Auto Knight

Hyundai Gives Distressed Consumers Ability To Return Cars

by Heather

It used to be that only retail stores offered a return policy to consumers, but now Japanese car manufacturer Hyundai is jumping on the wagon with their Assurance Plan.

Under the Assurance Plan consumers that have fallen on hard times due to unemployment or other loss of income, can return their vehicles and walk away from their loan commitment. This program is the first of its’ kind and applies to outstanding car loans of up to $7,500.00.

The program is being offered by Hyundai and Walkaway USA. This program has already made it possible for consumers to “walk away” from $35 million dollars worth of automotive related debt. The program was introduced in Canada in the year 2000.

“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.”

This offer is complimentary for one year after leasing or financing a Hyundai at a participating dealer.

Automakers have been struggling to sell cars in the current financing market and have rolled a number of incentives, such as 0% APR and cashback on new vehicle purchases, but dealer’s lots haven’t been moving mountains. This program is unlike any other in an effort to move inventories.

John Krafcik, acting president and CEO, Hyundai Motor America said, “In this uncertain economy, we are looking for ways to reassure shoppers that Hyundai still represents the best value in the auto industry. 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.”