Consumer Car Buying Advice Blog

Hyundai Motors will continue its payment protection plan through the end of 2009.

Reports of the death of Hyundai’s plan were “greatly exaggerated”

Last week, we wrote an article here at Auto Credit Express regarding the pending expiration of the various payment protection plans that were being offered, at the time, by General Motors, Ford and Hyundai.

Corroboration of the details of Ford and GM’s plan termination was easy enough, since both companies had issued press releases in the preceding days reiterating the fact that, in accordance with previously issued details, both plans would terminate at the end of business on June 1st.

With no press release from Hyundai regarding that company’s plan termination, we sought corroboration first by calling Hyundai and then by checking with the plan’s administrator, Walkaway USA of Irving, Texas. While waiting for Hyundai, the customer service department at Walkaway got back to inform us that Hyundai would be terminating their program on June 30th.

Just yesterday, however, Kevin Oates, a representative with Hyundai’s public relations firm, Ketchum, called to clarify the specifics of the plan. It seems as if, to paraphrase Humphrey Bogart’s character Rick Blaine in Casablanca, “we were misinformed.”

Plan set to expire December 31st

Specifically, Hyundai’s vehicle return program that allows any new car purchased or financed to be returned if the owner loses his/her income unexpectedly within 12 months of the purchase date is valid for vehicles purchased between January 3rd and December 31st of 2009.

Good News

Here at Auto Credit Express, we apologize for any confusion our previous article might have caused. However, the this means that consumers still have time to take advantage of Hyundai’s vehicle return program (Hyundai Assurance) that allows you to walk away from your loan or lease (regardless of the lender) without having to worry about negative equity (up to $7,500) in case of certain life-altering circumstances for up to 12 months, which is really good news.

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