Lose Your Job? Hyundai Has You Covered.

January 08, 2009
By: Robert Silverman

As we continue to blog about the dips in auto sales, manufacturers will do anything and everything they can to bring prospective buyers into their showrooms. And, here is the most creative marketing we have seen to date.

While unemployment continues to rise in these troubling financial times, one manufacturer is trying to convince you NOT to take job security into account when buying a car. In fact, if you lose your job within one year of purchase due to lay offs, they are volunteering to buy your car back from you, no questions asked.

MSNBC reports that Hyundai has teamed up with an insurance company to offer consumers with an added protection that is out of the norm among US car dealers. If a consumer suffers a life-changing event, such as involuntary job loss, within one year of purchase, the consumer can return the car and Hyundai will cover up to $7,500 in negative equity.  Most important, the consumer will not take a hit on their credit report. All the details are outlined on Hyundai’s website.

Hyundai also extends this protection to self-employed professionals who have to declare personal bankruptcy and those employees who get transferred overseas. However, if you are fired for cause, you do not qualify for the refund.

While this is new to us, programs like this have been in effect in Canada since 2000.

Now, of course if you don’t have problems with your job, but you do have problems with your Hyundai, the dealer is not going to let you return your car as easily. If that’s the case, you will have to turn to us.

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