New Hyundai Deal

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Customers Can Return Car After Major Life Changes:

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MIAMI -- As many auto dealers look for new ways to get customers into the showrooms, South Florida Hyundai dealers are offering a first-of-its-kind, one-year guarantee.

Beginning Saturday morning, Hyundai is offering a program called Hyundai Assurance, a one-year vehicle return program that will allow new car customers to return their cars in case of life-altering circumstances within the first year.

Under the program, customers who lose their jobs or are self-employed and are involved in personal bankruptcy can return their cars. The deal even reaches beyond economic woes, allowing people to return cars in case of losing their driver's licenses due to medical impairment, becoming physically disabled or accidental death.

"There's never been a program like this in the history of the car business. Hyundai is the first one to do this, and they're announcing it nationwide on Saturday," said South Florida auto dealer Rick Case.

The guarantee comes as economic woes contribute to tanking auto sales.

"This is probably the worst I've ever seen in the car business," said Case, who has been in the business for 45 years.

Dealers are doing whatever they can to get customers into their showrooms. A few weeks ago, a dealership in Davie offered a buy one get one free deal.

Case told Local 10 he was shocked when the president of Hyundai called him two weeks ago to tell him about the Hyundai Assurance program.

"This program makes it possible for people who were concerned about the economy, maybe concerned about their job, to buy a car and not worry about it for a whole year," Case said.

Shoppers told Local 10 they were surprised at the offer.

"That's incredible," said customer Angel Brotons. "I mean, think about it, that with no questions asked, if something goes wrong, now, what are you going to do? Because now you're looking at, how am I going to make a car payment? I don't want to lose the car. I don't want to hurt my credit."

The program begins Saturday morning at all South Florida Hyundai dealerships.


http://www.justnews.com/automotive/18399996/detail.html?rss=mia&psp=news
 
What with Hyundai's new car line up, there new cars coming in the next 3 years and this, Hyundai is becomeing a VERY appealing brand.

8 years ago I would not be caught dead in a Hyundai. Now I would kill for a new Hyundai Genesis!!!!!
 
a great way to get rid of a lemon or have buyers remorse. unless you have to prove bankruptcy
 
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That really is a win/win. People who hit tough times can just turn in the car. Depending on how much was put down on the car, the dealer may make a little profit on the resale, too.
 
It also eliminates the whole collections/repossession process which has got to cost automakers and especially finance companies a ton of money.

One nice thing about this economic downturn is companies are being more flexible and consumer friendly in order to maintain revenue. It's easy to be customer-unfriendly when business is strong but when it weakens like it has, they've either got to change to attract and maintain customers or they're going out of business. Not too many industries are recession proof.

Good on Hyundai. Not sure I'd buy one but its a positive step in a tough industry.
 
It sounds like an insurance policy that Hyundai takes out to pay the depreciation cost of a vehicle. A feel good program, but heck if works on new car buyer psyche than kudo's for them.
 
Whoa, no one seems to know the details. They take it back but what if you paid cash for it, what value do they give you? If a loan, and the loan is more then the car is worth what is the deal?????


Never assume any company is giving anything away without knowing the details
 
It also cancels the super-long warranty that applies to first owners, so Hyundai wins as well. I'm not sure if they still do the warranty like that, though.
 
Originally Posted By: Spector
Whoa, no one seems to know the details. They take it back but what if you paid cash for it, what value do they give you? If a loan, and the loan is more then the car is worth what is the deal?????


Never assume any company is giving anything away without knowing the details


We weren't talking details in this thread but if you're interested in them:

http://hyundaiassurance.walkawayusa.com/
 
I have owned my Santa Fe just coming up on 3 years this April and I spend most of my day in my SUV driving between store/store (District Manager). I can say without a doubt it is the best vehicle I have ever owned and I have had 0 problems with it and made 0 trips back to the dealer. It currently has 150,000KM on it and I absolutely love the truck. I would definitely buy another Hyundai vehicle after this one. With "perks" as mentioned above, it just makes it even more appealing! I think they are a smart company that is working very hard to gain market share. I think this will help to give them a boost in consumer confidence.
grin2.gif
 
Your benefits specialist will determine the value of your vehicle based on the average of your dealer’s appraisal and the values from leading industry guides.


Very subjective it would seem, that is using wholesale value most probably (dealer's appraisal etc) and edumds or kellys wholesale as well. they will give your wholesale and resell the vehicle retail, used car lot basically

I guess if you are out of work and need to unload a loan it could be good, better would be to sell the car outright if more then the loan value and keep the difference.
 
Originally Posted By: rg200amp
I would not be caught dead in a Hyundai. Now I would kill for a new Hyundai Genesis!!!!!
And I wouldn't be caught dead in a Hyundai Genesis. You see, you have this moribund fascination with Hyundai ownership and death. I'm sure that one leads to the other. You know, Kia, a Hyundai subsidiary, stands for Killed in Action.
 
Originally Posted By: rjundi
It sounds like an insurance policy that Hyundai takes out to pay the depreciation cost of a vehicle. A feel good program, but heck if works on new car buyer psyche than kudo's for them.



Yep. That's all it is. Hyundai contracts it out, third party to this outfit: http://www.walkawayusa.com/company.aspx Very smart on Hyundai's part. It probably doen't cost Hyundai a dime. This company takes back the vehicle with all kinds of stipulations to the owner I'm sure, then auctions off the vehicle at a profit.

Joel
 
Originally Posted By: crinkles
if you run into trouble why don't you just sell the car?


Easier said than done if you've only made a 6 payments on a 60mo loan (or the likes). Forfeit your 6 payments, any down payment you made and walk away (supposedly).

Joel
 
A great idea by Hyundai. I wonder if any other car companies will do the same.
Remember Chryslers $3.00 a gallon for gas buying incentive? Now that gas is $1.70 how is that working out?
 
Doesn't matter the company (chrysler) won't be around long enough for the people they sold that deal to, to complain!
LOL.gif


Just Kidding!
 
My Brother in law sells Hyundai at the moment. He is a great car salesperson and said sales were down. However since this marketing campaign he is getting lots more traffic/sales since the day after it was started.

It is working for him.
 
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