Hyundai Coronavirus Financial Relief and New Car Incentives

Jack R. Nerad | May 11, 2020

In the wake of the economic havoc and consumer restrictions resulting from the coronavirus pandemic, Hyundai Motor America has taken several steps to help its current and prospective customers, most prominently by instituting payment assurance and payment deferral programs.

Hyundai hope on wheels program

In addition, through Hyundai Hope On Wheels, the automaker is expanding COVID-19 drive-through testing centers to 11 children's hospitals throughout the U.S. with grants totaling $2.2 million. The COVID-19 drive-through testing centers provide a safe way for children with increased risk factors to receive the care they need.

Many states and localities have put into place severe restrictions on business operations and personal interactions. While these are necessary to slow the pace and scope of the pandemic, their consequence is a drastic downturn in business activity. Here are the highlights of the coronavirus car payment plans and new car incentives Hyundai has instituted to spur sales and deal with the crisis.

Hyundai Customer Relief Programs - Find the best deals!

With millions of Americans suddenly thrown out of work and others facing drastically reduced hours due to the coronavirus outbreak, Hyundai is offering some relief to its current customers who are paying off car loans or leases. 

If the loan or lease is held by Hyundai Motor Finance, and the customer loses a job or faces a medically-related hardship between March 14 and May 17, 2020, he or she may qualify for deferred payments for up to three months. Hyundai owners who are having difficulty making a payment but did not finance or lease their vehicles through Hyundai Motor Finance should contact their finance or lease company directly. Many of them are offering various types of payment relief on a case-by-case basis.

Hyundai is also giving current customers a complimentary three-month extension of its Blue Link Connected Care service, which includes SOS emergency assistance, roadside assistance, and automatic collision notification. If your Blue Link account expires between March 20 and the end of May, you should qualify for the extension.

 
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Hyundai New Car Incentives - Find the best deals!

In the face of the COVID-19 pandemic, Hyundai Motor America has revitalized a program it first offered during another national emergency, the Great Recession of 2008-2009.

Hyundai's Assurance Job Loss Protection will make up to six months of payments for new Hyundai owners who lose their jobs due to the COVID-19 pandemic. To qualify, they must have purchased or leased their vehicles between March 14 and May 17 through Hyundai Capital, and they must suffer the job loss between now and the end of December. 

In addition, Hyundai is offering zero-percent financing and three months of deferred payments on a variety of new Hyundai vehicles purchased through June 1. 

In place of all previously scheduled TV advertising, Hyundai is running a new TV spot that helps explain the Hyundai Assurance Program.

Hyundai Factory Closures - Find the best deals!

In light of the health concerns surrounding the gatherings of large groups of people, Hyundai Motor Manufacturing Alabama (HMMA), the company's factory near Montgomery, Ala., suspended its operations on March 18. Production of vehicles remained suspended until May 4 to protect the health and well-being of the employees and the community and to adjust vehicle production to match the anticipated economic impact of the pandemic.

HMMA employs about 3,000 workers in the plant. One HMMA factory employee was confirmed to have a case of COVID-19 on March 18. During the plant shutdown, Hyundai undertook extensive cleaning of the facility to provide a sanitized and safe work environment for the employees when they return to work.

During the shutdown period, approximately 100 team employees remained on-site each day to support essential functions.

Hyundai Economic Outlook & Sales Forecast - Find the best deals!

As with all automakers, Hyundai expects to experience a serious loss of sales due to the pandemic. Retail sales were up 24% during January and February compared to 2019, but declined 39% in March, resulting in a 2% drop for the quarter. Compared to many automakers, this represents an impressive retention of sales, but April retail sales were off 28%, suggesting that the second quarter will be more challenging for the company.

Hyundai has made no public statements about the effects the crisis would have on its sales or U.S. vehicle sales for 2020, but it is offering financial relief to its dealerships. Most notable among these efforts are deferred floorplan (vehicle financing) interest and increased factory-to-dealer incentives plus other accommodations for dealers who finance their inventory with Hyundai Motor Finance. 

As to the bigger picture, J.D. Power says its pre-virus 2020 outlook of 16.9 million U.S. light-vehicle sales is no longer attainable, with sales likely to fall in the range of 12.6 to 14.5 million units. 

While even the best-case scenario suggests a major shortfall versus 2019 sales, there are some hopeful factors. Tyson Jominy, vice president of Data and Analytics at J.D. Power, noted vehicles are durable goods and have historically demonstrated an ability to recoup sales lost due to short-term disruptions. As such, the auto industry has the potential to recover from the virus-related sales disruption, he said. The extent of the recovery will be influenced by the general economic environment post-virus, which remains highly uncertain.

The information in this article is from Hyundai Motor America and was accurate as of May 10, 2020. Plans and programs may have changed since that date. Be sure to confirm with your Hyundai dealer that offers discussed in this article remain valid.

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