Hyundai's Assurance Plan: Keep the receipt if you get laid off... *Merged*

[Sal Collaziano]

Filed under: Car Buying, Hyundai, Carsumer Advocacy

If you need a new car but your job at the First National Bank of the City Federal isn't exactly guaranteed, Hyundai has an offer just for you.

The Hyundai Assurance Program gives buyers some peace of mind that if they lose their jobs during their first year of ownership, they won't have to pay back the full amount owed on their cars. Hyundai is teaming up with Walkaway USA to provide the 12 months of protection at no extra charge to buyers.

There are plenty of catches, though. Hyundai buyers must have made at least two payments on their new cars, be current on said payments, and their reasons for unemployment must fall under a list of common causes. The plan also only covers $7,500 worth of depreciation. In other words, if you beat the hell out of your Hyundai and your car's now worth $7,500 less than what you paid for it, you gotta come up with the rest. There's also probably a clause somewhere in there somewhere that also sticks the buyer for tag, title, taxes, fees, etc. etc.

Otherwise, drive your new Genesis for 11 months, re-enact Jack's Smirking Revenge from Fight Club and take the car back.

[Source: The Auto Channel]Keep the receipt: Hyundai buyers can take back the car if laid off originally appeared on Autoblog on Sun, 04 Jan 2009 10:03:00 EST. Please see our terms for use of feeds.



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[BacktoHyundaibychoice]

Re: Keep the receipt: Hyundai buyers can take back the car if laid off

Even with "catches", that is a very creative marketing ploy. Kudos to the person who thought it up.

 

[zedbyers]

Re: Keep the receipt: Hyundai buyers can take back the car if laid off

Even with "catches", that is a very creative marketing ploy. Kudos to the person who thought it up.

it sure is. they started running two new ads during the colts/chargers game last night. 'we are all in this together' was the theme put out there.

 

[PriorityHyundaiVA]

Re: Keep the receipt: Hyundai buyers can take back the car if laid off

Filed under: Car Buying, Hyundai, Carsumer Advocacy

If you need a new car but your job at the First National Bank of the City Federal isn't exactly guaranteed, Hyundai has an offer just for you.

The Hyundai Assurance Program gives buyers some peace of mind that if they lose their jobs during their first year of ownership, they won't have to pay back the full amount owed on their cars. Hyundai is teaming up with Walkaway USA to provide the 12 months of protection at no extra charge to buyers.

There are plenty of catches, though. Hyundai buyers must have made at least two payments on their new cars, be current on said payments, and their reasons for unemployment must fall under a list of common causes. The plan also only covers $7,500 worth of depreciation. In other words, if you beat the hell out of your Hyundai and your car's now worth $7,500 less than what you paid for it, you gotta come up with the rest. There's also probably a clause somewhere in there somewhere that also sticks the buyer for tag, title, taxes, fees, etc. etc.

Otherwise, drive your new Genesis for 11 months, re-enact Jack's Smirking Revenge from Fight Club and take the car back.

[Source: The Auto Channel]Keep the receipt: Hyundai buyers can take back the car if laid off originally appeared on Autoblog on Sun, 04 Jan 2009 10:03:00 EST. Please see our terms for use of feeds.



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Wrong, it means ex. cars worth 20,000, you owe 27,500 theyll pay that difference off up to 7500$ anything over 7500 dollars in negative equity you have to cover so if you owed 27,501..u have to pay 1 dollar. and they use market guide values. not dealer values. its virtually impossible to be that buried unless you rolled something else over into the loan originally.

with a program like this and how good it is how can you say their sticking anybody with anything. you have it all wrong. for truth in statement visit hyundaiassurance.com

 

[MattP]

Hyundai Assurance Plan

I was just on the Hyundai Think Tank site. Did anyone see the details on the new Hyundai Assurance Plan?

This is an amazing first for the car industry, having been the first to introduce a 10 year/100 mile warranty, now Hyundai is introducing a plan where they will take back your newly purchased/leased Hyundai if you lose your job in the first year of ownership.

IMO that is a very innovative way to provide additional value in these times of economic downturn.

What does everyone else think?

 

[Gold Z]

Re: Hyundai Assurance Plan

I think it can only increase sales. I think the marketing boys hit a homerun.

 

[ImInPA]

Re: Hyundai Assurance Plan

GM some years back offered a "30 day Test Drive." All you had to do was keep the mileage below 1250 (I think) for the first month (which was the national monthly average at that time), and you could return the vehicle for a full refund...even if you just didn't like it.

 

[Mark_888]

The assurance plan only applies to a lease or finance. I am not sure if it applies to a buyer who gets their own financing (as opposed to using Hyundai financing).

 

[PriorityHyundaiVA]

The assurance plan only applies to a lease or finance. I am not sure if it applies to a buyer who gets their own financing (as opposed to using Hyundai financing).

it does not matter who you finance with the program is still available.

 

[Mark_888]

it does not matter who you finance with the program is still available.

That makes sense. Becasue I paid cash, I had to sign a document that I acknowledged that the assurance plan did not apply to me, so I wasn't sure whether non-dealer financing qualified.

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[Gold Z]

Hyundai's new marketing plan just got them a lot of free advertising on the local channels here as it was a feature story on both the local news channels. Today I saw it on the national news. Brilliant marketing.

 

[moose66]

Hyundai's new marketing plan just got them a lot of free advertising on the local channels here as it was a feature story on both the local news channels. Today I saw it on the national news. Brilliant marketing.

Gold Z is right. . . . . . there was a mention about this program on the local news in the Raleigh, NC area as well. Let's see how long it takes for another manufacturer to come up with their "own" idea.

 

[GS300rich]

great marketing idea, but hopefully not too many people have to take them up on this offer