The basic idea behind Hyundai’s new Assurance scheme: if you can’t afford the payments on your new Hyundai-financed Hyundai within the first year of financial servitude, just drop it off and walk away. No debt. No ding to your credit rating. No charge. The devilish details might not keep the Charmed Ones busy, but they’re worth a closer look. For example, you can only boomerang your Hyundai if you’ve experienced “involuntary unemployment, physical disability, loss of driver’s license due to physical impairment, international employment transfer, self-employed personal bankruptcy, accidental death.” One wonders about the importance of credit ratings to someone who’s just shuffled off this mortal coil, but that’s just quibbling. And, of course, there’s a few Hyundai-shaped hoops you have to jump through even if you are dead.
“2. Your benefit specialist [a.k.a. Hyundai’s take no pensioners insurance adjuster] will determine the value of your vehicle based on the average of your dealer’s appraisal and the values from leading industry guides.”
“3. Provided you have made at least two scheduled payments on your loan or lease, you pay for the amount above the Hyundai Assurance benefit (if anything) and any car payments that were due prior to you filing for the benefit.”
We should be seeing ads for this program soon. Meanwhile, what’s your take? Scam or another coup from the people who brought you America’s Best Warranty™?