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
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.
So, Hyundai's going after the current UAW members directly now?
Quote from: Soup DeVille on January 04, 2009, 05:06:18 PM
So, Hyundai's going after the current UAW members directly now?
Genius!
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
New Hyundai assurance commercial. :lol:
http://www.funnyordie.com/videos/0ecc000105/hyundai-assurance-commercial
Cheers,
Madman of the People
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.
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