To Lure Buyers, Car Company Offers Return Policy
Hyundai to allow returns for some customers hit by financial problems
By OMAR VILLAFRANCA
Updated 8:29 AM CST, Tue, Jan 6, 2009
If you can't afford your new Hyundai after you buy it, the company says you can bring it back -- for free.
The Korean car company started its "Hyundai Assurance" program a few days ago, hoping to boost their sales.
Customers buying a new 2008 or new 2009 model can now return the car within a year, with some strings attached. If the buyer loses their job, loses their driver's license because of a medical problem, or if a self-employed buyer files for bankruptcy, her or she can return the vehicle.
Buyers only qualify if they have already made at least two payments. The program is good for one year and will also cover up to $7,500 in negative equity on the car.
Hyundai also said returning the car will not damage a buyer's credit score.
In a shaky economy, the program is something sales associates can include in their pitch.
"Lose your job involuntarily; I know that's a big one," said Tom Hollett, the finance director of Huffines Hyundai in Plano. "I know a lot of people are concerned about that."
Plano resident Teri Everett was shopping on the showroom floor for a new car for her daughter. With money going to a scheduled surgery, she said she wanted to make sure she could afford the car if medical bills mounted.
"I think if anyone was to have a medical emergency, especially, they would probably want that assurance," she said.
For more information, visit Hyundai's Web site.
First Published: Jan 5, 2009 10:32 PM CST
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