Hyundai Motor America’s new marketing program is taking the current economic state and trying to ease consumers minds if they need to purchase a new car. Hyundai is allowing customers to return their newly purchased vehicles and walk away from their loan obligation if they cannot make their payments because of a covered life changing event (involuntary job loss, personal bankruptcy if self-employed, getting transferred overseas and accidental death). With no extra charge to the sticker price, the program pays the difference between the car’s trade-in value at the time the owner files a claim and any remaining balance on the loan up to a maximum of $7,500. Hyundai’s reasoning behind this program is they were finding that car shoppers were not responding as well to rebates and other typical incentives as they have in the past, because no matter what the rebate, the underlying worry is still the same in this economy – making payments.
To read more about Hyundai’s program, go to: http://money.cnn.com/2009/01/05/autos/hyundai_assurance/index.htm?postversion=2009010513