It's a tough time for automakers — industry sales in January were down a striking 37 percent — but Hyundai managed to finish the month 14 percent above its sales from the same time last year. The company can thank its marketing team for such success; it's no coincidence that the positive numbers coincide with the month they rolled out their walkaway program.
The original program allowed buyers to return their cars if they endure a life-changing event (including involuntary job loss) within one year of purchase, and now the company is expanding the program to put buyers even more at ease. Starting this week, if you lose your job Hyundai will offer to absorb your car payments up to three months, while you keep the car and look for a new job. If you still don't have an income after three months, you can return the car and won't be on the hook for any additional payments.
Due to Hyundai's outstanding performance in January, we can expect other automakers to piggyback on the company's idea. With more Americans fearing their jobs are at risk and the auto industry struggling more each month, it seems like the best way to help both parties.
By Caprice
Dorotennis
Buffalo
This is a great initiative. Too bad I don't like Hyundai's (or need a new car). Hopefully other automakers will follow suit!
1Sounds like a great idea! My 9 year old Hyuandai gets ~35-38MPG highway, though, so I'm not looking at a new car anytime soon!
2i'm actually really happy about this policy, and even though it doesn't help me directly, i think that it's helpful in general. when you're living in a time that you're afraid you're going to LOSE EVERYTHING , knowing that you can have your car while you're searching, and then if things get dire not have your credit hurt even more...
i hope that others follow suit, then maybe we'll see money infused into the economy...
3Hm... maybe I'll hold off buying a new car to see if Honda or Toyota join in on the trend. *crosses fingers*
4Awesome!
5It's sort of a good policy for those that need a new car and aren't sure about their financial future. However, I still think that new cars are a total money pit. In most cases, you'd be better off buying a used car. I don't like making car payments at all, so we always just drive older cars that are paid off and then just maintain them and drive them as long as possible.
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