Hyundai Bails Out Consumers By Buying Back Their Cars

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.

  • Uncle B

    America is more than broke! The (GRD) great republican depression is well annotated by Hyundai’s move to cement customer relations and unload over-production for the evaporating car market in the U.S. The GRD is also acknowledged by GM’s “hat in hand for a socialist loan” act. The terrible and frightening unemployment figures are witness to the GRD. The collective delusional reverie of the American population is close to ground zero and a very ugly wake-up call! 2009 may see it start, but the real load of sh*t will hit the fan early 2010! Watch for streets full of Americans suffering extreme shock, suffering total disorientation, and reeling in disbelief, to stunned by the facts to think of Anarchy, to conditioned by a softer life to fight back, too coddled to know how to make change happen, and too brainwashed to point their finger of blame in the right direction – an ideal time for take-over by other forces! The sociological and financial paradigm shifts about to take place on the American psyche will astound the rest of the world, and make American over-consumption a thing of the past. Printing money as they do now, to quell the flames of this fire, is like spreading gasoline on the fire and expecting the flames to drowned! it is all over for America save for the funeral, and that is coming all too soon!