Hyundai Marks the 10-Year Anniversary of 'America's Best Warranty' With the Launch of the 'Hyundai Assurance Program'
Hyundai Assurance Program Provides New Car Buyers Who Lose Their Income Protection Against Negative Equity and Credit Rating Concerns (1)
FOUNTAIN VALLEY, Calif., Jan. 2 /PRNewswire/ -- 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.
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 790 dealerships nationwide.
