Lose Your Job? Return Your Hyundai
by KBB.com Editors | January 7, 2009 8:02 AM
If fears about the economy and job security have stopped you from getting a new car, you may find serenity in the Hyundai Assurance Program. This no-cost program allows Hyundai buyers who lose their job or suffer catastrophic health problems to just walk away from the vehicle loan. The fine print says that if the owner suffers a covered condition in the 12 months after taking delivery of a new Hyundai, this new vehicle return program will pay the difference between the borrower's loan or lease obligation and what the vehicle is worth, up to $7,500. The main benefits of this deal are that the borrower's credit will not be harmed, financial institutions won't lose money and Hyundai may ultimately sell more vehicles. Retailers of other brands and some lenders offer similar coverage through the same company, WalkAway USA, that Hyundai employs for its program.