Hyundai's "Take Back Your Car" Campaign

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By Heather Reese

Summary

Hyundai launched its "assurance campaign" and saw sales rise a whopping 14 percent in a month. Consumer Reports took a look at the fine print.

Story Published: Apr 29, 2009 at 5:24 PM PST

New-car sales dropped by almost 40 percent in January, but not Hyundai's. The car maker launched its "assurance campaign" and saw sales rise a whopping 14 percent that month. A commercial says, "…finance or lease any new Hyundai and if you lose your income in the next year, you can return it with no impact on your credit." Consumer Reports took a look at the fine print and found that losing your job isn't the only reason you can return a vehicle.

Hyundai will take back your car if you're self-employed and have to file for bankruptcy, if your job gets transferred overseas, if you lose your driver's license due to medical reasons, or even if you die. But you do have to meet certain qualifications.

Among those qualifications: You must own or lease the car for at least 90 days. You must be current on all payments, including insurance. And you have to be unemployed for a minimum of 45 days before you can return a car. Also, you need to be approved for unemployment benefits or register with an employment agency within 30 days of losing your job.

You should be aware that you might owe the dealer some money if you return the car with significant wear and tear. But since Hyundai covers up to $7,500 in depreciation, only the most expensive cars might be affected.

In Consumer Reports tests, most Hyundai's have performed well. And they have proven reliability. The Elantra SE was even named Consumer Reports 2009 Top Pick for small sedans. Considering this, and Hyundai's unique marketing approach, there's good reason sales have risen. Consumer Reports says Hyundai can take up to 35 days to approve your return, so don't return your vehicle until you're sure you meet all of the qualifications. Otherwise, the bank might think you car has been repossessed, which could end up hurting your credit rating.