 DL sedan, 1990 Peugeot 405 DL Sportswagon, 1985 Peugeot 505 Turbo sedan, 1985 Merkur XR4Ti, 1983 Renault R9 Alliance DL sedan, 1979 Chevrolet Caprice Classic wagon, 1975 Volkswagen Transporter, 1980 Fiat X-1/9 Bertone, 1979 Volkswagen Rabbit C 3-Door hatch, 1976 Ford Pinto V6 coupe, 1952 Chevrolet Styleline Deluxe sedan

"The saddest aspect of life right now is that science gathers knowledge faster than society gathers wisdom." ~ Isaac Asimov

"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses." - Johannes Kepler

"One of the most cowardly things ordinary people do is to shut their eyes to facts." - C.S. Lewis
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