I wonder if this will be a new trend in lending. If you fall out of the middleclass into the underclass, you can just give your toys back no harm no foul. Is that supposed to be comforting? *scratches head
Did a quick google and here's a link:
NEW YORK (CNNMoney.com) -- Hyundai Motor America is taking aim at Americans' worries about job security: If you buy a new Hyundai and lose your job within a year, you can give it back.
"In this uncertain economy, we are looking for ways to reassure shoppers that Hyundai still represents the best value in the auto industry," said John Krafcik, president and chief executive of Hyundai Motor America, the U.S. arm of the South Korea-based automaker, in a company statement.
"If you find that you cannot make your payment because of a covered life changing event, we'll allow you to return your vehicle and walk away from your loan obligation - and in most cases we will cover most, if not all of the difference," the carmaker's Web site says.
With no extra charge to the sticker price, the program pays the difference between the car's trade-in value at the time the owner files a claim and any remaining balance on the loan up to a maximum of $7,500.
Hyundai is offering the program because its own market research showed car shoppers weren't attracted by rebates and other more normal incentives, said Joel Ewanick, Hyundai America's vice president for marketing. People are simply too worried about making payments no matter how good the deal is, he said.
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