Now here’s a concept that may get consumer confidence up in your particular brand: covering payments should COVID-19 take away for customer’s job. The ongoing virus pandemic has put a lot of uncertainty on the economy. It’s not just the travel and events industries that are suffering, but just about every segment of the economy given how intertwined things are. With that in mind, Hyundai and Genesis in the USA have prepared a rather attractive proposal for their customers: they will cover 6 months of car payments, should they lose their jobs.
This scheme was introduced once before during the Financial crisis that hit about 12 years ago as the Hyundai Assurance Job Loss Protection program. It’s still called the same thing, but it’s aimed at owners who purchase or lease their Hyundais between 14 March and 30 April 2020 through Hyundai Capital.
Perhaps this is something car manufacturers and brands operating in Malaysia can look into to boost customer confidence in taking that big commitment on during these troubling times.
PRESS RELEASE
Hyundai Motor America, an advocate for making things better for its customers, is reinstating its Assurance Job Loss Protection program to support customers affected by the uncertain business and financial environment created by the coronavirus (COVID-19) pandemic. Hyundai will make up to six months of payments for new owners who lose their jobs and have purchased or leased their vehicle between March 14 to April 30, 2020 through Hyundai Capital. Additionally, for select new purchases through April 30 financed by Hyundai Capital, Hyundai is deferring payments for 90 days at the customer’s request.
The Hyundai Assurance Job Loss Protection program provides up to six months of payment relief for customers who lose their job involuntarily. The payment relief is available for all customers, regardless of employment history, who purchased or leased their new vehicle from a Hyundai dealer and financed it through Hyundai Capital.
For those customers who need a new vehicle, Hyundai is also deferring payments for 90-days on select new models purchased at a Hyundai dealership and financed through Hyundai Capital. These select models are: Santa Fe, Tucson, Elantra, Elantra GT, Kona, Venue and Accent.
Hyundai Assurance Job Loss Protection joins Hyundai’s collection of customer-centric programs under the Hyundai Assurance umbrella that consists of Owner Assurance and Shopper Assurance. Owner Assurance includes Job Loss Protection, the recently launched Complimentary Maintenance program and America’s Best Warranty, among other owner benefits that improve the ownership and service experience. Shopper Assurance is Hyundai’s commitment to simplifying the car buying process.
Originally conceived in January 2009 as a result of the financial crisis, the Hyundai Assurance Job Loss Protection program was the first of its kind for an automaker in the U.S. It reinforced Hyundai’s commitment to helping its customers by allowing them to return their vehicle if they lost their job. Today, the program provides six months of payment relief.
