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There will probably be a huge surge in interest in the Hyundai Assurance Program after its advertisement during the Superbowl. Here’s an overview of the program and analysis of whether it’s worth considering.
How It’s Advertised:
Buy a new Hyundai and you can return it within a year if you lose your job with no impact on your credit rating.
Program Details from Hyundai:
Eligible Events to Return Your Vehicle
- Involuntary Unemployment
- Physical Disability
- Loss of Driver’s License due to Medical Impairment
- International Employment Transfer
- Self-Employed Personal Bankruptcy
- Accidental Death
Other Terms
- You have to lease or finance the purchase through Hyundai
- The covered event must happen in the first year
- Your loan must be current and at least two payments must be made
- If you have more than $7,500 in negative equity, you pay the difference
Analysis
The first feature of the program that strikes me is that in order to be eligible
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