(AP) — Hyundai will allow customers who bought a car to return it if they suddenly lose income.
In a bid to woo skittish consumers, the South Korea-based automaker will cover the depreciation on a returned leased or financed vehicle for those who find themselves unable to make car payments.
The “Hyundai Assurance Program” only applies to customers stricken by misfortune outside of their control, such as losing their employment, becoming disabled or losing their drivers license for medical reasons.
Customers also must have made at least two payments on the car already. In addition, Hyundai will only refund the depreciation on the returned car up to $7,500 and the program is complementary for the first 12 months of leasing or financing.
Hyundai, which launched the program on Friday, said the program is aimed at consumers too nervous to spring for a new car in the difficult economy. The slump in consumer confidence was one of the biggest factors behind the collapse in new vehicle sales in 2008.
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