Surely you’ve heard of Hyundai’s Assurance program by now. There’s no other auto manufacturer that’s currently running a program like it, and it shows—Subaru’s got its personality, sure, but which other auto manufacturer is actually managing to turn a profit in our current economy? It’s Hyundai. But what’s behind the program?
To find out more, follow the jump.
What’s behind this amazing plan is a company called Walkaway Canada, which is based in Toronto. Hyundai is the first auto manufacturer to come on board globally with the product they’re selling, which is exactly as you hear it in all those ads for Hyundai Assurance: should something catastrophic happen to you (as spelled out in the contract you’ll sign) and you become unable to pay for that shiny new Hyundai you’ve purchased due to job loss or illness, you’ll be able to return that car with no negative effects to you or to your credit.
Prior to signing a deal with Hyundai, Walkaway had deals in place with various car dealerships, but nothing on the scale of Hyundai. Is it chancy? At least somewhat—but they’re banking on this option being one more tiny nudge into getting someone to actually buy a new car, rather than those same people having to actually utilize that insurance. It’s a bit like collision insurance that way; no one wants to have to use it, but it’s nice to know that it’s there.