US: Hyundai dropping job-loss protection, cites improving economy

Detroit Free Press - Hyundai will stop offering the original job-loss-protection portion of its Hyundai Assurance program at the end of the month, pointing to waning participation as a sign that the economy is improving.

Hyundai introduced its Assurance program in January 2009, offering customers a complimentary return of their financed or leased vehicle if they lost their income within a year of buying the car. But participation has declined, spokesman Jim Trainor told the Free Press today, so purchases made Thursday will be the last to qualify for the program.

"It’s another small indication that things are getting a little bit better," Trainor said.

Hyundai rode the momentum of Hyundai Assurance to become one of three brands to post a U.S. sales gain in 2009.

"Those were the real intentions of the programs ... to touch the consumers and create that real connection, that 'We're here for you, and we’ve got your back,'" said Paul Budvitis, president of Walkaway USA, which managed the job-loss protection. He said the program paid off more than $8 million dollars in debt for consumers who used it to get out of their leases and car loans. Walkaway also offers the program to any dealer who wants to offer it to customers.

The Assurance label will carry on: Since its introduction, the Korean company has expanded the Hyundai Assurance branding to include its 10-year, 100,000-mile powertrain warranty and five years of 24-7 roadside assistance.