Hyundai Motor America is offering student loan debt incentives to drive new-vehicle sales.
The automaker announced Tuesday that its Student Assurance program offers customers up to $900 toward their student loan with a purchase or lease of a new Hyundai-brand vehicle. Hyundai has partnered with financial benefits provider Gradifi, of Boston, to administer the contributions directly to the customers' student loan debts.
"We recognize that student loan debt is one of the most significant financial stress points for people and we want to help address that issue, while allowing people to take advantage of the many benefits of owning a new vehicle," said Michael DePaul, Hyundai's director of retail operations.
Hyundai said the program is initially available at its dealerships in California and the Phoenix area from April 1 to Sept. 30, 2019. A national rollout of the program will depend on customer and dealer feedback.
Customers can visit HyundaiStudentAssurance.com to check their eligibility and become verified for a student loan debt contribution.
The Hyundai brand's U.S. sales rose 2 percent in February to 45,612 vehicles. Brand sales in the first two months of 2019 are up 2.4 percent compared with the previous year; in 2018, volume rose 0.4 percent to 667,633 vehicles.