Tips, Tricks & Trends

Hyundai/Kia Will Pay Six Months Payments For Job Loss From Coronavirus

Man, losing your job was never so good. Actually it never is. But if you’re paying down a new Hyundai or Kia they want to make six months’ worth of payments. This offer is for those who lose jobs due to the coronavirus. For those losing jobs after purchasing or leasing one of their vehicles between March 14 and April 30 through Hyundai Capital, they will make up to six months of payments. For certain situations, they will also defer payments for 90 days if requested through April 30.

Besides Hyundai and Kia Genesis is making a similar six-month offer

The new Kia Optima is displayed at the New York International Auto Show at the Javits Center
The Kia Optima | Kevin Hagen/Getty Images

Genesis is doing a similar offer. Six months for those purchasing a new Genesis between March 14 and April 30 if you lose your job or have to be quarantined. It will also defer payments for 90 days on 2019 Genesis G70 models before April 30. “We understand the extreme uncertainty created by the coronavirus and the anxiety experienced by our customers,” José Muñoz who is CEO of Hyundai of North America. “We wanted to tap into Hyundai’s legacy of having people’s back. 

“Bringing back the job loss protection program in an unprecedented time will allow our customers to have one less thing to worry about if something unexpected happens to their employment status.” He is referring to the Hyundai Assurance Job Loss Protection program of 2009. Hyundai instituted this as a response to the beginnings of the Great Recession beginning in 2009.

Genesis wants to “alleviate potential concerns” for those without work from coronavirus

Photo: James Lipman

A similar statement came from Genesis CEO North America Mark Del Rosso. “At Genesis, we pride ourselves on consistently putting our customers’ needs first. In these uncertain times created by the coronavirus and the general anxiety experienced in communities throughout America, we wanted to step forward for our customers and help alleviate at least some of the potential concerns they may have.”

The Hyundai models that are eligible for the deferred 90-day payment program are the Accent, Venue, Kona, Elantra GT, Elantra, Tucson, and Santa Fe.

This is only the beginning of different discounts and offers to invigorate sales

Hyundai Sonatas on display at a car dealership
Hyundai Sonatas on a car dealership lot | Tim Boyle/Getty Images

This is just the beginning of what should be a string of discounts and rebates aimed at invigorating vehicle sales. And not just for cars and trucks. Unfortunately, the coronavirus pandemic has affected all big-ticket items including home appliances, electronics and more. So expect some bargains leading into summer once (hopefully) the pandemic has passed. 

We also discussed in another post the possibility that the government might get involved in a way similar to the “Cash for Clunkers” program in 2009. While nothing has formally been brought forward incentives like Cash for Clunkers would really spur vehicle sales.