Hyundai Assurance Program provides new car buyers who lose their income protection against negative equity and credit rating concerns
Hyundai Motor America announced today an unprecedented program to protect consumers in this uncertain economic environment. Beginning today, Hyundai is providing a complimentary vehicle return program for the first year on every new Hyundai that is financed or leased for owners who experience an involuntary loss of income within 12 months of the purchase date. 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.
“We understand consumers’ hesitance to commit to large purchases in today’s economic environment,” said John Krafcik, acting president and CEO, Hyundai Motor America. “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.”
The Hyundai Assurance Program, the first of its kind for an automaker in the U.S. auto industry, allows consumers to walk away from a financing obligation when certain adverse life events occur, providing protection from financial shortfalls that arise from vehicle depreciation (negative equity) up to $7,500.
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. Covered circumstances include:
– Involuntary unemployment
– Physical disability
– Loss of driver’s license due to medical impairment
– International employment transfer
– Self-employed personal bankruptcy
– Accidental death
Consumers must have made at least two scheduled payments on their loan or lease, be current on all payments and pay for any outstanding balance above the $7,500 benefit amount which results from negative equity. Once the benefit is approved by the Hyundai Assurance administrator and the customer pays any outstanding balance, the customer returns the vehicle to the selling dealer, whose appraisal is factored into the valuation formula, and the consumer avoids further financial obligation or negative impact to his/her credit. The dealer is then able to remarket the vehicle.
HYUNDAI MOTOR AMERICA
Hyundai Motor America, headquartered in Fountain Valley, Calif., is a subsidiary of Hyundai Motor Co. of Korea. Hyundai vehicles are distributed throughout the United States by Hyundai Motor America and are sold and serviced through more than 790 dealerships nationwide.