Hyundai Will Take Back Your Car For Free If You Lose Your Job.

Yep, no kidding…if you buy a Hyundai and lose your job within the first year of owning it, they will take the car back off your hands:

“If you find that you cannot make your payment because of a covered life changing event, we’ll allow you to return your vehicle and walk away from your loan obligation – and in most cases we will cover most, if not all of the difference,” the carmaker’s Web site says.

I see this as both a good and a bad thing – bad because if you lose your job, won’t you still need a car to get around? But it’s also good because if you cannot afford the car anymore, at least you won’t go into more debt or damage your credit with late payments and the like. Plus, it won’t get repossessed this way. Who knows…what do you think?

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Comments (6)

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  1. THAT’s a bold move. Wow.
    Could be a brilliant marketing ploy, though.

    Back when I worked in collections on mobile homes, we would require a 12 month recourse from dealers selling them to poor credit people. It sounds kinda similar. Funny thing though, the dealers would secretly make the 11th or 12th payment if the people fell behind. That way they would be out a couple of hundred dollars rather than tens of thousands. It was against the TOS, but it happened a lot.

  2. david says:

    That’s pretty bold too!
    Marketing ploy or not, I think it might get them a few customers for sure.

  3. plonkee says:

    I’m not sure I see the downside for the consumer. If you want to keep the car, you just keep making the payments. Maybe I don’t really understand what the position is for other cars? I assumed that if you couldn’t make the payments they would repossess the car, and chase you for the rest of the money you owe (assuming you are upside down on the car).

  4. david says:

    Yes, but if they take it back this way, there is no damage to your credit and they pay the difference between what is owed and what the car is worth.

  5. I would be interested in reading the fine print. I have to assume there are some flaming hoops to jump through. I doubt you just walk in, say you got laid off, and hand over your keys.

  6. Craig says:

    I agree wit Ashley, the fine print is probably very small. Great promotion on their part, but too many people may be fooled to thinking this promotion is a safety net if something goes wrong. There are probably a lot of things that would have to happen for you, tons of paperwork, and then over time maybe help you out. Nothing is as good as it can seem.