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Stretched? Hyundai launches program letting buyers walk away
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Since car sales are way down, everyone's looking for a hook. Some dealers are trying buy-one-get-one schemes, and incentives are massive. The razor-thin line between "doing okay" and "yikes" has people holding off on car buying, even if they can afford it. Hyundai, which proved it was no shrinking violet a few years ago when it started standing behind its products with a 10 year, 100,000 mile warranty, is looking to sell cars by offering some peace of mind as part of the deal.
Hyundai's new plan is a vehicle return program that gives car buyers the option of walking away from the vehicle and its fiduciary responsibilities in the event of involuntary unemployment, medical issues, accidental death, or personal bankruptcy for self-employed individuals. It's called Hyundai Assurance, and it's available to all buyers of new Hyundai vehicles. The program covers up to $7500 in obligations, and is complimentary for 12 months. As usual, there's some fine print, but even with the provisos, it's a surprising move to jumpstart sales while acknowledging that things are not all sunbeams and lollipops out there in economy-land. It helps that Hyundai dealers have lots full of competitive product that's already a good value.
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