LOS ANGELES — In response to coronavirus fears, Hyundai is relaunching its Assurance job loss protection program for new vehicles, offering to make up to six months of payments for customers who buy or lease over the next seven weeks through its captive financing arm. Genesis is offering a similar program.
The protection is available for vehicles sold or leased starting March 14 and ending April 30 and financed by Hyundai Capital, the company said Friday. Hyundai, which has bucked the industry's downturn in retail sales, is also allowing deferred payments for 90 days, at a customer's request, toward the purchase of select vehicles, including the Accent and Elantra sedans and the Venue, Kona, Tucson and Santa Fe crossovers.
The Genesis Cares program is similar, covering new purchases and leases from March 14 through April 30 using Genesis Finance for customers who suffer an involuntary job loss any time this year, Genesis said. Payments can be deferred by 90 days with the purchase of a G70 compact sports sedan.
"We understand the extreme uncertainty created by the coronavirus and the anxiety experienced by our customers," Hyundai North America CEO Jose Muñoz said in a statement. "Bringing back the job loss protection program in this unprecedented time will allow our customers to have one less thing to worry about if something unexpected happens to their employment status."
Hyundai first offered protections for loss of employment in January 2009 as a result of the financial crisis. That program allowed customers to return a vehicle after an involuntary job loss. The current program allows only for six months of payment relief during the course of the calendar year.
Hyundai published the fine print of the job loss program on its website: "Up to six months of payments available to the buyer of any new Hyundai model financed or leased at participating retailers only through Hyundai Capital between March 14 and April 30, 2020. Payments are available through December 31, 2020. Restrictions apply and proof of job loss required." The disclaimer for Genesis is similar.