Hyundai Motor America is reinstating its Assurance Job Loss Protection program for customers who might be affected by the uncertain business and financial environment created by the coronavirus (COVID-19) pandemic. Sister brand Genesis is doing the same in an attempt to head off a sales slump as consumer demand plummets.
Originally started in January 2009 the result of the financial crisis, the Job Loss Protection program was the first of its kind for an automaker in the U.S.
Hyundai will make up to six months of payments for new owners who lose their jobs and have purchased or leased their vehicle between March 14 to April 30, 2020 through Hyundai Capital. Additionally, for select new purchases through April 30 financed by Hyundai Capital, Hyundai is deferring payments for 90 days at the customer’s request. The Genesis version differs slightly in models covered.
The Job Loss Protection program provides up to six months of payment relief for customers who lose their job involuntarily. The payment relief is available for all customers, regardless of employment history, who purchased or leased their new vehicle from a Hyundai dealer and financed it through Hyundai Capital.
For those customers who need a new vehicle, Hyundai is also deferring payments for 90-days on select new models purchased at a Hyundai dealership and financed through Hyundai Capital. These select models are Santa Fe, Tucson, Elantra, Elantra GT, Kona, Venue and Accent.