Hyundai Motor America is extending its “Assurance” marketing program into 2010, continuing the vehicle return option for another year. Assurance allows Hyundai customers to return a new vehicle if they unexpectedly lose their income, which is less than a remote possibility as the great Recession drags on and unemployment keeps growing.
Consumers can walk away from a financing obligation when “certain adverse life events” occur, such as involuntary unemployment, providing protection from financial shortfalls that arise from vehicle depreciation (negative equity) up to $7,500.
Assurance, arguably, was in the forefront of a trend when it was announced in early 2009. Similar customer guarantees from airlines, retailers, as well as Ford, and General Motors were offered as recession marketing took hold.
Hyundai sales have increased 6.2% through November, in part due to the strength of Hyundai Assurance, according to the Korean company.
Hyundai also offers what it claims to be “America’s Best Warranty,” a transferable five-year, 60,000-mile new vehicle warranty to repair or replace components manufactured or originally installed by Hyundai that are defective in material or factory workmanship, under normal use and maintenance. (This is a confusing issue for consumers, with makers offering slightly different terms. For example General Motors offers a 3 year/36,000 mile basic version, and a 5 year/100,000 mile powertrain warranty that is transferable. )
New Hyundai vehicle buyers are also covered by 10-year, 100,000-mile powertrain warranty, which includes repair or replacement of Hyundai-manufactured or installed powertrain components under normal use and maintenance.
Other coverage includes seven-year, unlimited miles rust anti-perforation warranty, 12-month, 12,000-mile replacement parts and accessory limited warranty, and eight-year, 80,000-mile federal emission and performance warranty.