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Does Hyundai Assurance Assure You?

11 messages,  Last post on Feb 08, 2009 at 4:25 PM

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What is this discussion about? Hyundai, Car Buying, Automotive News

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#2 of 11 Re: Lose your job, Hyundai takes your car back? [steve_] by bumpy Jan 05, 2009 (9:25 am)
Replying to: steve_ (Jan 05, 2009 8:48 am) You still have to pay off the negative equity over $7,500. Not a bad ploy overall, though. Replies to this message: joe97 (Jan 05, 2009 4:53 pm)
#3 of 11 Well by pf_flyer HOST Jan 05, 2009 (9:26 am)
If the idea is to restore consumer confidence, I'm not sure that advertising, "It's OK... we know you might lose your job soon, but buy a car anyway!"does the trick.   OK, so I took a little poetic license there, but it makes the point. Replies to this message: Mr_Shiftright (Jan 05, 2009 10:41 am)
#4 of 11 Re: Well [pf_flyer] by Mr_Shiftright HOST Jan 05, 2009 (10:41 am)
Replying to: pf_flyer (Jan 05, 2009 9:26 am) sounds to me like it's of little value to the consumer all in all--- I mean, he's not going to give up his car and start walking while looking for a new job. So if anything, this sounds like a great way to increase Hyundai dealers' used car sales. Bring back your new car, buy yourself a used one.   And really, how many new Hyundai buyers will lose their jobs this year? You could probably carry the list of names in your pocket.
#5 of 11 Re: Lose your job, Hyundai takes your car back? [bumpy] by joe97 Jan 05, 2009 (4:53 pm)
Replying to: bumpy (Jan 05, 2009 9:25 am) Which would be highly unlikely. Take the Sonata Limited for example, MSRP for around 25K, you would have to lose 30% or more (1st yr) to get to 7.5K. Even for Hyundai's not-so-great resale value (albeit improving every day it seems), I highly doubt it would that extreme.
#6 of 11 But... by jchan2 Jan 05, 2009 (8:05 pm)
it is a good PR ploy; Hyundai picked up some press coverage from several major news organizations, which is far cheaper than any advertising campaign out there.   I seriously doubt Hyundai will get many claims under the program- once you've checked out the car, chances are you'll need it to drive to your new job anyways, unless your finances were so dire that you have to get out from a car payment ($300-$500 a month) in order to stay afloat.   And I'm sure to some consumers facing job security issues it could be a decent motivator; if they were already considering trading cars but didn't want to because of security issues they might go out and get a Hyundai now, but then again, that crowd is a very, very, very small group and may not even buy a Hyundai in the first place... Replies to this message: fezo (Jan 06, 2009 3:33 pm)
#7 of 11 Re: But... [jchan2] by fezo Jan 06, 2009 (3:33 pm)
Replying to: jchan2 (Jan 05, 2009 8:05 pm) You've got the idea - it's great cheap advertising.   It wouldn't affect my decision on what car to buy. I'll look at Hyundais next time around but I was going to do that anyway. The odds are I'll buy their main competitor - a year or two old car from someone else.
#8 of 11 a noteworthy start by steve_ HOST Jan 16, 2009 (8:46 pm)
"The Hyundai Assurance program launched earlier this month has caused purchase intent for Hyundai vehicles to soar 15 percent during initial reaction to the program and has remained at least 7 percent above its seasonal norm ever since, according to Edmunds.com's analysis."   Hyundai Buyback Program and Award Win Attract Shoppers, Edmunds.com Reports
#10 of 11 . by anythngbutgm Feb 05, 2009 (9:37 am)
If anything, I wouldn't want to be the owner of one of the reclaimed vehicles. My guess is it would not be properly maintained not cared for. This will probably worsen their resale value more than appreciate it. Replies to this message: dtownfb (Feb 08, 2009 4:25 pm)
#11 of 11 Re: . [anythngbutgm] by dtownfb Feb 08, 2009 (4:25 pm)
Replying to: anythngbutgm (Feb 05, 2009 9:37 am) "If anything, I wouldn't want to be the owner of one of the reclaimed vehicles. My guess is it would not be properly maintained not cared for."   How is this different than any other car traded in before the loan is completed? How will this hurt resale value? It's no different than getting a car from a rental company.   Hyundai seems to have an effective marketing plan. I won't buy a car because of this plan but evidently it resonated with a bunch of people.

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