One obvious reason for slow car sales is that consumers are afraid they will lose their job and default on their auto loan. Hyundai wants you to know they understand that and they're cool with it.
Under the "Hyundai Assurance Program" you can turn your car back in and walk away from your loan if... Well, it's a pretty big "IF" and there is a lot of small print. But the new program is probably going to spawn a host of imitators as automakers struggle to overcome the objections of on-the-fence car buyers in a slow economy.
The Assurance Program is offered free with every new vehicle sold by Hyundai and it lasts for the first year of ownership, either for sales or for leases.
Hyundai achieved a higher level of acceptance once it offered it's 10-year, 100,000 mile warranty some ten years ago. Now it hopes to overcome the fears of consumers in an economy that is fraught with job insecurity.
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