yerrow
01-03-2009, 06:50 PM
http://www.unionleader.com/article.a...4-d59c6a24abe2
Quote:
Hyundai taking returns
By GARRY RAYNO
New Hampshire Union Leader Staff
15 hours, 41 minutes ago
MANCHESTER – In an attempt to combat economic uncertainty among automobile buyers, Hyundai and local affiliate AutoFair Hyundai are offering a first-of-its-kind one-year guarantee return program.
Starting today, the dealer begins allowing a new-car buyer to return the vehicle in the event of "life-altering circumstances" such as layoffs, job transfers and accidental deaths up to a year after the purchase.
Says AutoFair Hyundai Chief Operating Officer Andy Crews, "It's no secret that with economic uncertainty, customers have been hesitant on car purchases. With the new Hyundai guarantee, our customers no longer have to worry about car payments when they encounter unexpected life changes, and our cars are a natural choice."
The Hyundai Assurance Program is available to all new Hyundai vehicle purchasers, regardless of age, health, employment record or the amount financed.
Chris Houghton, general manager at AutoFair Hyundai, said the company can offer the program because the cars retain their value.
"It's not like buying a Mercedes, where it's (worth) $75,000 the first year and next year it's $50,000," Houghton said.
If the car being returned is under financing, AutoFair will pay off the loan once it receives the car, Houghton said.
The vehicle may be returned if a buyer is laid off, transferred overseas, goes through personal bankruptcy or suffers an accidental death.
The vehicle may also be returned if a buyer suffers physical disability or loses his or her license because of a medical impairment.
Proof of the averse circumstance, such as pink slip, will have to be provided, Houghton said.
"This is monumental. Nothing has ever happened like this before. Never," he said. "So many people are questioning and holding off. That's what's driving this uncertainty.
"You literally can give the car back to Hyundai," Houghton said.
Each Hyundai dealer can decide whether to participate in the program.
Auto dealers have been hit hard by the economic meltdown, with vehicles sitting on lots, and have tried new initiatives to draw potential buyers to their showrooms.
Peter McNamara, president of the New Hampshire Automobile Dealers Association, said sales are down from a year ago.
"I can't say I have heard of such an offer before," McNamara said.
"Coming from a manufacturer means there's that much more credibility."
He said there are some things going on this month that should help the industry: the federal government's bridge loan program for manufacturers and the Federal Reserve freeing up money for consumer loans.
Houghton said he expects the return guarantee program to boost sales.
"We're hearing a lot of doubt from people coming in, and this takes away all the doubt," he said.
Houghton said he expects the guarantee to add 20 or more sales a week. "Normally, we deliver 100 plus new cars a month, but now we've dropped down to the 50s. With this program, I expect we'll be right back up to the 100-plus, maybe more," he said.
Quote:
Hyundai taking returns
By GARRY RAYNO
New Hampshire Union Leader Staff
15 hours, 41 minutes ago
MANCHESTER – In an attempt to combat economic uncertainty among automobile buyers, Hyundai and local affiliate AutoFair Hyundai are offering a first-of-its-kind one-year guarantee return program.
Starting today, the dealer begins allowing a new-car buyer to return the vehicle in the event of "life-altering circumstances" such as layoffs, job transfers and accidental deaths up to a year after the purchase.
Says AutoFair Hyundai Chief Operating Officer Andy Crews, "It's no secret that with economic uncertainty, customers have been hesitant on car purchases. With the new Hyundai guarantee, our customers no longer have to worry about car payments when they encounter unexpected life changes, and our cars are a natural choice."
The Hyundai Assurance Program is available to all new Hyundai vehicle purchasers, regardless of age, health, employment record or the amount financed.
Chris Houghton, general manager at AutoFair Hyundai, said the company can offer the program because the cars retain their value.
"It's not like buying a Mercedes, where it's (worth) $75,000 the first year and next year it's $50,000," Houghton said.
If the car being returned is under financing, AutoFair will pay off the loan once it receives the car, Houghton said.
The vehicle may be returned if a buyer is laid off, transferred overseas, goes through personal bankruptcy or suffers an accidental death.
The vehicle may also be returned if a buyer suffers physical disability or loses his or her license because of a medical impairment.
Proof of the averse circumstance, such as pink slip, will have to be provided, Houghton said.
"This is monumental. Nothing has ever happened like this before. Never," he said. "So many people are questioning and holding off. That's what's driving this uncertainty.
"You literally can give the car back to Hyundai," Houghton said.
Each Hyundai dealer can decide whether to participate in the program.
Auto dealers have been hit hard by the economic meltdown, with vehicles sitting on lots, and have tried new initiatives to draw potential buyers to their showrooms.
Peter McNamara, president of the New Hampshire Automobile Dealers Association, said sales are down from a year ago.
"I can't say I have heard of such an offer before," McNamara said.
"Coming from a manufacturer means there's that much more credibility."
He said there are some things going on this month that should help the industry: the federal government's bridge loan program for manufacturers and the Federal Reserve freeing up money for consumer loans.
Houghton said he expects the return guarantee program to boost sales.
"We're hearing a lot of doubt from people coming in, and this takes away all the doubt," he said.
Houghton said he expects the guarantee to add 20 or more sales a week. "Normally, we deliver 100 plus new cars a month, but now we've dropped down to the 50s. With this program, I expect we'll be right back up to the 100-plus, maybe more," he said.