Hyundai Enhances Consumer Protection Initiative
Hyundai Motor America is expanding the parameters of its innovative consumer protection plan with a variation on the theme that enables a 90-day payment relief benefit if a Hyundai purchaser loses a job involuntarily.
The new Hyundai Assurance Plus program provides for a one-time, three-month grace period if the vehicle buyer or lessee loses his or her employment or incurs a physical disability. Loss of driver’s license due to medical impairment, international employment transfer, self-employment bankruptcy or accidental death are also considered qualifying factors for the 90-day payment relief benefit.
To qualify, customers must made at least two scheduled payments on their loan or lease, must be current on their payments and must have been employed for at least three months prior buying their vehicle.
Customers who use the payment relief program can still return the vehicle within a year of the event that qualified them for the relief under the broader parameter of the program. The payment is not pro-rated and does not have to be repaid, even if the purchaser or lessee returns to work within the three-month grace period.
The total payment relief under the new plan will be deducted from the Hyundai Assurance maximum benefit of $7,500 if the vehicle return option is exercised.
“We know the economy is tough right now,” Joel Ewanick, vice president of marketing for Hyundai Motor America, said. “Research we did show that people have been reluctant to buy new cars in part because of their fear of losing their job. We want to take away that fear, give them the safety and security of this program that means they can buy a car without worrying.”
Both Hyundai Assurance and Hyundai Assurance Plus are complimentary for the first 12 months of the financing or lease dates.
