Hyundai is to end its Hyundai Assurance program which promised Hyundai buyers they can return their car and get their money back if they lose their jobs.
The firm claims that the program, while relevant in 2009 when it was introduced in the depth of recession, is less appropriate in a growing car market.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Hyundai executive, Jim Trainor, quoted by the Detroit News, said: “It’s good news. Fewer people are losing their jobs.”
Although the program ends this week, Hyundai said the program will continue to cover customers who buy new vehicles by March 31, but only for one year from the date of purchase.
Hyundai introduced its Assurance program in January 2009, offering customers a complimentary return of their financed or leased vehicle if they lost their income within a year of buying the car. But the company says that participation has declined.
“It’s another small indication that things are getting a little bit better,” Trainor told te Detroit Free Press.
However, the Assurance label will carry on. Since its introduction Hyundai has expanded the Hyundai Assurance branding to include its 10-year, 100,000-mile powertrain warranty and five years of breakdown cover.
