With plenty of consumers feeling apprehensive about the current economy, Hyundai is hoping to quell some potential car buyers’ fears. Many consumers have avoided dealerships like the plague due to economic uncertainly, but Hyundai introduced what may be a solution, giving buyers the ability to return their new Hyundai should they lose their job or are no longer able to make the payments on the vehicle.
Hyundai is allowing new car buyers to return any vehicle their purchase, and be free from any loan obligation. Hyundai will also cover any difference that remains. With no extra fees or charges on top of the sticker price of the vehicle, Boston Hyundai dealers believe that the new program may be just what many buyers are looking for.
Research that Hyundai conducted showed that many car buyers are simply not interested in rebates or the typical incentives. With economic instability and rampant layoffs and job losses, the Hyundai Parts Store says a basic rebate is certainly not enough to encourage car buyers to shop for a car.
Hyundai has stipulated many factors contributing to this new program, such as involuntary job loss, personal bankruptcy, getting transferred, or accidental death. If any of these life changing conditions , Hyundai says the vehicle that is either leased or purchased can be returned. Hyundai dealer Lancaster PA notes that the program is also available to qualified buyers without any regard to health or employment history.
Availability of Hyundai’s new program is contingent on the buyer making a minimum of two payments before filing for the benefit. Managing the program is Walkaway USA, which provides auto dealers with financing and insurance services.
Ultimately, the program offers consumers the ability to avoid default while still maintaining their credit rating should an unfortunate, unforeseen life-changing event take place. While it’s new to Hyundai and a Birmingham used car dealership, this type of program has been offered at individual dealerships before in the U.S. and Canada. Hyundai is the first automaker to offer such a program nationwide.
It looks like the program will be a solid fit within Hyundai’s brand. Already Hyundai’s warranties have become popular with consumers, and Hyundai Texarkana believes this new program will also help Hyundai offer even greater value for struggling consumers.
Creating additional customer value beyond attractive vehicle warranties is likely to go a long way in a sales deprived market says Lewiston Hyundai. As the program requires no additional financial commitment to the consumer other than the cost of the vehicle itself, it may be seen as less gimmicky than the standard slew of incentives offered today.
Although Hyundai may become the only automaker to offer this type of program nationally, Walkaway may make it available to individual dealers offering other brands. Until then, Hyundai dealers such as Hyundai Philadelphia will be able to stand out from a sea of incentives from other dealers that have done little to draw customers into showrooms.
For more information about the new Hyundai Assurance Program, see the full press release below.
HYUNDAI TEAMS WITH WALKAWAY USA TO OFFER CONSUMERS ONE-OF-A-KIND VEHICLE RETURN PROGRAM
FOUNTAIN VALLEY, Calif., 01/02/2009 Hyundai Motor America announced today an agreement with WALKAWAY USA, LLC to offer consumers unique financial protection in this uncertain economic environment called the “Hyundai Assurance Program.” Beginning today, Hyundai will provide a private label version of WALKAWAY® Protection for Automotive Financing as a complimentary 12-month vehicle return program provided on every new Hyundai that is financed or leased at participating dealers. WALKAWAY USA, LLC is a wholly-owned subsidiary of EFG Companies, a Dallas-based, national performance management company serving the retail automotive industry. The Hyundai Assurance Program expands the protection offered through “The Hyundai Advantage: America’s Best Warranty,” which has provided 10-year, 100,000-mile powertrain protection to Hyundai owners for a decade.
The Hyundai Assurance Program is complimentary for one full year, covers all Hyundai models and is available to everyone.
“In this uncertain economy, we are looking for ways to reassure shoppers that Hyundai still represents the best value in the auto industry,” said John Krafcik, acting president and CEO, Hyundai Motor America. “Our agreement with WALKAWAY allows us to offer a unique form of financial protection in all 50 states for the first time by an automaker.”
The Hyundai Assurance Program, the first of its kind for an automaker in the U.S. auto industry, will be offered to Hyundai exclusively by WALKAWAY USA. WALKAWAY USA holds the exclusive U.S. distribution license to the WALKAWAY program originated in Canada. Since its introduction in Canada in 2000, WALKAWAY has made it possible for consumers to walk away from over $35 million in automotive-related debt and has provided WALKAWAY retailers with a competitive sales advantage.
“We are pleased to collaborate with Hyundai in offering this program through an automaker for the first time in the United States,” said Paul Budvitis, president of WALKAWAY USA, LLC. “WALKAWAY is one of the most innovative products to hit the auto-finance marketplace, addressing consumers’ most pressing challenge to purchasing a new car in today’s economy.”
The Hyundai Assurance Program complements America’s Best Warranty as standard protection on new vehicles financed or leased from a participating Hyundai dealer, and supplements all existing consumer incentives. The program is available to any consumer, regardless of age, health, employment history or financed amount of the vehicle. The program is complimentary for the first 12 months of the financing or lease date for vehicles financed through Hyundai Motor Finance Company and other third-party lenders and financing sources.
For more details about the Hyundai Assurance Program, please visit www.HyundaiUSA.com or www.HyundaiAssurance.com.
About WALKAWAY USA, LLC
WALKAWAY USA, LLC (www.walkawayusa.com) is a division of EFG Companies (www.efgcompanies.com), an industry leader in providing innovative performance management solutions and technologies to the retail auto industry. WALKAWAY USA markets and administers WALKAWAY® Protection for Automotive Financing. WALKAWAY is the First and Only Vehicle Return Program™ that protects consumers from financial shortfalls arising from the depreciation of new and used vehicles (negative equity).
HYUNDAI MOTOR AMERICA
Hyundai Motor America, headquartered in Fountain Valley, Calif., is a subsidiary of Hyundai Motor Co. of Korea. Hyundai vehicles are distributed throughout the United States by Hyundai Motor America and are sold and serviced through more than 790 dealerships nationwide.
* * *
Look for new Hyundai reviews and more here on this blog shortly.
