Lose your job? Then return your Hyundai!

Hyundai Motor America in a bid to get people to buy more cars in this slumping economy will let you return your newly purchased vehicle if you become unable to make your car payments.

I can’t find when this deal became effective, but it is currently running now as I talked with a Hyundai car salesmen this weekend about it.

Basically if you buy or lease a new car from Hyundai, if you fall on hard times within the first 12 months of ownership, the automaker will cover the depreciation on any returned vehicle. This assumes you have been making payments up to the time you decide to return the vehicle.

Customers must also have made at least two payments on the car already. In addition, Hyundai will only refund the depreciation on the returned car up to $7,500.

They didn’t exactly tell me how they determine if you can’t pay your car payment, but the salesman did say they will require proof of job loss or other financial hardship. So don’t plan on buying a car to drive for 12 months then give back!

After the first 12 months, customers have the option of extending the program for a fee through their dealership. Customers who pay cash for their car don’t qualify for the program, Hyundai said. So this appears that you must use their financing arm when buying the car.

This isn’t a bad deal if you are worried about your job. Worst case you are at least paying $7500 for use of the car for one year if you were to give it back at the 12 month mark. Only time will tell how this deal pays off for Hyundai, but hopefully it will help out a few of us that are struggling to make ends meet and are even more concerned about what the future will bring.