FOUNTAIN VALLEY, California — Hyundai Motor America has beefed up its consumer protection program, adding a new element that provides a one-time 90-day payment of a car loan or lease while an unemployed owner looks for work.
Dubbed Hyundai Assurance Plus, the new benefit is part of the Korean automaker's Spring Sales Event, which runs from February 23 to April 30. Earlier this year, Hyundai rolled out the Hyundai Assurance program, which allows owners to return a new vehicle within a year if they lose their job.
"We continue to look for ways to help consumers in this challenging economic environment," said Joel Ewanick, Hyundai Motor America marketing vice president. "We're telling consumers that we are all in this together, and we'll get through this together."
In a statement, Hyundai explained that the 90-day payment relief benefit in the event of involuntary unemployment or physical disability "helps keep them in their vehicles for three months while attempting to replace their income." The program pays the lender a lump sum equal to 90 days of loan or lease payments, it said.
To qualify, consumers must have made at least two scheduled payments on the loan or lease, be current on all payments and have been employed for at least 90 days before filing for the benefit. It said consumers who take advantage of the payment relief benefit can still return their vehicle within a year. "This payment is not pro-rated and never has to be repaid, even if the owner regains health and/or returns to work inside the 90-day period," it said.
Source : www.edmunds.com (2/20/2009)
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