Hyundai has an interesting new warranty option that allows some buyers to return a vehicle they purchased within the previous year if they lose their income. The program is subject to a number of qualifications. Here's how Hyundai describes it:
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 compliments 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."
My question is this: If you lose your job and return your new Hyundai, how are you going to find and get to your next job?
For more details from Hyundai, go here.