Hyundai may extend 'Assurance' program into 2010

Hyundai may extend popular 'Assurance' vehicle refund program into 2010

(AP)  NEW YORK (AP) - Hyundai Motor Co. may extend through next year its popular "Hyundai Assurance" program, which allows customers who lose their job the opportunity to return their vehicle for a refund, a company spokesman said Wednesday.

The Seoul, South Korea-based automaker has credited the program with boosting its U.S. sales and market share. Several other car manufacturers have rolled out similar refund schemes since Hyundai launched the program in January. The program was set to expire at the end of the year.

The promotion allows Hyundai customers who are laid off or stricken by some other misfortune to return their vehicles for up to 12 months after purchase, with Hyundai refunding the depreciation up to $7,500. Hyundai launched the program to woo consumers who were skittish about buying a new car in a weak economy.

Less than 75 vehicles have been returned under the program, a spokesman said. At the same time, Hyundai's U.S. sales have risen 1 percent so far this year, as the broader market for new vehicles plunged 27 percent. The company had a U.S. market share of 4.2 percent in September, compared with 2.6 percent a year ago, according to Autodata Corp.

Other automakers have rolled out similar refund programs. In September, General Motors Co. launched a campaign that allows customers to make returns between 31 and 60 days of ownership. On Tuesday, the company said 15 vehicles had been returned through the program. Ford also launched a similar promotion last spring.

Hyundai rolled out a similar "Gas Assurance" program over the summer in which it capped its customers' gasoline costs at $1.49 a gallon. That promotion ended in August.

(This version CORRECTS day of week in lede.)