{"id":350444,"date":"2011-03-30T16:53:57","date_gmt":"2011-03-30T16:53:57","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/30\/hyundai-wont-buy-your-car-back-anymore\/"},"modified":"2011-03-30T16:53:57","modified_gmt":"2011-03-30T16:53:57","slug":"hyundai-wont-buy-your-car-back-anymore","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/30\/hyundai-wont-buy-your-car-back-anymore\/","title":{"rendered":"Hyundai won&#8217;t buy your car back anymore"},"content":{"rendered":"<p><div readability=\"80.714344430744\">    <!-- KEEP --><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/321236f9factory.top_.jpg.jpg\" alt=\"hyundai_factory.top.jpg\" width=\"475\" height=\"337\" border=\"0\" class=\"cnnstoryImageFull\" \/><span><b>Buy a new Hyundai, like this Sonata coming off the assembly line, and you won&#8217;t get to give it back if you lose your job.<\/b><\/span><span id=\"fb-recommend\"\/><br \/>\n<span>by <a href=\"mailto:peter.valdes-dapena@turner.com\">Peter Valdes-Dapena<\/a>, senior writer<\/span><span>March 30, 2011: 12:52 PM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><\/p>\n<p>NEW YORK (CNNMoney) &#8212; No more Mr. Nice Guy. After Wednesday, if you buy a new Hyundai then lose your job within a year, you&#8217;re just going to have to keep the car.<\/p>\n<p>Hyundai is ending its car buy-back program, <a href=\"http:\/\/money.cnn.com\/2009\/01\/05\/autos\/hyundai_assurance\/index.htm\">instituted at the beginning of 2009<\/a>, under which the South Korea-based automaker offered to buy back the car from any Hyundai owner who suffered involuntary loss of employment within one year of purchasing it.<\/p>\n<p>Under the program, Hyundai paid the difference between the car&#8217;s trade-in value at the time the owner filed to return the car and any remaining balance on the  auto loan up to a maximum of $7,500.<\/p>\n<p>During the life of the program, 350 people took advantage of the buy-back offer, Hyundai spokesman Jim Trainor said.<\/p>\n<p>The program just wasn&#8217;t piquing consumers&#8217; interest the way it once did. Few customers cited it as a reason for visiting a Hyundai dealership, Trainor said.<\/p>\n<p>When the program was instituted, the economy was in recession and auto sales were at the lowest levels in decades.<\/p>\n<p>&#8220;It&#8217;s a sign that the economy is may be improving a little, knock on wood,&#8221; Trainor said of Hyundai&#8217;s decision to end the program.<\/p>\n<p>Thanks in large part to the buy-back offer, which formed the core of something the automaker called the &#8220;Hyundai Assurance&#8221; program, Hyundai was one of only a few automakers to sell more vehicles in 2009 than it did the year before. <\/p>\n<p>Hyundai sold 435,000 vehicles that year, an 8% increase at time when almost all other automakers were posting sharp declines.<\/p>\n<p>Following Hyundai&#8217;s announcements, other automakers, including General Motors, tried similar programs but none had the success that Hyundai did.<\/p>\n<p>The marketing team that created the program, former Hyundai marketing chief Joel Ewanick and his successor at that post, Chris Perry, now both work at GM. Ewanick heads GM&#8217;s global marketing and Perry heads marketing for the U.S.<\/p>\n<p>Hyundai will still use the name &#8220;Hyundai Assurance&#8221; to refer to its warranty and roadside assistance programs.\u00a0<a href=\"http:\/\/money.cnn.com\/2011\/03\/30\/autos\/hyundai_job_loss_buy_back\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/0e63013ebug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/321236f9factory.top_.jpg-150x150.jpg\" \/><\/p>\n<p>Continued here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/wZ-C4iETNPU\/index.htm\" title=\"Hyundai won't buy your car back anymore\" rel=\"noopener noreferrer\">Hyundai won&#8217;t buy your car back anymore<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> Buy a new Hyundai, like this Sonata coming off the assembly line, and you won&#8217;t get to give it back if you lose your job. by Peter Valdes-Dapena , senior writer March 30, 2011: 12:52 PM ET NEW YORK (CNNMoney) &#8212; No more Mr. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-350444","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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