Hyundai kills offer to buy back your car

2012 Hyundai Genesis
2012 Hyundai Genesis

Hyundai is not being Mr. Nice Guy anymore. Starting today, if you purchase a new Hyundai and then lose your job within a year, you’re just going to have to keep the car.

Back in 2009, Hyundai stared a new car buy-back program under which it offered to buy back a car from any Hyundai owner who involuntarily lost their job within one year of purchasing it. The program was offered when the economy was in a recession and auto sales were at their lowest. As a part of the program, Hyundai paid the difference between the car’s trade-in value at the time the owner filed to return the vehicle and any remaining balance on the auto loan up to $7,500.

Hyundai spokesman Jim Trainor said that during the lifetime of the program, 350 people took advantage of the offer.

He said that the program just wasn’t piquing consumers’ interest the way it once did.

– By: Omar Rana

Source: CNNMoney