Hyundai Motor America has launched a new program in the United States that will allow those who recently bought Hyundais but experienced an involuntary loss of income to return their recently-purchased cars and walk away from a financing obligation. Hyundai is the first automaker to offer such a program, which is designed to help recuperate the shortfalls that might arise from making car payments.
Hyundai says that the program will help compensate for the negative equity that comes from vehicle depreciation. The initiative comes on the ten-year anniversary of Hyundai’s 10 year, 100,000-mile powertrain warranty.
The automaker is only offering the program to those who have been involuntarily laid off, experienced a physical disability, lost a driver’s license as a result of a physical impairment, been transferred internationally, experienced personal bankruptcy if self-employed or in the event of an accidental death.
Hyundai says that customers must have made at least two payments on their loan or lease, be current on their payments and pay for any outstanding balance above the $7,500 benefit that results from negative equity. In essence, Hyundai will absorb up to $7,500 of the depreciation debt on a new car within the first year of ownership. The automaker says it will entrust its dealer network to calculate vehicle values.
