Hyundai May Extend Hyundai Assurance Program

Thinking of buying a new car soon but worried you may get laid off? Try a Hyundai. If you get laid off in the 12 months following the purchase of your Hyundai, the Hyundai Assurance Program allows you to return the car for a refund, no questions asked.

Despite the dismal performance of many other automakers this year, Hyundai Motor Co Ltd has actually seen an increase in sales and its dealers are seeing more profit than last year. With this in mind, Hyundai is considering extending the Hyundai Assurance Program, which has proven to be successful in several ways. The Assurance Program was intended to end at the end of this year.

The Hyundai Assurance Program was started in January of 2009. It is an incentive program that allows customers who have lost their jobs to return their Hyundai for a refund, no questions asked. The offer is good for up to 12 months and is for new cars only, with Hyundai refunding $7,500 of the depreciation. So far, there have been less than 75 returns with the program.

General Motors, Ford and others have copied the program and have created their own versions. General Motors has a program that allows buyers to return their new cars within 31 to 60 days of purchase. Ford also has a similar return program in place.

The Hyundai Assurance Program was put into motion to help improve sales and it has. The company has expanded its market share and increased sales in one of the worst years for automotive sales, which Hyundai credits to the Assurance Program.

Hyundai sales in the United States have risen two percent in the first nine months of this year over last year’s numbers. The overall U.S. number of auto sales fell almost 30 percent. This made Hyundai one of the few auto manufacturers to increase its sales more than last year’s numbers. There are about 785 Hyundai dealers total in the United States with most or all of them making more profits than last year.

Hyundai intends to keep a good thing going without making many changes. Besides continuing with the Assurance Program, the company doesn’t intend to jump into the hybrid circle anytime soon. Hyundai is currently sitting in the No. 3 fuel economy brand position, averaging about 28 to 29 miles per gallon. The company's goal is to become No. 1 above Toyota and Honda and plan on getting there by tweaking current systems to make them more fuel efficient.

Making the decision to purchase a brand new vehicle in these economic times is made easier by companies like Hyundai with its Hyundai Assurance Program.