Ten years ago, Hyundai threw the auto industry for a loop by offering a 10-year, 100,000-mile warranty on its vehicles.
Today, it’s attempting to give the industry another ride by announcing Hyundai Assurance, a program designed to let customers return their cars in case they get laid off.
This is huge… at least in theory. Say you buy a new Hyundai, but then the economy kicks you in the rear end, you lose your job, and you’re stressing about how to make your loan payments.
Never in the history of automobiles has a company let you return a car and walk away from your payments. Then again, until recently, never in the history of automobiles has there been a Hyundai.
The program is basically an insurance policy and includes up to $7,500 in protection against negative equity. If you lose your job within 12 months of buying your vehicle and are current on your loan, you make arrangements with a benefits specialist, then return your car to the dealer and walk away from all financial obligations (hopefully you’ll bring a friend who still has a car, so you won’t have to literally walk away).
I just wonder how many new Hyundais will wind up in the employee parking lots of Ford, GM, and Chrysler.
Is Hyundai’s Assurance program more than just a sales ploy? Would you consider taking advantage of it?