Hyundai's New Assurance Gas Lock Offers Buyers Cheap Gas For a Year

Hyundai has a new incentive that is similar to incentives consumers saw last summer, when gas prices climbed to more than $4 a gallon. Hyundai's Assurance Gas Lock will guarantee buyers a year's worth of gas at $1.49 a gallon.

The offer is good on most Hyundai models leased or purchased between July 1 and August 31. The Assurance Gas Lock incentive is also good with Hyundai's Assurance program, which covers auto loan payments if consumers lose their income, and special rebate and financing options on individual models.

"Our research shows that nearly 40 percent of potential new car buyers are staying out of the market specifically due to uncertainty around future gas prices," said John Krafcik, CEO and president of Hyundai Motor America.

The incentive works like other guaranteed gas price programs from last summer. Buyers of new Hyundai vehicles register their credit card and then use a special card from Hyundai to buy gas with. They are billed $1.49 a gallon for regular gas, regardless of the price at the pump, and Hyundai pays the rest. Mid-grade gas will cost them $1.64 a gallon and premium will be $1.79 a gallon.

About 93 percent of gas stations nationwide are participating in the program. Hyundai owners can purchase a maximum number of gallons equal to 12,000 miles divided by the EPA combined fuel economy rating for the qualifying model, according to a statement from Hyundai Motor America.

Buyers can choose between the full rebate offered on an individual model, or the Hyundai Assurance Gas Lock incentive, which lowers the rebate by $1,000. For more information, visit www.hyundai.com.

Confused or unsure about some of the car loan terms used in the article? Click here for our Auto Loan Glossary.