The Hyundai Assurance Program FAQ
FOUNTAIN VALLEY, Calif., January 2, 2009 – Hyundai Motor
America announced today an unprecedented program to protect consumers in this
uncertain economic environment. Beginning today, Hyundai is providing a complimentary
vehicle return program for the first year on every new Hyundai that is financed
or leased for owners who experience an involuntary loss of income within 12
months of the purchase date. The “Hyundai Assurance Program” expands
the protection offered through “The Hyundai Advantage: America’s
Best Warranty,” which has provided 10-year, 100,000-mile powertrain protection
to Hyundai owners for a decade. The Hyundai Assurance Program is complimentary
for one full year, covers all Hyundai models and is available to everyone.
“We understand consumers’ hesitance to commit to large
purchases in today’s economic environment,” said John Krafcik, acting
president and CEO, 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 Hyundai Assurance Program, the first 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.
The Hyundai Assurance Program complements America’s Best Warranty
as standard protection on new vehicles financed or leased from a participating
Hyundai dealer, and supplements all existing consumer incentives. The program
is available to any consumer, regardless of age, health, employment history
or financed amount of the vehicle. The program is complimentary for the first
12 months of the financing or lease date for vehicles financed through Hyundai
Motor Finance Company and other third-party lenders and financing sources. Covered
circumstances include:
· Involuntary unemployment
· Physical disability
· Loss of driver's license due to medical impairment
· International employment transfer
· Self-employed personal bankruptcy
· Accidental death
Consumers must have made at least two scheduled payments on their
loan or lease, be current on all payments and pay for any outstanding balance
above the $7,500 benefit amount which results from negative equity. Once the
benefit is approved by the Hyundai Assurance administrator and the customer
pays any outstanding balance, the customer returns the vehicle to the selling
dealer, whose appraisal is factored into the valuation formula, and the consumer
avoids further financial obligation or negative impact to his/her credit. The
dealer is then able to remarket the vehicle.
For more details about the Hyundai Assurance Program, please click here.
HYUNDAI MOTOR AMERICA
Hyundai Motor America, headquartered in Fountain Valley, Calif., is
a subsidiary of Hyundai Motor Co. of Korea. Hyundai vehicles are distributed
throughout the United States by Hyundai Motor America and are sold and serviced
through more than 780 dealerships nationwide. |
