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Refund for New Car or Money for clunker

Posted by keelynet on January 20, 2009

Does this cover all bases, money for new or old?

Laid off? Hyundai will take your car back – “If you buy a new Hyundai and lose your job within a year, you can give it back. “If you find that you cannot make your payment because of a covered life changing event, we’ll allow you to return your vehicle and walk away from your loan obligation – and in most cases we will cover most, if not all of the difference,” the carmaker’s Web site says. With no extra charge to the sticker price, the program pays the difference between the car’s trade-in value at the time the owner files a claim and any remaining balance on the loan up to a maximum of $7,500. Hyundai is offering the program because its own market research showed car shoppers weren’t attracted by rebates and other more normal incentives, said Joel Ewanick, Hyundai America’s vice president for marketing. People are simply too worried about making payments no matter how good the deal is, he said. “Until they saw a change in that, customers just aren’t going to buy,” he said.”- Source

carflat88Feds To Offer Cash For Your Clunker – “”The government… wants to motivate you to get rid of your clunker of a car for the good of the country (and the moribund car industry). A ‘Cash for Clunkers’ measure introduced this week by three US Senators, two Democrats and a Republican, would set up a national voucher program to encourage drivers to voluntarily trade in their older, less fuel-efficient car, truck, or SUV for a car that gets better gas mileage. Should the bill pass, the program would pay out a credit of $2,500 to $4,500 for drivers who turn in fuel-inefficient vehicles to be scrapped and purchase a more fuel-efficient vehicle.” – Source

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