Jill Merriam Key Hyundai Blog

For Hyundai Assurance, Imitation is the Best Form of Flattery

March 19, 2009

The huge dealer group, AutoNation, just announced a payment protection program in case you lose your job. Wait, where have I heard about that before? Oh yeah, Hyundai Assurance. Imitation is the best form of flattery. Hyundai is rocking because of great reviews, great incentives and an early jump on shoring up consumer confidence with Hyundai Assurance. Every other manufacturer is now trying to get into the game. But, just like with America’s Best Warranty, no one will totally come close. First of all, I read that in AutoNation’s program there is a 90 day “cooling off” period. What does that mean? Second, it’s only good in the event of involuntary termination. With Hyundai Assurance, there are a ton of qualifying events, including closing down your own business, foreign placement, etc. So, come into Key Hyundai of Manchester and look at a new Hyundai, whether it’s a Sonata, Elantra, Accent, Santa Fe or the new Genesis. At Key Hyundai of Manchester, we are CT’s Hyundai dealer, serving Hartford, Enfield, Willimantic, and beyond. Visit us at www.driveworryfree.com

Here is Reuter’s article on Auto Nation:

By Poornima Gupta

DETROIT (Reuters) – AutoNation Inc (AN.N) rolled out a new incentive program on Wednesday that covers up to six months of car payments on new or used vehicles for consumers who lose their jobs.

The program, “Payment Protection,” will cover the payments as the buyer looks for a new job, said Mike Maroone, president of AutoNation, the country’s largest dealership chain, in an interview.

“It is especially timely in this environment,” he said. “There are really two big issues in retailing, availability of credit and consumer confidence.”

“This attacks the consumer confidence issue,” Maroone added.

The program, similar to one by Korean automaker Hyundai Motor Co Ltd (005380.KS), costs nothing for the buyer, and comes as U.S. auto sales plunged to 9.3 million units on an annualized basis, a 27-year low, in January and February.

The program, launched at 33 South Florida dealerships on Wednesday, excludes business purchases and may launch nationwide, Maroone said.

AutoNation, which owns and operates 313 new vehicle franchises in 15 states, will provide the payments to cover the vehicle loan or lease during the first year following the purchase.

There is an initial 90-day waiting period and the worker must be involuntarily terminated by the employer.

(Reporting by Poornima Gupta; editing by Jeffrey Benkoe)

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