NEW YORK - Hyundai says it will cover the depreciation on
any returned leased or financed vehicle for the first 12 months to
some customers "who are stuck" and find themselves unable to make
their car payments.
The "Hyundai Assurance Program" only applies to customers
stricken by misfortune outside of their control. That could include
loss of their job, becoming disabled or losing their driver's
license for medical reasons.
Customers must also have made at least two payments on the car
already. In addition, Hyundai will only refund the depreciation on
the returned car up to $7,500.
One Hyundai executive says it's the company's way of dealing
with the economic anxiety that has caused consumers to park their
desires for a new car.
The recession has hit the carmaker hard. Its December sales in
the U.S. fell 48 percent. Sales for all of 2008 declined 14
(Copyright 2009 by The Associated Press. All Rights Reserved.)