HYUNDAI ADDS PAYMENT RELIEF TO EXISTING ASSURANCE PROGRAM LIMITING
THE FINANCIAL RISK OF A NEW VEHICLE PURCHASE
FOUNTAIN VALLEY, Calif., February 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.
About WALKAWAY USA, LLC
WALKAWAY USA, LLC (www.walkawaryusa.com) is a division of EFG Companies
(www.efgcompanies.com), an industry leader in providing innovative performance
management solutions and technologies to the retail auto industry. WALKAWAY
USA markets and administers WALKAWAY® Protection for Automotive Financing.
WALKAWAY is the First and Only Vehicle Return Program™ that protects consumers
from financial shortfalls arising from the depreciation of new and used vehicles
(negative equity).
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. |