Are you worried about the ailing economy? Maybe you’re afraid of losing your job and trying o make ends meet if you do. Well, Hyundai has got a deal for you. Under the company’s new Hyundai Assurance Program, if you buy or lease a new Hyundai and find yourself in the unfortunate situation of job loss, you can return your vehicle without fear of credit repercussions or a ding in your credit history.
According to Hyundai, the new Assurance Program covers up to $7,500.00 in negative equity, so owners who would like to use the program would file a benefit request and then the value of the vehicle is determined based on dealer appraisal. $7,500.00 or a portion thereof is then applied to what is still owed and the owner is responsible for the difference.
â€¢ Owners must have made at least two scheduled payments on their auto loan or lease.
â€¢ The offer is good for up to one year after purchase or lease.
â€¢ Owners must pay for the amount above the Hyundai Assurance benefit (if anything) and any car payments that were due prior to filing for the benefit.
â€¢ The offer is limited to those who involuntarily lose their job, suddenly become physically disabled, lose their driver’s license because of a medical impairment, become transferred internationally, are self-employed and face personal bankruptcy or in the case of accidental death.
There are two options for beginning the benefit request process; owners can call the toll free number to be connected to a Hyundai Assurance Administrator at 1-800-443-2570, or they may send an email request, instead.
For complete details, to download a brochure or to learn more, click here to visit the Hyundai Assurance website.
This program is very similar to what we have set up through our credit union for any of our vehicles which are financed; In the event of a job loss or sudden disability, the loan payments are put on hold for up to a year without any repercussions or credit damage and in the event of death, the loan is automatically paid in full. I think something like this is well worth looking into, especially in these uncertain times. Maybe your financial institution offers something similar. If so, it may well be worth considering.