In danger of losing your job? Buy a Hyundai!

Hyundai is capitalizing on the staggering U.S. economy and unprecedented unemployment rate by offering customers the option of returning their purchased car if they suffer a job loss. According to the Hyundai Assurance Program, if a buyer loses their job within 12 months of taking the car off the lot, he can return the vehicle to the dealer if three conditions are met: 1. The buyer must be able to prove they were laid off. 2. The car must be in good condition. 3. The buyer must be current in their payments. Is it just me, or does this drip with the potential for extreme red tape and fraud? What kind of proof will Hyundai require to confirm whether someone was laid off or simply fired? Even the U.S. unemployment office frequently interviews unemployment candidates to determine whether candidates qualify for unemployment assistance, and they’re the all-knowing government. And depending on how long it takes to verify unemployment, will the buyer be required to make their payments in the meantime? Are payments refunded to the buyer once Hyundai finally accepts the fact that the buyer was laid off? Regardless of the questions, loopholes, and fine print, this is a smart marketing move that differentiates Hyundai from their competition in terms of incentives offered. While every other dealer ad screams about a vague rebate, Hyundai has leveraged the concerns of the public to come up with a proposition that is both resonating and relevant. According to Automotive News, Hyundai conducted a focus group in late November, in which they realized that no amount of rebate would incentivize consumers to buy in such an unstable economy. With consumer confidence at a new low as of December ‘08, the last item people want to spend money on is a big-ticket new or gently-used vehicle. It will be interesting to see how competitors respond to this move. It’s also a nice middle finger to the U.S. Automobile Industry. As the Big 3 grovel for a government bailout, Hyundai has proposed a bailout for their consumers.