Hyundai: If You Lose Your Job, You Can Return Your Car

By Liz Opsitnik
Saturday, Jan 03 2009 10:24

Hyundai started its new Assurance vehicle return program today, allowing customers to return their new Hyundai penalty free within a year in the event of a major financial setback.

According to Hyundai's Web site, "Finance or lease any new Hyundai, and if in the next year you lose your income, we'll let you return it." The program covers you if you experience involuntary unemployment, physical disability, loss of driver's license due to medical impairment, international employment transfer, self-employed personal bankruptcy or accidental death.

The Assurance program is available on all new Hyundai vehicles and comes free with the purchase or lease of a new Hyundai car. Hyundai's Web site says that the program is available to anyone and covers up to $7,500 in negative equity.

Hyundai says that you can walk away from your loan or lease (if Hyundai approves your claim) without any further financial obligation or negative impact to your credit.

Hyundai knows that potential customers are not buying cars right now because they're afraid of losing their jobs in this recession. It seems like it could be a winning incentive for Hyundai. Will other car makers offer similar incentives like Hyundai's Assurance program?

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