Hyundai's new Assurance program already looked like the best deal in the automotive market to many. Now, the Korean automaker has sweetened the deal.
Under the program, first announced last month, Hyundai allows buyers who lose their income to return their new car to the dealership they bought it from and walk away from the payment with no penalty, no obligation to pay the depreciation costs, and no hit to their credit report. The offer made Hyundai almost the only major automaker to report a sales increase in January, when nearly all of its rivals reported huge losses.
So how did they improve on the offer?
Autoblog reports, "Hyundai is now taking its Assurance Program to the next level with the Hyundai Assurance Plus Program. The Plus means that owners who suffer a disability or lose their job will get payment relief for 90 days or three car payments." The rest of the deal still applies - after 90 days, buyers can decide to return the car at no penalty, or resume making payments.
Under the terms of the original program, buyers could be faced with a tough decision - whether to return the car and escape the payment, or keep it to allow maximum mobility during a job search. Under the new terms, owners can use the car in their job hunt for three months before they are faced with that question.
There are, of course, a few stipulations. Kicking Tires notes, "Hyundai will assume a maximum liability of $7,500...and you need to have made at least two payments before filing a claim. The cap is meant to keep people from returning damaged cars or ones with tens of thousands of miles on them." The payments Hyundai forgives during the 90 days do count toward the $7,500 depreciation cap as well, so those who bought a top-of-the-line "V-8 Genesis with little money down" should be aware that "three months' payments under Assurance Plus could total $2,000 or more...For most of Hyundai's lineup, though, the cap should prove high enough."
Hyundai's offer is just one of the many ways dealerships are trying to lure shoppers back into showrooms this month. Research the best car deals with U.S. News' car rankings and reviews.




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