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Hyundai Calms Fears for New-Vehicle Buyers
Written by: Bob Golfen   
01/07/2009 - 04:14 PM
Phoenix, Arizona
 
This unique program helps to quell the jitters for potential new-car customers by allowing allows them to turn a vehicle back in if they lose their income during the first year of ownership or leasing. (Photo: Hyundai) ยป More Photos

Fear of commitment , always a big issue in relationships, seems to be the driving force behind the recent collapse of auto sales. It’s hard for folks to contemplate buying a new car or truck when they’re afraid of being laid off.

Bad news for automakers, but good news for auto mechanics who have enjoyed a windfall of business from customers trying to keep their old heaps alive through economic hard times.

South Korean automaker Hyundai has a plan to quell the jitters for potential new-car customers with a unique program that allows them to turn a vehicle back in if they lose their income during the first year of ownership or leasing.

Hyundai, which built its reputation on 10-year, 100,000-mile powertrain warranties for the past decade, calls it the Hyundai Assurance Program and the first of its kind in the U.S. auto industry. The program is free and covers every Hyundai model that’s leased or financed through Hyundai Motor Finance Company.

“We understand consumers’ hesitance to commit to large purchases in today’s economic environment,”
said John Krafcik, acting president and CEO or 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 Assurance Program provides protection against vehicle depreciation up to $7,500, allowing car buyers to walk away from a car or truck without undue financial strain or black marks on their credit. The circumstance covered by the program include:

- Involuntary unemployment.
- Physical disability.
- Loss of driver's license due to medical impairment.
- International employment transfer.
- Self-employed personal bankruptcy.
- Accidental death.

The program will be administered by Walkaway USA, a company that provides payment protection for consumers and auto retailers, in an exclusive agreement with Hyundai. Introduced in Canada in 2000, Walkaway has allowed consumers to shed more than $35 million in automotive debt.

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