- Program first offered in 2009
- Offers 120-day payment deferral on new purchases
- Up to 6-months’ payments from Hyundai in event of job loss
Imagine purchasing a new vehicle and finding a financial crisis swirl up around you that was not of your making. With other automakers, you may have to return the vehicle, face collection issues or worse. If you purchased a new Hyundai vehicle and financed through Hyundai Capital, your misfortune might have a happier ending.
In light of the coronavirus outbreak, Hyundai Motor America announced it was relaunching its Hyundai Assurance Job Loss Protection program. It provides customer support to those affected by the roller-coaster financial climate created by the pandemic. The upstart program was originally created in January 2009, following the financial crash of 2008. Hyundai will make up to six months of payments for buyers who lose their jobs involuntarily and purchased or leased their new Hyundai vehicles between March 14 and April 30, 2020, through Hyundai Capital. An added extra for some buyers is the ability to request that Hyundai Capital defer payments for 120 days.
Citing the extreme uncertainty brought on by the coronavirus, the company felt the time was right to bring the program back. “We wanted to tap into Hyundai’s legacy of having people’s back, said José Muñoz, CEO, Hyundai Motor America. “Bringing back the job loss protection program in this unprecedented time will allow our customers to have one less thing to worry about if something unexpected happens to their employment status,” he said.
Payment deferral for 120 days
For those customers who need a new vehicle, Hyundai is deferring payments for 120 days on select new models financed through Hyundai Capital. They include Elantra, Elantra GT, Santa Fe, Tucson, Kona, Accent and Venue.
It’s not the first time Hyundai has gone to bat for its customers. The Assurance Job Loss program joins other customer-centric programs under the company’s Assurance umbrella. They include the Owner Assurance and Shopper Assurance programs. They are joined by the recently launched Complimentary Maintenance and the brand’s legacy, America’s Best Warranty.
The last time around, the Assurance Job Loss Protection program was the first of its kind for any automaker in the U.S. Originally offering the option to return the vehicle if they lost their job, the program now offers six months of payment relief.
Research more information on incentives and payment deferrals offered by car companies during the COVID-19 pandemic.
