New Hyundai Incentive: No-Penalty Return if You Lose Your Job

Losing a job is bad. Losing a job shortly after buying a new car is worse. Hyundai wants to remove a small bit of uncertainty from the car-buying process with the Hyundai Assurance Program.

The Assurance Program guarantees customers that, should they find themselves in the midst of an “unexpected loss of income” during their first year owning a Hyundai vehicle, they can return that car with little to no penalty. In other words, if you lose your job during that first year, you get a do-over with your new-car purchase.

Getting into the fine print, Hyundai defines a life-changing event as a job loss, bankruptcy, physical disability, loss of license due to medical impairment, or death. Assurance also only protects consumers for $7,500 of vehicle depreciation. Above and beyond that, they’ll have to pay out of pocket.

While the program certainly sounds like peace of mind in uncertain times, we have to wonder how it will work in real-world circumstances. Do you have to show up at the dealership with your pink slip? Also, it’s only fair to point out that losing a job and a car simultaneously is devastating, but what if you sold your previous means of transportation and put that money toward a down payment? What becomes more important: your credit score, or a way to get to the next job interview?

Comments

Every brand has had a form of this program going forever..it's call the repo man.

If you just lost your job, your probably not going to be looking for a new car or house anytime soon anyway, so why bother with your credit score?

My job is kinda recession sensitve right now, I would consider this when buying if I HAD to buy a car. I wonder how it works for people who ar rolling negative equity into the new loan?

Broq

me too broq. that is why i bought a 1994 geo and have no car payments just in case.

I thought about this program when I first saw the commercial, then I questioned the “Loss of Income” especially when you can still get unemployment, interest from savings, alimony of any kind, etc. What if the vehicle was co-signed and you’re dependent upon the co-signee and they loose their job? I’m sure there are probably other scenarios, but Hyundai won’t want to deny everyone for the sake of customer satisfaction. Maybe the dealer will try to steer you into a more affordable used Hyundai sitting on the lot?

Are you serious? An auto maker provides you with a way out if you have hard times free of charge and there's still room to complain? I think its a great plan and better than the regular "gimmick" used to try to get me to buy a new car.

i have a 2008 kia optima. i just lost my job and I heard you and kia are the same company.
I also heard you guys have a program called we care. where you will help pay our car payments. I don't want to lose my car I need it. I find out if I need back surgery today, that's why I have not been looking for a job. I didn't know if I could apply for some kind of hardship. If you could write back and give me some options I would greatly appreciate it.
krista witham