Vehicles have been in the news quite a bit these days, from bailout plans to million-dollar hybrids. Clearly, car companies are desperate. Now, Hyundai introduces its own bailout plan–for consumers (Financial Times):
Hyundai Motor, South Korea’s biggest carmaker, is offering an unprecedented incentive in the US market by offering to buy back vehicles from US customers who have recently lost jobs, in an effort to counter the economic recession.
US customers who cannot make their instalment payments due to redundancy, a physical disability, personal bankruptcy or accidental death, can return their vehicles within a year of purchase.
Under the programme, Hyundai customers who have made at least two scheduled payments on their car loan or lease can walk away from a financing obligation when the difference between the resale value of the car and the balance of their loan is less than $7,500.
I’m sensing a new trend. Buy a Hyundai; return it. Get a GM for half the price. When said GM breaks, ditch it with minimal loss. Buy a new one. Repeat.