While the U.S. auto industry experienced a massive drop in sales last month, Hyundai was one of just three automakers that posted an increase. While a number of factors can account for the South Korean automaker's success in a down market, especially the addition of an all-new model, the Genesis, to its lineup, Hyundai knows its creative Assurance Program is helping. People are worried about losing their jobs in a recession and committing to the monthly payments of a new car sounds like a bad idea. The Hyundai Assurance Program allows new owners to return their Hyundai within one year if they lose their job, which helps put those prospective buyers at ease with their purchase.
Hyundai is now taking its Assurance Program to the next level with the Hyundai Assurance Plus Program. The Plus means that owners who suffer a disability or lose their job will get payment relief for 90 days or three car payments. The goal is to give customers a 90-day window to replace their income, and if they fail to do so, Hyundai will still take the car back under the terms of the original Assurance Program. There are a few stipulations to keep buyers honest, though, like being employed for at least 90 days prior to qualifying for the Assurance Plus program. Hit the jump to read up on the program's details.
HYUNDAI EXPANDS CONSUMER PROTECTION PROGRAM DURING SPRING SALES EVENT WITH "HYUNDAI ASSURANCE PLUS"
Hyundai Adds Payment Relief to Existing Assurance Program Limiting the Financial Risk of a New Vehicle Purchase
FOUNTAIN VALLEY, Calif., Feb. 19, 2009 – Hyundai Motor America will expand the protection offered by the innovative Hyundai Assurance program with Hyundai Assurance Plus, adding 90 days of payment relief to the existing protection plan. Hyundai Assurance Plus is part of Hyundai's Spring Sales Event, which runs from Feb. 23 to April 30, 2009. Hyundai Assurance, which debuted in January, allows consumers to return any new Hyundai leased or financed in 2009 if the owner unexpectedly loses his/her income within one year of the purchase date. Both Hyundai Assurance and Hyundai Assurance Plus are available at all participating Hyundai dealerships nationwide. For full details about the programs, visit: www.HyundaiUSA.com.
Hyundai Assurance Plus provides a one-time, 90-day payment relief benefit in the event of involuntary unemployment or physical disability. For qualifying consumers, this benefit helps them keep their vehicle for three months while attempting to replace their income. Hyundai Assurance Plus pays the lender a lump sum equal to 90 days of loan or lease payments.
To qualify for Hyundai Assurance benefits, consumers must have made at least two scheduled payments on their loan or lease, be current on all payments and have been employed for at least 90 days prior to filing for the benefit. Consumers who utilize their payment relief benefit can still return their vehicle within a year of the qualifying event under the terms of the program. This payment is not pro-rated and never has to be re-paid, even if the owner regains health and/or returns to work inside the 90-day period. The total payment relief benefit provided to an owner will be deducted from the Hyundai Assurance maximum benefit of $7,500 if the vehicle return option is exercised.
"We continue to look for ways to help consumers in this challenging economic environment, so we're offering unprecedented financial protection when they finance or lease a Hyundai," said Joel Ewanick, vice president, Marketing, Hyundai Motor America. "With our 10-year, 100,000-mile warranty, Hyundai Assurance, and now Hyundai Assurance Plus, we're telling consumers that we are all in this together, and we'll get through this together."
Hyundai Assurance, the first program 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. Hyundai Assurance and Hyundai Assurance Plus are complimentary for one full year from the purchase date, cover all Hyundai models and are available to everyone.
Hyundai Assurance and Hyundai Assurance Plus are complimentary for the first 12 months of the financing or lease date for vehicles financed through any lender or financing source. These programs complement America's Best Warranty as standard protection on new vehicles from a participating Hyundai dealer, and supplement all existing consumer incentives. The programs are available to any consumer, regardless of age, health, employment history or financed amount of the vehicle.
Covered circumstances for Hyundai Assurance include:
- Involuntary unemployment
- Physical disability
- Loss of driver's license due to medical impairment
- International employment transfer
- Self-employed personal bankruptcy
- Accidental death
Payment relief benefits under Hyundai Assurance Plus are available in the event of:
- Involuntary unemployment
- Physical disability
HYUNDAI JOINS HOLLYWOOD'S BIGGEST NIGHT WITH EIGHT ACADEMY AWARDS® ADS
Oscar® Broadcast Serves as the Stage for Introduction of "Hyundai Assurance Plus"
FOUNTAIN VALLEY, Calif., Feb. 19, 2009 – Hyundai will launch its first national advertising campaign on Oscar Night® with eight total spots airing on ABC's telecast of the 81st Annual Academy Awards. Building on the momentum of Hyundai's Super Bowl advertising, Hyundai will again communicate three major initiatives during its airtime, including a significant addition to the innovative Hyundai Assurance program called "Hyundai Assurance Plus," the "2009 North American Car of the Year" award garnered by the Hyundai Genesis, and the launch of the exciting new Hyundai Genesis Coupe. Hyundai has secured seven 30-second ads and one 60-second ad that will air during the Oscar® ceremony.
All-new ads announcing the launch of Hyundai Assurance Plus will debut during the telecast. Hyundai Assurance Plus extends the security offered by the Hyundai Assurance program by adding 90 days of payment relief to the existing protection plan for consumers that finance or lease a new Hyundai between Feb. 23 and April 30. Hyundai Assurance, which debuted in January, allows consumers to return any new Hyundai leased or financed if the owner unexpectedly loses his/her income. The program is available at all participating Hyundai dealerships nationwide. For full details about Hyundai Assurance and Hyundai Assurance Plus, visit: www.HyundaiUSA.com.
Two additional ads will debut on Oscar Night. Hyundai will unveil a new Genesis Coupe ad featuring music by Grammy-award winning cellist Yo-Yo Ma, and performance driving by racecar driver Rhys Millen. Footage of Millen navigating Road Atlanta in Northeast Georgia will be edited to match a beautiful solo of the "Gigue" from Bach's Suite No. 3 in C Major for Unaccompanied Cello. Yo-Yo Ma's ad is the follow-up to a Genesis Coupe ad featuring music by Smashing Pumpkins that debuted just before the Super Bowl kick-off earlier this month. The Smashing Pumpkins' version will make an encore appearance on Oscar Night as well. The spots will bookend a commercial break.
The two spots demonstrate the track-worthy performance and fluid design of Hyundai's first-ever rear-wheel drive sport coupe, which is hitting Hyundai showrooms now. The campaign includes an online component at www.EditYourOwn.com which allows visitors to create their own version of a Genesis Coupe ad to be shared with friends and posted to social networking sites.
Hyundai will also debut a new 60-second corporate spot highlighting the history of the company and its commitment to the U.S. market.
"We have so many great stories to tell that we couldn't miss the opportunity to speak to the huge national audience drawn to the Academy Awards," said Joel Ewanick, vice president, Marketing, Hyundai Motor America. "On a night when the entertainment industry gathers to celebrate its success, we want to honor Hyundai with an assortment of ads highlighting our own accomplishments."
In addition to the new ads, Hyundai will also highlight the Genesis sedan's "2009 North American Car of the Year" honor called "Angry Bosses" which debuted on the Super Bowl as well. Hyundai Genesis took top honors in the most exclusive award in the North American auto industry when it was named "2009 North American Car of the Year" on Jan. 11, 2009. A jury of 50 independent automotive journalists evaluated all the new cars introduced last year and chose the 2009 Hyundai Genesis as the best new model.