Lost Your Job? Hyundai Will Buy Your Car Back

New incentive plan offers mostly risk-free ownership for a year
By Harry Kimball,  Newser Staff
Posted Jan 5, 2009 7:01 PM CST
Hyundai Motor Co. Chairman Chung Mong-koo.   (AP Photo)
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(Newser) – With rebates and other incentives failing to entice buyers, Hyundai is letting hard-luck owners return their cars, CNNMoney reports. Buyers who can't make payments because they got fired or went bankrupt are allowed to trade cars back with little or no obligation, within a year. "The goal is that this gives the consumer the opportunity to avoid default and maintain their credit rating," said an exec at the company managing the plan.

Hyundai is also sensitive to buyers who need a car to go job-hunting; the program, aiming to turn jobless owners into potential sales, lets them trade in for a cheaper used car.
(Read more Hyundai stories.)