DALLAS-Claiming to provide "Certainty in uncertain times," Hyundai Motor America is allowing consumers who purchase or lease a new Hyundai to return the vehicle and walk away from the loan if they lose their income within one year after purchase.
Called Hyundai Assurance, the carmaker is advertising the offer heavily on television saying, "We've got your back for one full year." According to the carmaker's website, the deal allows consumers, after making two payments and meeting all payment obligations up to the time they seek to return the car, to walk away from the loan or lease and not pay negative equity of up to $7,500.
The arrangement also assures that consumers' credit rating will not be affected. The offer is available for the first year and covers "life-altering circumstances," including involuntary unemployment, loss of driver's license due to medical impairment, and self-employed personal bankruptcy. Hyundai Assurance is a private label version of Walkaway Protection, offered by the Dallas-based Walkaway USA.
Jeff Beaver, SVP of marketing for EFG Companies in Dallas, Walkaway's parent company, explained that Hyundai Assurance comes with any Hyundai purchase, regardless of whether financing is through Hyundai or another financial. "Credit unions participating in indirect lending with the local Hyundai dealer have a great opportunity to benefit from the offer," Beaver said.
