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Lose Your Job... Just give the Car Back

Discussion in 'Fred's House of Pancakes' started by Rokeby, Jan 3, 2009.

  1. Rokeby

    Rokeby Member

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    I'm watching TV and a Hyundai add comes on. The voice-over says;
    "If anytime in the next year you lose your income, we'll take the car back."
    That's The Hyundai Assurance.

    Sounds like too good a deal. I wonder what the catch is:
    * Is losing your income the same as losing your job?
    * Does interest income count?
    * If you traded in, do you get that car back?
    * Do you get any down payment back?
    * If you're paying off a loan, you still have to pay it off; the bank could
    care less whether you have the car or not.

    Never leased, so I can't guess how that might be handled.

    This is a very creative sales program... maybe even as good as the Chrysler
    $2.99 gas card. :confused:

    Reading the fine print should prove to be very interesting.
     
    #1 Rokeby, Jan 3, 2009
  2. efusco

    efusco Moderator Emeritus
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    Football fan, eh!

    Saw that too...not very optimistic was my first thought. But you raise some very good questions.
     
    #2 efusco, Jan 3, 2009
  3. sdtundra

    sdtundra Senior Member

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    I saw that as well...and I love laptops, football and Priuschat...life is good:)

    [​IMG]
    :rockon::rockon::rockon::rockon::rockon::rockon::rockon::rockon::rockon::rockon::rockon::rockon:
     
    #3 sdtundra, Jan 3, 2009
  4. Rokeby

    Rokeby Member

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    #4 Rokeby, Jan 3, 2009
  5. sdtundra

    sdtundra Senior Member

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    Ah, there had to be a loophole.
     
    #5 sdtundra, Jan 4, 2009
  6. SPEEDEAMON

    SPEEDEAMON Professional Car Nut

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    Hey SD Tundra, Daren Sproles is DA MAN. He's just brilliant !!
    I hope we go all the way.
     
    #6 SPEEDEAMON, Jan 4, 2009
  7. bedrock8x

    bedrock8x Senior Member

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    There is no loophole.

    Hyundai instead of giving you $1000 rebate and used it to buy a one year insurance policy of $7500 to bet that you will not file for benefit.

    Smart sales strategy.


     
    #7 bedrock8x, Jan 4, 2009
  8. rigormortis

    rigormortis Active Member

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    doesn't just about any car financing company take the car back? yeah expect to pay
    if the car is not worth what you owe on it.

    lease is different. i heard if you want to severe the lease you will most likely have to pay all the future payments, so if you have 20 payments of 299 a month left then you need to fork over 5,980.

    there are websites like swapalease, leasetrader, where one can post an advertisement for thier car, and find someone that is willing to take over the rest of your lease for you. then its just a matter of getting the leasing company to authorize your lease transfer.
     
    #8 rigormortis, Jan 4, 2009
  9. MarinJohn

    MarinJohn Senior Member

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    Good or bad policy, acceptable to the public or not, at least SOMEONE is thinking outside the box. Give them credit, a raise, a chance.
     
    #9 MarinJohn, Jan 4, 2009
  10. Rokeby

    Rokeby Member

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    Marinjohn,

    I couldn't agree more with your sentiment. But it is not clear to me that this
    program as helpful as it would at first appear. All that glitters, etc...

    As the program seems to be targeted at new car owners, it is probable that
    the balance due is more that the $7500 program max pay out.

    Essentially, the dealer is buying the car back at $7500, without reference to
    the Kelly BB value... it's a nearly new, presumably low mileage car.

    So, I guess the ex-owner would use the pay out money to pay down any
    loan debt... but he may have lost a lot by accepting the $7500 "good deal."

    Couldn't the owner be better off selling the vehicle on his own?
    If he gets more than $7500 he's got more $$$... if it sells that is.

    And there I guess is the reason for the program; a back's against the wall,
    something is better than nothing, safety net of sorts.
     
    #10 Rokeby, Jan 4, 2009
  11. Rokeby

    Rokeby Member

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    "Hyundai Motor America's president and CEO says fewer than 100
    customers availed of a company program that allowed them to return
    vehicles because of a loss of income. John Krafcik says the company
    sold 435,064 vehicles, adding the returns were far fewer than expected."

    :car: :tea: :dance: :clap2: :whoo: :peace: :cheer2:

    Full story:
    A Year After Program, Under 100 Hyundais Returned : NPR
     
    #11 Rokeby, Jan 10, 2010
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