Hyundai shows care for customers’ finances

Credit: Maria Raffaele/Art Staff Credit: Maria Raffaele/Art Staff

With the declining economy, the news is full of big-name companies that are in the midst of major layoffs. Hyundai Motor America, however, has come up with a new plan to combat dropping sales: They will allow customers to return their cars and be exempted from any remaining money they might owe.

Hyundai’s new program allows customers who lose their job within a year of purchasing a vehicle to return it, and Hyundai will pay the difference between the car’s trade-in value at the time of return and any remaining value of the loan, up to $7500.

With the creation of this new program, Hyundai hopes that customers will feel more confident about making expensive purchases like cars in the current uncertain economy. Although automobile sales have been dropping as of late, the new program could allow Hyundai’s sales to remain constant and also allow customers to feel like they have a safety net, a way out should they unexpectedly lose their jobs or run into other financial obstacles.

In addition to benefiting potential customers, the program could benefit Hyundai as well. While it is certainly possible that not many people will take advantage of the new program (how many unemployed people will want to return their source of transportation and way of getting around to look for a new job?), the program does have the potential to bring new customers to Hyundai by showing people that Hyundai is looking out for its consumers’ wants and needs. It is very likely that customers will remember this sentiment once the economy begins to improve, something that may benefit Hyundai even more in the long run.

Hyundai, however, is certainly taking a big risk with the implementation of this program. Yes, their sales could skyrocket if many people purchase their cars and don’t lose their jobs. There is also the possibility, however, that people who buy the cars will choose to return them, and Hyundai could be left with many more cars than they know what to do with. So, while Hyundai is definitely taking a risk with their new program, it will hopefully turn out to benefit both Hyundai and consumers in these tough times.

The program is Hyundai’s way of showing that they do care about their customers and are aware of the financial constraints many people are facing these days. And that’s definitely something that people need to hear in times like these — that companies are thinking outside the box and trying to come up with solutions that benefit everyone.