Some Much Needed Assurance
Monday, January 5th, 2009
In the midst of the economic tumble and massive job layoffs, Hyundai is now offering assurance to their customers. In the above ad and the ad after the jump, Hyundai declares that if you lose your income, within a year after buying a new Hyundai, you can simply return the car. According to the Hyundai website, the program covers up to $7,500 in negative equity and lets the buyer off the hook for further payments without any negative impact to his/her credit.
In these uncertain times, there are two huge factors that worry consumers when buying a new vehicle:
1. Financial security. Why would I want to make a huge investment if I might lose my job in the next 6 months?
2. The security of the manufacturers. If these Auto Companies need a bailout to survive, how long will they still be able offer such amenities as long warranties and leases if they start running out of money again?
Hyundai addresses both concerns in both the ads.
I would not be surprised to see some major dealer groups offer this same kind of program. A car’s depreciation once it drives off the lot is an bloated lie. If a customer puts a minimum down and makes at least two payments, the negative equity should be minimal. But the confidence you give the consumer would be unmeasurable.
See the 2nd ad after the jump.
