Korean car company offers return program
Korean car company offers return program Save Email Print
Posted: 5:44 PM Jan 6, 2009
 Last Updated: 9:35 PM Jan 6, 2009
 Reporter: Stephanie Stang
Email Address: stephanie.stang@wndu.com
8 comments
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What if you buy a brand new car then lose your job and can't make the payments?

In a first time deal a Korean car company will now let you return the car for free in such an instance.

It is called the Hyundai Assurance Plan.

Customers who buy a car and then lose a job can walk away from a loan without worrying about negative equity. The program lets owners return the vehicle in case of certain “life-altering circumstances.” Buyers can return a vehicle if they have become disabled or lost a driver’s license for medical reasons also.

It only applies to car owners who've made at least two payments and the program will last for a year.

“Hyundai came out with the 10 year 100,000 mile warranty which everybody thought was outrageous and off the wall. Hyundai is once again doing that again and they are saying hey if something happens we are going to help you,” says Gaylan Craig from Goshen Hyundai.

Buyers who pay cash do not qualify.

The car company will only cover the depreciation on a returned vehicle for up to $7,500.

For more information got to www.HyundiaUSA.com

Or contact the Hyundai Administrator at 1-800-443-2570.
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Posted by: Me Location: Goshen on Jan 7, 2009 at 03:42 PM
We owned a Sonata GLS (a 1998) back when it was only a 5 year warranty but, guess what, it went the full 10 years with nary a glitch--got rid of it at 120 K and will probably be buying a Hyundai or Kia Minivan since the cars are now too small for our family of 5 and a dog. There is nothing like the peace of mind of a 10 year warranty. On the flip side, we bought a brand new Jeep Commander (MSRP more than double the Sonata) less than two years ago and boy are we disappointed. Poor fit and finish and little "glitches" everywhere. This is why the American car companies are in trouble. Most Americans are smart people. You can only sell us junk for so long before we look elsewhere for a better product. Believe me, I want to be able to buy American but I can't afford all of the repair bills!
Posted by: tom on Jan 7, 2009 at 01:07 PM
i just bought a hyundai and i didnt lose my job, but i still want to take it back. can i?
Posted by: Leo Location: Granger on Jan 7, 2009 at 09:52 AM
We bought our Hyundai in 2002 for the very reason of the 10 year 100,000 warranty (of which no US car maker had, strange they couldn't warranty their products like that), We are very pleased with the vehicle and the service, and we would buy another.
Posted by: Gaylan Location: Middlebury on Jan 7, 2009 at 09:19 AM
This is what it seems! You do not have to pay sticker price Hyundai has great rebates to go along with this and we the dealers will work with you. So Rich you have been misinformed. Anyone can go on the web site HyundaiAssurance.com for all the right details. As for the trade value Hyundai will cover the money that you owe above the trade value up to 7500.00 so yes you can return the car. Read the site before pass judgement
Posted by: Shawn Location: Mishawaka, IN on Jan 7, 2009 at 05:31 AM
We bought our Hyundai in 2002 brand new & it's still running awesome to this date. It's been paid off since 2005 and we still have the warranty on it. This seems like it'll be a great program. More companies need to offer things like this. More cars will be sold & will keep the factories around here still in business making parts for these cars.
Posted by: Anonymous on Jan 6, 2009 at 11:07 PM
I have an 01 that I actually bought in 10/00, 140K miles later and still running strong. Dependable quality period. GM, Ford and Chrysler should have been more concerned about customer satisfaction rather than CEO/Exec paychecks.
Posted by: Anonymous Location: South Bend on Jan 6, 2009 at 07:53 PM
Lots of people had negative things to say when I bought a Hyundai a couple of years ago. I know they are a good company and have a great product... and this guarantee proves it! My car will be paid off in 18 months and it will still be under warranty for four more years, or 100,000 miles. I have had no failures or problems with the car. But if I did, my deductible for any failure is only $50.00! What a deal! I would have bought American, but could not find a vehicle that I could afford with a 10 year warranty. Go figure! Way to go Hyundai!!!!
Posted by: Rich Location: Niles on Jan 6, 2009 at 07:15 PM
This isn't what it seems. Trade in value on a one month old vehicle will be $4000 - $5000 less than what was paid new. So basically you wont be able to return the car after six months or so. Secondly, this program is ony good for one year...and Ill just bet one has to pay full MSRP to "qualify", bad news folks.

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