Fewer Than 100 Vehicles Returned Under Hyundai Assurance
January 12th, 2010 11:03 AM
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NPR reports that Hyundai’s Assurance Plan, which is widely credited for much of that automaker’s success since the financial meltdown, has been taken advantage of fewer thn 100 times since it was instituted a year ago. In that time, Hyundai has sold over 435k vehicles, meaning the program has cost surprisingly little. Hyundai Motor America CEO John Krafic explains:
we treat it almost like a kind of insurance, a kind of social insurance, so we had to make some, you know, financial set-aside for it. And in the end, it ended up being substantially below what our expectations were, thank goodness.
According to Krafic, the program took only 37 days to implement. [Hat Tip: ClutchCarGo]
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So National Public Radio (NPR) poked around until they found someone who would state that much of Hyuandai’s success was due solely to the Assurance Plan. This is what NPR classifies as “investigative journalism.” To report that 80% of their models are above average in reliability (GM’s are 80% below average), fit-and-finish is near best-in-class, warranties are best-in-class, and most buyers are reporting an excellent showroom and shop experience would violate NPR’s political agenda.
There is not an automaker out there that is properly prepared to battle the machine that is Hyundai. They are going to soar in the next couple of years taking HUGE amounts of market share. Ford and GM will suffer the most.
don't know the real terms of the program. Did anyone attempt to come back but didn't when they learned the real terms?
Response to Juniper's question: I did come across an issue with the Hyundai Assurance program that I can share with those considering the program. First, I do love the Genesis Coupe, but after lost income I wanted to return it and hopefully buy again once my situation improved. The program DOES NOT repay any downpayment, so if you are looking to lease or finance do not make a large down payment. I did, and unfortunately even though I have been approved to return my car under the program, I would get less back than I would if I went on my own and sold in the private market. I was told by WalkAwayUSA that only the financed part is covered, no refund of any down payment. Hope my experience helps you out there who are looking into this program.