Hyundai’s ‘walkaway’ finance deal that allow customers to return cars if they lose their jobs in the first year is attracting strong interest, according to Edmunds.
On the Edmunds.com website, Hyundai purchase intent shot up 15% during initial reaction to the programme, and has remained at least 7% above its seasonal norm.
Edmunds also said that on Sunday, Hyundai’s Genesis was named as the North American Car of the Year, the brand’s purchase intent soared 31% above normal.
“There’s no telling the long-term impact of Hyundai Assurance, but it’s a noteworthy start,” said Edmunds.com Senior Analyst Dr. David Tompkins. “We’ve seen a hike in purchase intent for all Hyundai vehicles except the Sonata.”
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Under the ‘Hyundai Assurance Programme’ any Hyundai customer may return a vehicle within the first 12 months of ownership and walk away from his or her loan obligation – up to US$7,500 in ‘negative equity’ – in the event of an loss of income under certain circumstances.
“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.”
See also: US: Hyundai launches ‘walkaway’ finance get-out
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