01-06-2009, 09:20 AM
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#2
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Senior Member
Join Date: Aug 2007
Location: Okolona, Ky.
Posts: 11,360
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Not gonna help their profits in the short-term but should help build up their brand image...
Laid off? Hyundai will take your car back
January 5, 2009: The automaker's new incentive program aims to reassure car buyers who are worried about losing their jobs.
Quote:
Hyundai Motor America is taking aim at Americans' worries about job security: If you buy a new Hyundai and lose your job within a year, you can give it back. "In this uncertain economy, we are looking for ways to reassure shoppers that Hyundai still represents the best value in the auto industry," said John Krafcik, president and chief executive of Hyundai Motor America, the U.S. arm of the South Korea-based automaker, in a company statement.
"If you find that you cannot make your payment because of a covered life changing event, we'll allow you to return your vehicle and walk away from your loan obligation - and in most cases we will cover most, if not all of the difference," the carmaker's Web site says. 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 is offering the program because its own market research showed car shoppers weren't attracted by rebates and other more normal incentives, said Joel Ewanick, Hyundai America's vice president for marketing. People are simply too worried about making payments no matter how good the deal is, he said. "Until they saw a change in that, customers just aren't going to buy," he said.
As defined by Hyundai, life changing events include involuntary job loss, personal bankruptcy if self-employed, getting transferred overseas and accidental death. The benefit will be given to any qualified Hyundai vehicle buyer or lessee, the carmaker says, regardless of health or employment history. To get the benefit, the vehicle buyer must have made at least two payments before filing for the benefit, and buyers are responsible for any payments due before filing.
More Buy a Hyundai, return it if you get canned - Jan. 5, 2009
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Hyundai operating profit drops; competition's tough
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