• Jan 4, 2009
If you need a new car but your job at the First National Bank of the City Federal isn't exactly guaranteed, Hyundai has an offer just for you.
The Hyundai Assurance Program gives buyers some peace of mind that if they lose their jobs during their first year of ownership, they won't have to pay back the full amount owed on their cars. Hyundai is teaming up with Walkaway USA to provide the 12 months of protection at no extra charge to buyers.

There are plenty of catches, though. Hyundai buyers must have made at least two payments on their new cars, be current on said payments, and their reasons for unemployment must fall under a list of common causes. The plan also only covers $7,500 worth of depreciation. In other words, if you beat the hell out of your Hyundai and your car's now worth $7,500 less than what you paid for it, you gotta come up with the rest. There's also probably a clause somewhere in there somewhere that also sticks the buyer for tag, title, taxes, fees, etc. etc.

Otherwise, drive your new Genesis for 11 months, re-enact Jack's Smirking Revenge from Fight Club and take the car back.

[Source: The Auto Channel]


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    • 1 Second Ago
  • 31 Comments
      Old Duffer
      • 6 Years Ago
      Did anyone read the "come-on" for this article on AOL? It reads: "Laid off workers get to keep new cars." Quite simply, that's not true at all. Why does AOL use such misleading headers on their articles? Maybe the caption writers don't actually READ the articles.
      • 6 Years Ago
      As if they didnt have bad enough depreciation.....
        • 6 Years Ago
        If anything, there appreciation will go up from this.

        Doing something nice for people in need has never sought a bad stone.

        Consider Campbells soup, which donated Soup to the army during World War II. They don't seem to be doing too bad at all... wouldn't you say?
        • 6 Years Ago
        To Steve Neill: I just don't think flooding the market with even MORE used cars could raise the prices... Thats exactly opposite on how the market has ever worked.. And I doubt Hyundai is goin to change it.----While I respect their action for the cause.
        No offense but im not sure the soup industry has much to do with the auto industry so Im not sure why the comparison is being brought on. As an example I understand what your saying, but Im not sure I can say that the reason they are thriving today is because of them donating in WWII . I mean look what the Big 3 did then..... Completely stopped making their own cars and went to work for the Govt building aircraft, guns, jeeps ect. for the war. Now where are they? They should have donated soup instead.
      • 6 Years Ago
      Hey, where were these marketing geniuses when I bought my first Hyundai and found out I couldn't get laid, let alone laid off?
      • 6 Years Ago
      I think it's great that Hyundai is doing this. Kudos to Hyundai for actually making life easier in hard economic times!
      • 6 Years Ago
      I remember Saturn offering that in canada a couple of years ago when they were a "different" brand.
      • 6 Years Ago
      I drove an Azera Limited once. Not extensively, but enough that I wouldn't cough up extra for an Avalon. I admit I still feel the Avalon looks better outside, may be slightly more reliable, and is still a bit more refined, but I prefer the interior in the Azera, and it's not that much worse at all, not enough for me to pony up to the Toy as I said.
      • 6 Years Ago
      Most who would need this probably are struggling at getting financing.

      By needing only to cover the potential depreciation, perhaps this helps a person to get financing. Otherwise, its not going to do much.
      • 6 Years Ago
      A private market response to protection from loss and depreciation. Yet more proof that if there is demand, if people want or need it, the market will respond -even if the financial model is unbelievable! We simply don't need government bailouts, government handouts, or any government interference in our economy.

      Read Ayn Rand, John Locke, James Madison, Milton Friedman.
        • 6 Years Ago
        Almost every single one of your posts ends in that but yet, I still have my doubts about how much of any of that /you/ have read. Try reading it all again. I know, I know, reading is tough, but give it a go.
        • 6 Years Ago
        How do you like them apples?

        +1 for Michael
      • 6 Years Ago
      If consumer confidence is the problem, this seems like a good solution. Credit card companies have offered similar services before, so this seems like something financial institutions should be offering/marketing heavily right now if they had their wits about them and money to play with and yet... it comes from Hyundai. Touche, Hyundai.
      Even if Hyundai's depreciation doesn't improve (~30% 1st year), $7500 covers a $25,000 car 11 months and 29 days later. You can't make a Sonata or Santa-Fe that expensive right now, so the only models NOT fully covered on are Genesis, Veracruz and some maxed-out Azeras - maybe not ones you should be looking at if you're worried about your job anyway.
      My criticism is that it should be optional, not mandatory. Like the "0%" financing, buyers should be given the option to opt-out and subtract the cost ("Rebate"). If my job is very stable, I may not want to pay for job-loss insurance, but if I buy a Hyundai now... I am.
      • 6 Years Ago
      You Can do it with any car anyways.. Haha.. its called a Voluntary Repossession.
      • 6 Years Ago
      Still not a bad idea, a few people and I mean a few people have jobs working for a county,state or federal agency that don't worry as much about job security as much as maybe an electrician working in the construction industry.The question I have of course is..., is this crisis going to be over in 12 month's ? As most people on this blog know , there may be a lot of used Hyundai's at the auctions in 12 months. Still think buying a car now helps rather taking a look ,see attitude . Would this idea work on Certiffied Used cars as well?
        • 6 Years Ago
        I think this would work even better with Certified Used Vehicles since the large sum of depreciation has already occurred.
      • 6 Years Ago

      Good idea.
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