Motor America says its Assurance program is being expanded, with the auto maker now saying it will cover a car owner’s payments for three months if he loses his job or becomes ill.
CalledAssurance Plus, the program is in addition to the original Hyundai Assurance, which debuted Jan. 3 and allows customers to return their vehicle if they lose their job.
The Assurance Plus program runs during Hyundai’s Spring Sales Event, stretching from Feb. 23 to April 30.
“For qualifying consumers, this benefit helps them keep their vehicle for three months while attempting to replace their income,” HMA says in a statement. “Hyundai Assurance Plus pays the lender a (one-time) lump sum equal to 90 days of loan or lease payments.”
As with the original Assurance program, two scheduled payments must have been made on a Hyundai owner’s loan or lease and buyers must be current on all their payments to qualify.
Also, Hyundai says owners must “have been employed for at least 90 days prior to filing for the benefit” offered under Assurance Plus.
The lump-sum payment doesn’t have to be repaid, even if an owner finds a new job in the 90-day timeframe.
Owners also can return their vehicles any time within a year of the “qualifying event.” If the vehicle is returned, Hyundai will deduct the lump sum paid from the maximum $7,500 of negative equity allowed under the Assurance give-back program.
The auto maker has credited the original Assurance program with boosting its sales last month. Hyundai was one of the few brands to post an increase in deliveries in January, up 9.9% compared with year-ago, according to Ward’s data.