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Hyundai adopts redundancy scheme in NZ

Protection: Redundancy insurance provides an escape hatch for NZ Hyundai buyers should they lose their jobs.

Job insurance protection introduced for buyers of new and used Hyundais in NZ

Hyundai logo5 May 2009

By JACQUI MADELIN in NEW ZEALAND

ALL new and used Hyundais sold on finance through the South Korean brand’s New Zealand dealers will come with redundancy insurance for buyers, backdated to April 1.

Similar to the US scheme launched in January, Hyundai Assurance will make finance payments for the first three months of unemployment, after which buyers can return the car without paying the difference between its depreciated value and the balance of the loan. The insurance lapses one year after purchase.

In the US, Hyundai sales rose 4.6 per cent in a market down 41 per cent after the move was announced, and Hyundai NZ hopes to see the same result.

Hyundai NZ national sales manager Tom Ruddenklau told GoAuto that the move “is about providing the customer with the confidence to make this purchase”.

He said the scheme would be re-evaluated in December.

Meanwhile Hyundai Australia is keeping a watching brief, telling GoAuto last month that there are no plans to introduce the scheme to Australia.

Read more:

'No plans' for Hyundai retrenchment cover in Oz


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