Hyundai Brings Back Car Payment Protection for Customers
The COVID-19 pandemic has spread a wave of economic uncertainty across the United States. To promote peace of mind, Hyundai Motor America is bringing back a program that covers or defers car payment requirements for customers who lose their jobs or face certain medically related hardships.
Hyundai Assurance Job Loss Protection applies to purchases or leases made through Hyundai Capital between March 14 and April 30, 2020.
“We understand the extreme uncertainty created by the coronavirus and the anxiety experienced by our customers, and wanted to tap into Hyundai’s legacy of having people’s back,” said Jose Munoz, the CEO of Hyundai Motor North America. “Bringing back the job loss protection program in this unprecedented time will allow our customers to have one less thing to worry about if something unexpected happens to their employment status.”
To underscore its commitment to helping customers and easing their financial worries, Hyundai has replaced its scheduled ad spots with one that promotes this program.
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The Assurance Job Loss Protection program contains three major elements that provide financial assistance to owners of Hyundai vehicles.
Car payment coverage
For customers who lose their jobs, Hyundai will cover up to six months of vehicle payments. This applies to all customers who buy or lease a vehicle from a Hyundai dealer and finance it through Hyundai Capital between March 14 and April 30.
Deferred payments on new vehicles
For customers who want to purchase a new vehicle through Hyundai Capital at a Hyundai dealership, payments will be deferred for 90 days on these models: Santa Fe, Tucson, Kona, Venue, Elantra, Elantra GT, and Accent.
Deferred payments on older vehicles
Hyundai customers who financed through Hyundai Capital before the covered time period can also get relief. Hyundai is allowing up to three months of deferred payments, granted in one-month increments, for customers who lose jobs or face medical issues related to COVID-19 before April 30.
Hyundai originally launched Assurance Job Loss Protection in 2009 as a response to the financial crisis. With the country’s current economic and public health upheavals, it’s an ideal time for the automaker to reinstate the program.
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A longtime editor/writer and recently transplanted Hoosier, Caleb Cook lives in Xenia, Ohio. His favorite activities are reading and listening to music, although he occasionally emerges from the heap of books and vinyl records in his basement to stand blinking in the sunlight. Once fully acclimated to the outside world again, he can be observed hanging out with his wife, attempting a new recipe in the kitchen, attending movies, walking the dog, or wandering into a local brewery to inquire about what’s on tap. See more articles by Caleb.