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Hyundai Will Take Your Car With Proof of Pink Slip

Supply and demand is the name of the game, and these days there's hardly any demand for new cars. Hyundai is responding to this economic reality by getting creative in a way that could appeal to potential car buyers who are concerned about losing their jobs.

The company is offering a walkaway program that allows buyers to return their cars if they endure a life-changing event within one year of purchase. Hyundai defines life-changing events as involuntary job loss, personal bankruptcy if self-employed, getting transferred overseas, and accidental death.

Owners must have made at least two scheduled payments before requesting a return, and owners returning their vehicles would be liable only for negative equity over $7,500. As explained by the Wall Street Journal, "if you have a $20,000 loan remaining on a truck that is now worth only $10,000, you can return the truck and Hyundai will cover $7,500 of that $10,000 liability."

Do you think Hyundai will generate more business with its walkaway offer?

Source

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