Every promotion tends to have a catch, but it looks like Hyundai is just trying to move some cars. All auto manufacturers are feeling a crunch right now, and people are skittish about the turbulent economy. It’s hard to see into the future even six months from now and know what your situation will be (national gas prices averaged $4.11 six months ago). Hyundai’s new program, which they are calling Hyundai Assurance, will take your car back if you lose your job.
The program actually covers a variety of issues including physical disability, loss of driver’s license due to medical impairment, international employment transfer, self-employed personal bankruptcy or accidental death. The offer clearly states that only involuntary unemployment qualifies, so you aren’t allowed to tell your boss off and let him know where he should actually file those TPS reports.
Another benefit of the program is that they will cover up to $7,500 in negative equity. Whenever you make a claim with the program, you will meet with an adjuster and they will help determine how much your vehicle is worth. As long as that is within $7,500 of the amount you owe, then you walk away without paying a dime.
Hyundai even goes as far to say that it will not negatively affect your credit at all. The Hyundai Assurance paired with the extremely generous warranty offered on all vehicles means that Hyundai is standing firm behind all of its products. A 10- year 100,000-mile powertrain warranty is standard on all vehicles along with a five-year, bumper-to-bumper and five years of free towing.
If the promotion proves popular, then expect to see it copied by other manufacturers (Remember employee pricing? It worked well for GM and then everybody had it). In a desperate time for auto manufacturers, Hyundai is stirring the pot. Not only with creative sales incentives, but with innovative vehicles such as the Genesis.