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I saw a couple commercials about this while watching football last night but didn't think much of it because the TV was muted (listening and watching cricket on the computer at the same time) so I didn't really get what it was about. Pretty cool though. Let's see if it helps sales though.

HYUNDAI MARKS THE 10-YEAR ANNIVERSARY OF “AMERICA’S BEST WARRANTY” WITH THE LAUNCH OF THE “HYUNDAI ASSURANCE PROGRAM”
HYUNDAI ASSURANCE PROGRAM PROVIDES NEW CAR BUYERS WHO LOSE THEIR INCOME PROTECTION AGAINST NEGATIVE EQUITY AND CREDIT RATING CONCERNS

FOUNTAIN VALLEY, Calif.,, 01/02/2009
The Hyundai Assurance Program FAQ

Hyundai Motor America announced today an unprecedented program to protect consumers in this uncertain economic environment. Beginning today, Hyundai is providing a complimentary vehicle return program for the first year on every new Hyundai that is financed or leased for owners who experience an involuntary loss of income within 12 months of the purchase date. The “Hyundai Assurance Program” expands the protection offered through “The Hyundai Advantage: America’s Best Warranty,” which has provided 10-year, 100,000-mile powertrain protection to Hyundai owners for a decade. The Hyundai Assurance Program is complimentary for one full year, covers all Hyundai models and is available to everyone.
“We understand consumers’ hesitance to commit to large purchases in today’s economic environment,” said John Krafcik, acting president and CEO, Hyundai Motor America. “Ten years ago, Hyundai’s industry-leading warranty provided peace of mind to consumers about Hyundai’s quality and reliability. Today we’re extending that peace of mind to cover consumers’ employment status and personal finances.”

The Hyundai Assurance Program, the first of its kind for an automaker in the U.S. auto industry, allows consumers to walk away from a financing obligation when certain adverse life events occur, providing protection from financial shortfalls that arise from vehicle depreciation (negative equity) up to $7,500.

The Hyundai Assurance Program complements America’s Best Warranty as standard protection on new vehicles financed or leased from a participating Hyundai dealer, and supplements all existing consumer incentives. The program is available to any consumer, regardless of age, health, employment history or financed amount of the vehicle. The program is complimentary for the first 12 months of the financing or lease date for vehicles financed through Hyundai Motor Finance Company and other third-party lenders and financing sources. Covered circumstances include:

· Involuntary unemployment
· Physical disability
· Loss of driver's license due to medical impairment
· International employment transfer
· Self-employed personal bankruptcy
· Accidental death

Consumers must have made at least two scheduled payments on their loan or lease, be current on all payments and pay for any outstanding balance above the $7,500 benefit amount which results from negative equity. Once the benefit is approved by the Hyundai Assurance administrator and the customer pays any outstanding balance, the customer returns the vehicle to the selling dealer, whose appraisal is factored into the valuation formula, and the consumer avoids further financial obligation or negative impact to his/her credit. The dealer is then able to remarket the vehicle.

For more details about the Hyundai Assurance Program, please visit www.HyundaiUSA.com or www.HyundaiAssurance.com.
HYUNDAI TEAMS WITH WALKAWAY USA TO OFFER CONSUMERS ONE-OF-A-KIND VEHICLE RETURN PROGRAM

FOUNTAIN VALLEY, Calif., 01/02/2009 Hyundai Motor America announced today an agreement with WALKAWAY USA, LLC to offer consumers unique financial protection in this uncertain economic environment called the “Hyundai Assurance Program.” Beginning today, Hyundai will provide a private label version of WALKAWAY® Protection for Automotive Financing as a complimentary 12-month vehicle return program provided on every new Hyundai that is financed or leased at participating dealers. WALKAWAY USA, LLC is a wholly-owned subsidiary of EFG Companies, a Dallas-based, national performance management company serving the retail automotive industry. The Hyundai Assurance Program expands the protection offered through “The Hyundai Advantage: America’s Best Warranty,” which has provided 10-year, 100,000-mile powertrain protection to Hyundai owners for a decade.
The Hyundai Assurance Program is complimentary for one full year, covers all Hyundai models and is available to everyone.

“In this uncertain economy, we are looking for ways to reassure shoppers that Hyundai still represents the best value in the auto industry,” said John Krafcik, acting president and CEO, Hyundai Motor America. “Our agreement with WALKAWAY allows us to offer a unique form of financial protection in all 50 states for the first time by an automaker.”

The Hyundai Assurance Program, the first of its kind for an automaker in the U.S. auto industry, will be offered to Hyundai exclusively by WALKAWAY USA. WALKAWAY USA holds the exclusive U.S. distribution license to the WALKAWAY program originated in Canada. Since its introduction in Canada in 2000, WALKAWAY has made it possible for consumers to walk away from over $35 million in automotive-related debt and has provided WALKAWAY retailers with a competitive sales advantage.

“We are pleased to collaborate with Hyundai in offering this program through an automaker for the first time in the United States,” said Paul Budvitis, president of WALKAWAY USA, LLC. “WALKAWAY is one of the most innovative products to hit the auto-finance marketplace, addressing consumers’ most pressing challenge to purchasing a new car in today’s economy.”

The Hyundai Assurance Program complements America’s Best Warranty as standard protection on new vehicles financed or leased from a participating Hyundai dealer, and supplements all existing consumer incentives. The program is available to any consumer, regardless of age, health, employment history or financed amount of the vehicle. The program is complimentary for the first 12 months of the financing or lease date for vehicles financed through Hyundai Motor Finance Company and other third-party lenders and financing sources.

For more details about the Hyundai Assurance Program, please visit www.HyundaiUSA.com or www.HyundaiAssurance.com.

About WALKAWAY USA, LLC

WALKAWAY USA, LLC (www.walkawayusa.com) is a division of EFG Companies (www.efgcompanies.com), an industry leader in providing innovative performance management solutions and technologies to the retail auto industry. WALKAWAY USA markets and administers WALKAWAY® Protection for Automotive Financing. WALKAWAY is the First and Only Vehicle Return Program™ that protects consumers from financial shortfalls arising from the depreciation of new and used vehicles (negative equity).


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Damn good idea. Lets see how fast other carmakers jump on this.
 

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Teach
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Nice idea. This would enable people to avoid repos and bankruptcy.
 

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It's not a bad idea, esp. in this economy. Might help drive people in who need a new car but are unsure of their near future financial stability.
 

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Calf...Ankles...Cankles!!
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its only for one year, and if you're not sure you're going to be employed in less than 12 months, maybe you shouldnt be looking to buy a new car.

**** like this entices people in, then if they get past 12 months, default, people like me gotta start dealing with you as a debtor and not a customer.

sorta like the position im in now...could i afford a mortgage payment on a cheaper house? sure. why am i still renting? because im not sure where im going to be in a year or two and would like to make sure im more stable than i currently am
 

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my point on that was, some people need decent transportation to get to a job, and may not have that. really, these days, other than you evan, who's job is really secure? how many guys around here have been laid off or just let go over the past 6 months who thought they were secure?
 

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Isn't this already in place in the assurance you're getting when buying ... I know I have that on my CC and all the loans I have, if I'm accidentally out of a job the monthly payments are covered, and I keep whatever I bought with the CC/loan ...

Still a good idea though as I don't know if you can have that on a buy/loan directly at the dealer!
 

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Calf...Ankles...Cankles!!
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i never said my job was secure, and that was the point of my final paragraph

when i started where im at now, we had 7 supervisors, probably 110 collectors. right now, we have 4 supervisors and about 74 collectors. quick math tells me we've cut about 40% of the department. could i have been one of those? you bet. i've only been there 17 months. i dont know whats going to happen in 3 months from now. thats why i'd like to get a job thats secure, and not be concerned with what will happen down the road
 

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most banks already have optional insurance similar to this already available, but does not include "give it back" without a penalty. usually they suspend your acct, you don't pay but you don't use it while you're not able to (or for a limited time).
 

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Calf...Ankles...Cankles!!
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Isn't this already in place in the assurance you're getting when buying ... I know I have that on my CC and all the loans I have, if I'm accidentally out of a job the monthly payments are covered, and I keep whatever I bought with the CC/loan ...

Still a good idea though as I don't know if you can have that on a buy/loan directly at the dealer!
the bank i work for, its not automatically in your terms. you sign up for "account assure" or something like that, then, if you become unemployed, or something else of the nature happens, you have to submit proof of such, etc, and it only covers balances up to $10k (but the **** we finance, ive maybe seen 10-20 $10k+ accounts in a year and a half)....not to mention, its an extra fee each month, usually 8-15$/mo
 

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the bank i work for, its not automatically in your terms. you sign up for "account assure" or something like that, then, if you become unemployed, or something else of the nature happens, you have to submit proof of such, etc, and it only covers balances up to $10k (but the **** we finance, ive maybe seen 10-20 $10k+ accounts in a year and a half)....not to mention, its an extra fee each month, usually 8-15$/mo
well for my loan it was under 5$/month (don't remember exactly), as for my CC it's on the yearly fees (30$ I think).

Both fully covers my monthly payments up to 12 months, not bad IMO as I know I can find a new job in a few weeks. Both of these assurance also covers the full balance if I were to die or became totally "incapacitated" (sp?).
 

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Teach
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my point on that was, some people need decent transportation to get to a job, and may not have that. really, these days, other than you evan, who's job is really secure? how many guys around here have been laid off or just let go over the past 6 months who thought they were secure?
I don't think any job is secure.

Isn't this already in place in the assurance you're getting when buying ... I know I have that on my CC and all the loans I have, if I'm accidentally out of a job the monthly payments are covered, and I keep whatever I bought with the CC/loan ...

Still a good idea though as I don't know if you can have that on a buy/loan directly at the dealer!
The CC policies are usually different than the Assurance plan. The assurance plan requires you to give up your car in exchange for the loan default. On a CC policy, the insurance stops payment for a period of time but you still owe the total balance.
 

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^ I meant assurance in the loan ... not the assurance Hyundai will now offer.

As I said I don't know the loan details when dealing directly with a car maker as my loans are all made through my bank. I've had a few "under 10k$" loans in the past years and I would always take the assurance they sell with it, when dealing with those amount of money I prefer being safe than sorry.

As for the CC, as I said it was included in the yearly fee. Of course both have different details for the payments but in the end they are pretty much the same : pay monthly payment up to xxx$(the credit card has a specific amount while the loan covers the full payment minus the assurance fees) for 12 months.
 

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As someone pointed out to me, this is a Credit Default Swap, the kind of unregulated insurance on loans and mortgages that got all these banks in trouble. Walkaway is betting that the US economy won't be so bad. Also, it works for people buying a second or third car for convenience, not someone with only one car, which they need. And lastly, I think people should have the choice to opt out and get something else instead of this insurance. I wonder how much it costs Hyundai per car. $100? $200?
 

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Discussion Starter #18
If that wasn't enough, now we have the PLUS version.

Hyundai said:
HYUNDAI EXPANDS CONSUMER PROTECTION PROGRAM DURING SPRING SALES EVENT WITH "HYUNDAI ASSURANCE PLUS"
HYUNDAI ADDS PAYMENT RELIEF TO EXISTING ASSURANCE PROGRAM LIMITING THE FINANCIAL RISK OF A NEW VEHICLE PURCHASE

FOUNTAIN VALLEY, Calif., 02/19/2009 Hyundai Motor America will expand the protection offered by the innovative Hyundai Assurance program with Hyundai Assurance Plus, adding 90 days of payment relief to the existing protection plan. Hyundai Assurance Plus is part of Hyundai’s Spring Sales Event, which runs from Feb. 23 to April 30, 2009. Hyundai Assurance, which debuted in January, allows consumers to return any new Hyundai leased or financed in 2009 if the owner unexpectedly loses his/her income within one year of the purchase date. Both Hyundai Assurance and Hyundai Assurance Plus are available at all participating Hyundai dealerships nationwide. For full details about the programs, visit: www.HyundaiUSA.com.
Hyundai Assurance Plus provides a one-time, 90-day payment relief benefit in the event of involuntary unemployment or physical disability. For qualifying consumers, this benefit helps them keep their vehicle for three months while attempting to replace their income. Hyundai Assurance Plus pays the lender a lump sum equal to 90 days of loan or lease payments.

To qualify for Hyundai Assurance benefits, consumers must have made at least two scheduled payments on their loan or lease, be current on all payments and have been employed for at least 90 days prior to filing for the benefit. Consumers who utilize their payment relief benefit can still return their vehicle within a year of the qualifying event under the terms of the program. This payment is not pro-rated and never has to be re-paid, even if the owner regains health and/or returns to work inside the 90-day period. The total payment relief benefit provided to an owner will be deducted from the Hyundai Assurance maximum benefit of $7,500 if the vehicle return option is exercised.

“We continue to look for ways to help consumers in this challenging economic environment, so we're offering unprecedented financial protection when they finance or lease a Hyundai,” said Joel Ewanick, vice president, Marketing, Hyundai Motor America. “With our 10-year, 100,000-mile warranty, Hyundai Assurance, and now Hyundai Assurance Plus, we're telling consumers that we are all in this together, and we'll get through this together.”

Hyundai Assurance, the first program of its kind for an automaker in the U.S. auto industry, allows consumers to walk away from a financing obligation when certain adverse life events occur, providing protection from financial shortfalls that arise from vehicle depreciation (negative equity) up to $7,500. Hyundai Assurance and Hyundai Assurance Plus are complimentary for one full year from the purchase date, cover all Hyundai models and are available to everyone.

Hyundai Assurance and Hyundai Assurance Plus are complimentary for the first 12 months of the financing or lease date for vehicles financed through any lender or financing source. These programs complement America’s Best Warranty as standard protection on new vehicles from a participating Hyundai dealer, and supplement all existing consumer incentives. The programs are available to any consumer, regardless of age, health, employment history or financed amount of the vehicle.

Covered circumstances for Hyundai Assurance include:
· Involuntary unemployment
· Physical disability
· Loss of driver's license due to medical impairment
· International employment transfer
· Self-employed personal bankruptcy
· Accidental death

Payment relief benefits under Hyundai Assurance Plus are available in the event of:
· Involuntary unemployment
· Physical disability

Hyundai Assurance is offered to Hyundai Motor America exclusively by WALKAWAY USA, LLC.


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