Korean automakers Hyundai and Genesis said last week that they’ll help new car buyers who’ve lost their jobs cover car payments for up to six months on some vehicles.
The program, which Hyundai first offered after the global recession in 2009, was reinstated due to the new coronavirus pandemic sweeping across the U.S.
“Bringing back the job loss protection program in this unprecedented time will allow our customers to have one less thing to worry about if something unexpected happens to their employment status,” Hyundai Motor North America President José Munoz said in a statement.
Genesis said that it would cover up to six months of car payments for buyers who purchase a new vehicle between March 14 and April 30 and finance it through Genesis’ own lending arm. The automaker said it would cover payments at anytime through the year, up to the end of this year.
Additionally, Genesis said it would defer payments for 90 days on 2019 Genesis G70 sedans purchased until April 30 for all buyers.
Genesis said some restrictions to the program will apply, and that buyers will need to show proof that they lost their job due to the spreading virus.
Hyundai, which is the parent company of Genesis, announced a similar program last week that would cover payments for their vehicles. For owners of new Hyundai vehicles purchased and financed through the automaker between March 14 and April 30, Hyundai will pay up to six months of car payments for owners who have lost their jobs due to the virus.
Additionally, Hyundai said it would defer payments for 90 days for buyers of new Santa Fe, Tucson, Elantra, Kona, Venue, and Accent vehicles.
