Amid Coronavirus Pandemic Uncertainty, Automakers Offer Peace of Mind Via Payment Relief

As uncertainty grows related to the COVID-19 coronavirus and its impact on our economy and everyday life, some automakers are offering consumers a little bit of certainty. Hyundai is among the first, relaunching its Assurance Job Loss Protection program, which offers up to six months of payment relief for new vehicle owners who lose their jobs. 

Related: Coronavirus and Car Buying: What You Should Know

Under the program, Hyundai will make up to six months of payments for new owners who lose their jobs involuntarily. The deal applies to customers who purchased or leased their new vehicle from a Hyundai dealer and financed it through Hyundai Capital between March 14 and April 30, 2020. 

In addition, Hyundai is offering new-car shoppers a payment deferral option. The automaker will allow deferring of payments for 90 days on select new models purchased at a Hyundai dealership and financed through Hyundai Capital. The models include the Santa Fe, Tucson, Elantra, Elantra GT, Kona, Venue and Accent.

Genesis Cares Job Loss Protection

Hyundai’s luxury arm, Genesis, is offering a similar payment relief program called Genesis Cares Job Loss Protection as well as a 90-day payment deferral option on model-year 2019 G70 sedans purchased at a Hyundai dealership and financed through Genesis Finance.

“We understand the extreme uncertainty created by the coronavirus and the anxiety experienced by our customers, and wanted to tap into Hyundai’s legacy of having people’s back,” said José Muñoz, chief operating officer of Hyundai Motor Co., and president and CEO of Hyundai Motor North America, in a statement. “Bringing back the job loss protection program in this unprecedented time will allow our customers to have one less thing to worry about if something unexpected happens to their employment status.”

Hyundai originally launched the Assurance Job Loss Protection program in January 2009 in response to the financial crisis and recession, but it was a little different. The prior program allowed customers to return the vehicle if they lost their job. It proved successful in both offering shoppers peace of mind and driving car sales. 

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