[Playdrv4me]

GM borrows a page from Hyundai with newly announced "Total Confidence" Program

Of particular interest is the following entry, which tops the other manufacturers who are already participating in such programs:

"Another feature is a Vehicle Value Protection feature that helps consumers feel comfortable about their vehicle's resale value, with "negative equity assistance" if the outstanding principal loan balance is higher than the NADA "clean" retail value amount. That program covers the first two years of vehicle ownership for those who replace their GM purchase with another GM product. It's good for buyers or lessors of new GM vehicles who lose their job "for economic reasons.""

Full story here: http://www.edmunds.com/insideline/do/News/articleId=145294

 

[dirt_cheap_fleetwood]

Re: GM borrows a page from Hyundai with newly announced "Total Confidence" Program

Have you noticed lately that Hyundai has altered their return program already? Now if you lose your income they give you three months of either lower payments or no payments at all. You can return it after those three months if you are still not able to pay for the car.

 

[Playdrv4me]

Re: GM borrows a page from Hyundai with newly announced "Total Confidence" Program

Have you noticed lately that Hyundai has altered their return program already? Now if you lose your income they give you three months of either lower payments or no payments at all. You can return it after those three months if you are still not able to pay for the car.

I actually thought the same thing you did at first. Then I realized that's actually an improvement for people who are just between jobs etc. They'll still take it back after that like you said though.

 

[VforMe]

Re: GM borrows a page from Hyundai with newly announced "Total Confidence" Program

Somebody told me the Hyundai deal only covers you up to $7K. I haven't researched it because I would never buy a Hyundai anyway. Has anybody else heard this? Are there even Hyundai's that cost more than $7K?

 

[VforMe]

Re: GM borrows a page from Hyundai with newly announced "Total Confidence" Program

Okay answered my own question

"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./QUOTE]

So I guess as long as your not more than $7,500 upside down you're good.

 

[72186]

Re: GM borrows a page from Hyundai with newly announced "Total Confidence" Program

The real question is, what qualifies as a "life changing event"

 

[VforMe]

Re: GM borrows a page from Hyundai with newly announced "Total Confidence" Program

The real question is, what qualifies as a "life changing event"

In Hyundai terms that means if your old lady moves into another dude's trailer and takes your big screen with her.:thumbsup:

 

[iowasevillests]

Re: GM borrows a page from Hyundai with newly announced "Total Confidence" Program

The real question is, what qualifies as a "life changing event"

One article I saw essentially said that if you lost your job and could qualify for unemployment, you likely qualified for this as well, lose of income not due to you walking out essentially.