Hyundai Motor Company out of South Korea announced the "Hyundai Assurance Program" that would allow a customer to return a purchased or leased vehicle within 12 months of purchase becuase of a loss of income. The Buyback program gives some reasons a customer could return the vehicle.
Hyundai Assurance Program
-- Involuntary unemployment
-- Physical disability
-- Loss of driver’s license for medical reasons
-- Job transfer overseas
-- Personal bankruptcy filing by a self-employed worker
-- Accidental death
To qualify, the buyer must have made at least two payments on the loan or lease and be current on the loan. The customer would be responsible for any Negative Equity over $7500. The value of the vehicle will be determined by the dealer, who will be allowed to re-sell the vehicle. This will keep customers from struggleing with a car payment they cannot afford if they were to lose their job. It will also allow the customer to keep their good credit record and avoid losing a vehicle they cannot afford.
This sounds like a crazy idea, but remember when Hyundai resolved reliability concernes with their novel 10 year 100,000 mile Warranty? There are several companies that have followed with similar Warranties. Do you think other Manufacturers will follow with similar programs to buy cars back? Or, will this hurt Hyundai?
0 comments:
Post a Comment