Hyundai Promises to Buy Back Cars


Friday, January 16th 2009, 11:03 pm
By: News 9


By Jon Jordan, NEWS 9

EDMOND, Oklahoma -- Hyundai is currently offering a new return program, should drivers lose their employment.

The commercial advertises, "Buy any new Hyundai, and if you lose your income, we'll let you return it. That's the Hyundai assurance."

Ronnie Harris, a self-employed antique store owner, said the deal brought him into the Edmond Hyundai dealership.

"In today's economy and unemployment going up, that's a big deal," Harris said. "It makes a big difference when you're putting your money on the line."

Phil Wartley, Edmond Hyundai's sales manager, said Harris is one of many wanting to take advantage of the program.

"I have seen an increase starting to pick up," Wartley said.

There are a few key points potential customers should be aware of:

For Hyundai to buy back a car, the owner has to be current on car payments and have made at least two initial payments.

Hyundai said it is a small obligation for the car buyers when considering what they're getting in return.

"There is no reason someone would not want to take part in this program," Wartley said. "Especially someone feeling uncomfortable about their job."

In addition to being current on car payments to be able to return a car, the value of the vehicle cannot have depreciated more than $7,500, otherwise the driver will have to make up the difference.

In a year, the average car loses between $1,000 and $6,000 in value, which is below the $7,500 limit Hyundai has set.