In a bid to improve current weakening vehicle sales, Hyndai and its local affiliate AutoFair Hyundai are now offering a first time one year return program whereby you can simply return your car if you can no longer afford the monthly payments.
The small print lays out a more complicated transaction than simply returning the car. Each Hyundai dealer can decide whether to participate in the program.
Starting today, the dealer begins allowing a new-car buyer to return the vehicle in the event of life-altering circumstances such as layoffs, job transfers and accidental deaths up to a year after the purchase.
The Hyundai Assurance Program is available to all new Hyundai vehicle purchasers, regardless of age, health, employment record or the amount financed.
According to the general manager at AutoFair Hyundai, the company is able to offer this assurance as the cars retain their value.
It's not like buying a Mercedes, where it's (worth) $75,000 the first year and next year it's $50,000, Houghton said.
Vehicles may be returned in the following situations:
• The buyer is laid off
• Is transferred overseas
• Goes through personal bankruptcy
• Loses his/ her license because of medical impairment
• Suffers an accidental death
• Sufferers physical disability
Each buyer is required to have a pink slip proving their situation.
Many potential buyers have been reluctant to purchase cars in the current economic situation but through this return assurance, dealers hope to boost car sales.