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193 Comments
- bradspangler, on 01/06/2009, -1/+116This is really smart marketing in that it addresses the anxiety that is hitting everybody and especially the value-conscious buyer that the Hyundai brand is geared toward. I think they're thinking there's going to be damned few sales to be had at all in this economy and their only hope is to aggressively capture as many sales as possible, even if it takes really gutsy moves like this. This is very cool. In fact, this is so cool, it makes a very serious contrast with Ford, GM and Chrysler begging for federal bailout dollars.
- HMMcKamikaze, on 01/06/2009, -1/+101This is just one of many reasons why foreign car companies are so so successful; they are willing to innovate and adapt to new situations.
- allocate, on 01/06/2009, -0/+95Wow, that is amazing.
- lgyeresi, on 01/06/2009, -2/+54For GM, Ford and Chrysler, it's easier to go to Washington and beg for a bailout instead of coming up with an innovative idea.
- katzeyes, on 01/06/2009, -0/+42That's cool! I have a Hyundai and I have to say, I've been very happy with it - they've come along way, that's for sure.
- j0se, on 01/06/2009, -0/+39Its Hyundai not Honda
- Sogui, on 01/06/2009, -3/+39Yea Hyundai cares!
Cares about selling more cars. - RedHeadedFreak, on 01/06/2009, -5/+32The fact that people think Hyundai actually cares on some deeper level is hilarious.
- Anand999, on 01/06/2009, -2/+29Yeah, they're ending up with a car with great build quality, low price, and a killer warranty. Those poor schmucks.
- diggduggDOOM, on 01/06/2009, -2/+26Am I the only moron that saves up to buy a used car?
- adkenc, on 01/06/2009, -0/+22"this is why we can't have nice things."
- Shawn4168, on 01/06/2009, -0/+21What are you talking about? Most cars out there aren't gonna lose $7,500 in value in less than a year, provided you don't bang up the car in that amount of time. (even a $30,000 car only loses $6,900 in value on average in the first year) Add to that whatever payments you've made on principal before you have to return it, and that $7500 credit should cover the majority of cases out there. If you're dumb enough to buy a car that's so expensive that it loses more than $7500 in value in the first year, when your job is obviously in danger, you deserve to lose money.
- PRlME, on 01/06/2009, -1/+18ok this might sound like i'm talking out my ass here but you're going to have to take my word on it. NYC, Queens, Jackie Robinson Parkway with a rented Hyundai Sonata, fast on the pick up and the cornering was awesome, suspension was smoothhhh. Then I found a 6 CD changer in the dash I was like WTF! is this a Hyundi!?! They have improved very much over the years.
- bradspangler, on 01/06/2009, -1/+18If there was a profit to be made from loaning them money, why didn't greedy capitalists rush in to make those loans (and get that profit) before poor old Uncle Sam could get in on the action?
Or are you trying to say that sweetheart loan deals on better than market terms aren't a subsidy?
Or are you saying that a subsidy delivered for purposes of stopping an enterprise from going bankrupt is not a bailout (which would beg the question of what on earth *would* manage to qualify as a bailout)? - inactive, on 01/06/2009, -0/+16Its better than getting chased around by a Repoman.
- inactive, on 01/06/2009, -3/+18Be sure to read the fine print..
- Ouze, on 01/06/2009, -1/+15You kind of have to wonder though - if you lose your job, is losing your car as well really putting you in a better situation?
Yes, if you also have an old beater, or just bought this and THEN immediately get laid off - you'd need the money to buy something more affordable. I can't imagine the market for this is very big - but it's a good example of an innovate approach to declining sales, vs crying to the government for a handout. - Kvasaari, on 01/06/2009, -1/+15Hyundai actually makes pretty good cars these days.
- inactive, on 01/06/2009, -2/+15A) Public transportation
B) Walk
C) Bicycle
D) Taxi
E) Ask a relative/friend to drive - shawns, on 01/06/2009, -5/+17The better question is, how many cars can you "buy" with intent to return later that year before they get suspicious
- conradtjbass, on 01/06/2009, -0/+12A good marketing campaign with today's financial strain. A lot of people are on edge when it comes to putting themselves out there financially. This is an added form of insurance that allows you to fix your mistake.
- samoan27, on 01/06/2009, -4/+16Oh all Asians look the same...CARS, I mean all Asian cars look the same!!!
- saltydawkins, on 01/06/2009, -1/+12You still drove the car.
- vango, on 01/06/2009, -1/+12Someones thinking different.
- locondcoco, on 01/06/2009, -0/+11you dont just return it at your whim. you can only return if you've met certain criteria, one of them being the loss of your job.
- Ellipsys, on 01/06/2009, -1/+12Except that in the vast majority of this country it is impossible to use public transportation to make it "anywhere" efficiently. My girlfriend takes two buses, which take over two hours combined in LA, to get to her current place of business. This would take maybe 15 minutes if she had a car. In addition, she needs to limit her job search to places that the bus system runs, so many great opportunities are just outside her area of available travel.
This country was set up with roads in mind - this isn't Japan, or the EU. If you don't have a personal automobile and can't afford to live within a mile of where you work, shop etc, you're at a significant disadvantage. - darkened, on 01/06/2009, -0/+10The higher end Sonatas even come with a respectable audio system and xm radio and full leather and an extremely fair price. I was given one when they had my Tiburon in the shop to replace a tire so I could goto work, that's something else Hyundai does for it's customer gives you a free loaner car for the day and ones that aren't POS's either.
If I was interested in buying a mid sized sedan I would def look into a Sonata, if I wanted a luxury sedan hands down it would be the Genesis I'd buy. - korea, on 01/06/2009, -0/+10This doesn't negatively impact anyone; why all the hate?
- tgc1, on 01/06/2009, -0/+9This is why Hyundai is gobbling up so much market share. If any of you have been paying attention to their latest releases, you'll see they know what's up. They're currently working on stealing market share from Lexus and BMW with the Genesis platform. Soon it will be Mercedes and the rest of them. People can say what they want, but Hyundais have come a hell of a long way.
I say good for them. That's an honest move Hyundai. Just another reason to ignore domestic manufacturers who'd rather steal that money from hard working people via the government. I commend Hyundai for that sort of innovation. These are the sorts of companies I'd like to see domestically, unfortunately we're stuck with a bunch of retarded monkeys in suits who cry about compensation packages and the like. Unbelievable. - oboshoe, on 01/06/2009, -0/+9Yea, I rented one from hertz in San Francisco last year.
I was really shocked at how nice it was. - robbob, on 01/06/2009, -4/+12This is crazy, since the value of new car takes a huge hit the moment you drive it off the lot.
- darkened, on 01/06/2009, -1/+9Seeing this advertisement just made it far more likely for me to consider buying a new Hyundai Genesis Coupe when they roll into the lots and trade in my Tiburon GT
- hamobu, on 01/06/2009, -1/+9Not a bad idea, but there are risks. This scheme is essentially an unemployment insurance. Here are some issues Hyundai will have to deal with:
1. Antiselection - people who are high risks of loosing their jobs buying hyundai cars in greater proportion
2. Setting up a reserve - you need to set up a liability for eventual claims
3. High tail risks - no telling how many people will loose their jobs in the coming months.
4. No prior pricing experience – You need historical experience to know what the claims will be like, expenses, etc.
5. Does Hyundai employ actuaries? Making insurance products without actuaries is like making medicines without pharmacists.
6. Regulation – I am not sure if this scheme would be covered by insurance regulation, in which case there is a long bureaucratic process.
Etc. - dawglse, on 01/06/2009, -0/+8more affordable? Hyundais are pretty cheap with it comes to a new car.
- joelav22, on 01/06/2009, -1/+9YOU won't be paying for it, but your family will be stuck with the bill
- Aadain, on 01/06/2009, -1/+9It's only a loan if there is every intention of the money being repaid, with interest, in the future. The money has disappeared down the black holes that are the Big Three and will never return since one-two of them will fail within the next year. If we have put all that money in a big pile and set it on fire, at least we could have kept people warm and put it to better use.
- jester55, on 01/06/2009, -0/+7I also have a hyundai. A sonata. It's a great car and have had no problems at all.
- Rudegar, on 01/06/2009, -0/+7the bus?
- LordRedSnake, on 01/06/2009, -0/+7You really are naive huh? Do you think those loans will ever be repaid? Did you pay attention to the devastating auto sales numbers that came out yesterday? This was one last hurrah for GM and Chrysler before they file for Chapter 11. It's inevitable, they know that, the UAW knows that, but they're going to get the taxpayers to pump them full of some cash that they never intend to repay.
- acmaurer, on 01/06/2009, -9/+16Woah - I almost like this better than dozens of deep discounts, etc, because it shows Hyundai really cares - rather than just wanting to sell a car.
- phbohn2, on 01/06/2009, -0/+7FTA: "According to a Hyundai press release, buyers can return a vehicle for no additional charge within 12 months of purchase if any of the following occur:
-- Involuntary unemployment
-- Physical disability
-- Loss of driver’s license for medical reasons
-- Job transfer overseas
-- Personal bankruptcy filing by a self-employed worker
-- Accidental death"
I like how you can return your car free of charge if you accidentally die - joelav22, on 01/06/2009, -0/+6Wake up dude. The doom and gloom has officially arrived. No one needs (or is trying to) to hype it
- oboshoe, on 01/06/2009, -1/+6
My best friend died while filling out the loan paperwork for a Hyundai.
Ever since then, I've sworn revenge on the Hyundai finance department. - Jektal, on 01/06/2009, -0/+5Agreed. I have a 2003 and overall I love it.
- hairysandwich, on 01/06/2009, -0/+5I don't know what their reputation is like in the US, but here in Canada I see hyundai's all over the place. I drive one myself, it's got stove like reliability. I would say Hyundai doesn't need a 10 year warranty either, but there are people like you who don't trust them, and this is them putting their money where their mouth is. And I would argue that that Hyundai has been making decent cars for years now. However none of my statements apply to Kia or Daewoo. I know nothing about them, and have no personal experience with their vehicles.
- grow, on 01/06/2009, -0/+5Some people really don't have that option. Not everyone makes enough money to set some aside for a situation like that.
- Tyrghast, on 01/06/2009, -0/+5I like how you single out the US when there are other countries with looser emissions requirements. Ever see pictures of Beijing? Disgusting.
- korea, on 01/06/2009, -1/+6It can be both
- Godlike, on 01/06/2009, -1/+5I don't really understand all of the challenges but to use public transportation I used to get up at 6:30 to make it to work by 8:30 and work until 5:30 to take buses back home and arrive around 7:30-8:00 pm.
So my normal work week was 6:30a-7:30p and I know lots of people can do that, but when you don't have a car to make the rest of your life faster, your whole day can easily be work, a trip to the grocery and a single beer before you have to pass out again.
Public transportation exists and works well for about 10% of the population. If 'Metro' here had about twice the funding they could serve about 50% of the businesses and residences (well, subdivisions, there's always some walking) in this city, and with the light rail projects that get voted down every 7 years we could have hit another 25% plus outlying areas but, as I see it, we are just way too addicted to our cars.
I would love to ride PT to work and back and use my car otherwise but it's just not sensible when it costs $8 a day round trip. $8 a day can put almost anyone in a car.
The problem with PT as I see it has never been the ideas, just the funding. We've had thousands of agencies working on making bus transport cost effective for fifty plus years, but changing the ideology of the car addicted Americans has only been going about four. - locondcoco, on 01/06/2009, -0/+4you clearly did not read the FULL artilce:
"A customer buys a 2008 Santa Fe SUV and gets a five-year loan for the total purchase price of $22,300 (including rebates, taxes etc.). About $350 of the $430 monthly payment goes toward paying the principal on the loan. When they buyer loses his job nine months later and returns the vehicle to Hyundai, he’s paid about $3,200 in principal on the loan and still owes $19,100.
Assuming the used Santa Fe is appraised at $16,000, the buyer would be “under water” on his loan by $3,100 — easily within the $7,500 negative-equity threshold provided by Hyundai." -
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