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Hyundai, Genesis offer job loss protection program

Chris Teague

Chris Teague

Genesis and Hyundai are offering payment holidays for those who suffer job losses in 2020.

The programs have two different names, but they’re ostensibly the same. Hyundai calls it Assurance Job Loss Protection and the luxury arm calls it Genesis Cares Job Loss Protection. Both have the same goal, protecting their business interests while giving their customers assurance that they can concentrate on their employment situation rather than losing their mode of transportation.

The move comes amid rapid changes in the marketplace caused by the uncertainty of the results from the Covid-19 epidemic.

“We understand the extreme uncertainty created by the coronavirus and the anxiety experienced by our customers, and wanted to tap into Hyundai’s legacy of having people’s back,” said José Muñoz, chief operating officer, Hyundai Motor Company; president and CEO, Hyundai Motor North America. “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.”

Both plans offer that the respective company will make up to six months of payments for new owners who lose their jobs and have purchased or leased their vehicle between March 14 and April 30, 2020 through Hyundai Capital or Genesis Finance.

Additionally, for select new purchases through April 30 financed by the two companies, the automakers are deferring payments for 90 days at the customer’s request. However, it’s only the 2020 Genesis G70 that qualifies for the extended term of payment delay, not the refreshed Genesis G90 or G80.

Originally conceived in January 2009 as a result of the financial crisis, the Hyundai Assurance Job Loss Protection program was the first of its kind for an automaker in the U.S. It reinforced Hyundai’s commitment to helping its customers by allowing them to return their vehicle if they lost their job. Today, the program provides six months of payment relief.

Genesis did not sell vehicles in the U.S. until 2017.

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