Hyundai assurance program gets even more assuring

Published February 20, 2009 by Zane Merva

Hyundai has announced it will take the “Hyundai Assurance” program to the next level. “Hyundai Assurance Plus” will not only let you give the car back if you lose your job, but they will also give you 90 days of payment forgiveness while you keep the car and look for another job.

The details

A few weeks ago Hyundai pulled an unprecedented trump card in the auto industry. They promised if a buyer of one of their cars lost their job within the first year of ownership, Hyundai would take the car back with no penalty.

Now the company is introducing “Hyundai Assurance Plus”, which sweetens the deal. Customers can still return their new Hyundai if they involuntarily lose their job within the first year of ownership. With “Assurance Plus”, owners can take time to find a new job- up to 90 days, before they have to worry about returning their new pride and joy. Hyundai will even forgive payments during the 90 day period with no expectations of repayment.

The program does come with a few caveats. New owners must have made two payments on their car before they can use the 90 day loan payment break. Owners must also have been employed at least 90 days before exercising the option. The program’s crux is that any event, Hyundai will only cover up to $7,500 in negative equity.

Don’t miss: Our road test of the Hyundai Genesis

Our take

This is pretty good news if you’re in the market for a car and concerned about your job. However, the two seem completely opposite in realm. If you’re concerned about your job- most likely you’re not shopping for a car. But- if this situation applys to you, it’s a great insurance policy to cover for the worst.

Press release: Hyundai introduces “Assurance Plus”

FOUNTAIN VALLEY, Calif., 02/19/2009 Hyundai Motor America will expand the protection offered by the innovative Hyundai Assurance program with Hyundai Assurance Plus, adding 90 days of payment relief to the existing protection plan. Hyundai Assurance Plus is part of Hyundai’s Spring Sales Event, which runs from Feb. 23 to April 30, 2009. Hyundai Assurance, which debuted in January, allows consumers to return any new Hyundai leased or financed in 2009 if the owner unexpectedly loses his/her income within one year of the purchase date. Both Hyundai Assurance and Hyundai Assurance Plus are available at all participating Hyundai dealerships nationwide. For full details about the programs, visit: www.HyundaiUSA.com.

Hyundai Assurance Plus provides a one-time, 90-day payment relief benefit in the event of involuntary unemployment or physical disability. For qualifying consumers, this benefit helps them keep their vehicle for three months while attempting to replace their income. Hyundai Assurance Plus pays the lender a lump sum equal to 90 days of loan or lease payments.

To qualify for Hyundai Assurance benefits, consumers must have made at least two scheduled payments on their loan or lease, be current on all payments and have been employed for at least 90 days prior to filing for the benefit. Consumers who utilize their payment relief benefit can still return their vehicle within a year of the qualifying event under the terms of the program. This payment is not pro-rated and never has to be re-paid, even if the owner regains health and/or returns to work inside the 90-day period. The total payment relief benefit provided to an owner will be deducted from the Hyundai Assurance maximum benefit of $7,500 if the vehicle return option is exercised.

“We continue to look for ways to help consumers in this challenging economic environment, so we’re offering unprecedented financial protection when they finance or lease a Hyundai,” said Joel Ewanick, vice president, Marketing, Hyundai Motor America. “With our 10-year, 100,000-mile warranty, Hyundai Assurance, and now Hyundai Assurance Plus, we’re telling consumers that we are all in this together, and we’ll get through this together.”

Hyundai Assurance, the first program of its kind for an automaker in the U.S. auto industry, allows consumers to walk away from a financing obligation when certain adverse life events occur, providing protection from financial shortfalls that arise from vehicle depreciation (negative equity) up to $7,500. Hyundai Assurance and Hyundai Assurance Plus are complimentary for one full year from the purchase date, cover all Hyundai models and are available to everyone.

Hyundai Assurance and Hyundai Assurance Plus are complimentary for the first 12 months of the financing or lease date for vehicles financed through any lender or financing source. These programs complement America’s Best Warranty as standard protection on new vehicles from a participating Hyundai dealer, and supplement all existing consumer incentives. The programs are available to any consumer, regardless of age, health, employment history or financed amount of the vehicle.

Covered circumstances for Hyundai Assurance include:
· Involuntary unemployment
· Physical disability
· Loss of driver’s license due to medical impairment
· International employment transfer
· Self-employed personal bankruptcy
· Accidental death

Payment relief benefits under Hyundai Assurance Plus are available in the event of:
· Involuntary unemployment
· Physical disability

Hyundai Assurance is offered to Hyundai Motor America exclusively by WALKAWAY USA, LLC.