by The Associated Press
Published: Mon, January 05, 2009 - 7:02 pm CST
NEW YORK (AP) - Can't make the payments on a new car you just bought? No problem - just return it free of charge.At least that's the deal being offered by Hyundai Motor America. 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 their car payments.
The "Hyundai Assurance Program" only applies to customers stricken by misfortune outside of their control, such as losing their job, becoming disabled or losing their drivers license for medical reasons.
Customers must also 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.
One Hyundai executive says it's the company's way of dealing with the economic anxiety that has caused consumers to park their desires for a new car.
The recession has hit the carmaker hard. Its December sales in the U.S. fell 48 percent. Sales for all of 2008 declined 14 percent.
The automaker launched the program on Friday. Hyundai produces the Sonata sedan and the Santa Fe SUV at its Alabama plant.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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