Motorists who buy a car from Alexandria Hyundai will have the opportunity to return their vehicle for a refund if they lose their jobs and are unable to make auto insurance, gas, or maintenance payments, the dealership announced today.
The new guarantee, which the company calls the Hyundai Assurance Policy, is a further expansion of the automaker's prominently marketed warranty program. The assurance policy will be free for one full year on any vehicle leased or purchased at the Northern Virginia dealership, Hyundai said.
The president and CEO of Hyundai Motor America, John Krafcik, said in a statement that "in this uncertain economy, we are looking for ways to reassure shoppers that Hyundai still represents the best value in the auto industry."
Hyundai owners will be eligible to take advantage of the return program if any one of several unfortunate events happens to them, the company said. These include being laid off, suffering a physical disability, being transferred overseas by an employer, or losing one's license because of a medical problem.
The South Korea-based carmaker already places a heavy emphasis on its service and warranty plans, and the Hyundai Assurance Policy is being billed as an addendum to the company's standard program, which offers 10 years or 100,000 miles of full coverage for power train-related maintenance issues. Hyundai also recently announced plans to move more of its manufacturing operations to the U.S., which could help stimulate job creation and mitigate historically high unemployment rates.
The down economy has caused large-scale changes in the automotive industry, experts say, ranging from shifting buying trends to changing auto insurance rates, and the offering of such a job loss insurance package is simply a further example.