Hyundai Drops Job Loss Protection for Customers

When the economic crisis began to wreak havoc in the automotive industry in 2009, the brilliant minds from several car makers' finance divisions came up with an ingenious solution, meant to keep the customers coming and at the same time insure them that, should they lose their jobs, they will be protected and allowed to return their cars, no questions asked.

Hyundai was among the first auto makers to announce such a program (called at Hyundai Assurance Program), and now is the one that sets the trend as it is getting ready to end it (300 other non-Hyundai dealerships are offering similar assurances, according to Autonews). Having been one of the main strategies that insured the car maker's success during the industry's worst year, the program is being retired on March 31, because of the clear signs of recovery in the industry.

"It was very topical for times and really resonated in 2009, but in the meantime we've really broadened Assurance to be more than job loss," Dave Zuchowski, Hyundai's US sales executive was quoted as saying by Autonews.

"We actually see the elimination of the job-loss program as a sign of a recovering economy and we had never anticipated that this would be an enduring program. We welcome the day when it's really no longer as relevant in the showroom or as required in the marketplace."

According to the data provided by Hyundai, the program, while managing to keep the customer flow going at Hyundai dealerships (1 million Hyundai cars were sold since the program was launched), was also a God-sent gift for the 350 people that chose to use their right to give up their cars.