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Hyundai Assurance
You have questions, we have answers
. Years ago, Hyundai pioneered America's Best Warranty to show you the faith we have in our cars. Today, in addition to our warranty, we're introducing Hyundai Assurance, to show you the faith we have in you. Right now, finance or lease any new Hyundai, and if you lose your income in the next year, we'll let you return your vehicle. That's the Hyundai Assurance.
Overview:
Hyundai is the first automaker to offer a vehicle return program in the US that allows you to walk away from your loan without having to worry about negative equity. It lets you return your vehicle in case of certain life-altering circumstances without negative impact to your credit.
Program Details:
* Available on all new Hyundai vehicles
* Available to everyone regardless of age, health, or employment history
* 12 months complimentary on every new Hyundai vehicle loan
* Covers up to $7,500 in negative equity
Coverage in case of:
* Involuntary unemployment
* Physical disablilty
* Loss of driver's license due to medical impairment
* Self-employed personal bankruptcy
* Accidental death
Frequently Asked Questions:
HEALTH RELATED: (Remember, no "good health" statement needed) Q: I’m 72 and have a heart condition. Do I qualify for Hyundai Assurance?
A: YES. Everyone qualifies regardless of age and previous health conditions. Q: My diabetes puts me at risk of losing my vision and therefore my license too. Does Hyundai Assurance cover me?
A: YES. You would be covered due to loss of driver’s license regardless of your pre-existing diabetes.
EMPLOYMENT RELATED: (Remember, unemployment benefits are available on the 91st day of coverage following the effective date) Q: If my employer transfers me to Mexico, would this be considered an "international transfer" for benefits purposes?
A: YES. Any country, other than the United States is considered " international for benefits purposes. Q: Am I covered under the Hyundai Assurance "involuntary unemployment" benefit if I quit/resign from my job?
A: NO. Hyundai Assurance only covers events taht are beyond the certificate-holder's control. Your employer must terminate you from your position in order for you to qualify for benefits.
Q: I'm in the military. If I am not deployed, but I am assigned to a post outside of the US for the next 2.5 years, could I still qualify for the international employment transfer benefits?
A: Yes. As long as you are not deployed and are assigned outside the U.S. for more than 24 months, you still may qualify for benefits.
VEHICLE RELATED QUESTIONS: Q: Will cosmetic customizations made to my car impact its value?
A: In some cases, customizations such as specialized paint, customized wheels, and suspension can reduce resale value. Other changes, on the other hand, may not impact the value of your vehicle and therefore would have no impact on your claim. See your insurance adjuster to learn additional information. Q: Am I responsible to maintain full coverage insurance before returning the vehicle to the designated return facility?
A: YES. You must maintain full coverage insurance before returning the vehicle to the designated return facility.
CREDIT RELATED QUESTIONS: Q: My wife and I share a car. Can we make a claim if one of us loses our job, even if the other one remains employed?
A: One certificate per loan or lease contract and only one person listed on a certificate, your choice of who is listed at time of delivery, which is the effective date of certificate. Q: Will returning a car thanks to a payable Hyundai Assurance benefit, damage my credit rating?
A: NO. The return of a vehicle resulting from a paid benefit is considered an early pay-out of your loan or lease and not a credit default. As a result, Hyundai Assurance protects both your credit rating AND your savings. Q: If my son is listed as co-buyer on my loan, can he receive the Complimentary Certificate?
A: YES, he may be listed on the certificate since he is on the loan. No more than one certificate per loan or lease contract and only one person listed on a certificate. Q: Is returning a vehicle due to a qualifying Hyundai Assurance benefit considered a voluntary repossession?
A: NO. The return of a vehicle resulting from a paid benefit is considered an early pay-out of your loan or lease. It is not considered a voluntary repossession and does not adversely impact a consumer’s credit rating in any way. RETURNING YOUR VEHICLE PRIOR TO BENEFIT APPROVAL WILL BE CONSIDERED A VOLUNTARY REPOSSESSION AND WILL IMPACT YOUR CREDIT SCORE IN A NEGATIVE WAY.
BENEFIT PROCESSING: Q: How long does it take to complete a request for benefits?
A: On average, benefits have been paid within 35 calendar days from the date the request is first submitted. Submitting proof of qualification documentation as quickly as possible is imperative. Q: Can I continue to drive my car while my request is being processed?
A: YES. Your car and related financial obligations remain yours until your benefit is approved and you have voluntarily returned your vehicle. Once approved, your benefit administrator will give you instructions for returning your vehicle. Q: There is no equity in my car because I financed my taxes and put no money down. What if the benefit isn’t enough?
A: In the case of more expensive vehicles, custom items or the financing of taxes and extras, the benefit may not be enough to cover the financing shortfall if you return your vehicle. In this case, you would be required to make up the balance with your own funds. The benefits phone number is 800-443-2570. This is a sample contract for the New Hyundai Assurance Program. Scroll down to see the fine print. | If you still have questions, you can contact our Assurance Expert, Mike Barham at (940) 243-6200 or Finance@EckertHyundai.com |
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