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Hyundai Coronavirus Financial Relief and New Car Incentives

The initial financial impact of the coronavirus pandemic is profound, and nearly everyone has been directly affected by the fallout. Hyundai is actively taking a multi-faceted approach to assist its customers in purchasing vehicles while remaining sensitive to the nature of the situation at hand and providing comfort to those who may have just purchased a vehicle prior to the pandemic.

Hyundai coronavirus financial relief and new car incentives

It was only a month ago that the auto industry as a whole was enjoying one of its best February’s in recent years. Fast forward a few short weeks, and we find ourselves in relative lockdown around the world due to travel and business restrictions implemented to slow the spread of COVID-19. Take into account the factory closures across the nation and the tanking stock market, and you have the perfect storm for a challenging situation ahead.

With most factories having already temporarily shut their doors, and many dealerships across the country following suit, it will be difficult for auto companies to regain the surging momentum that was being built over the past few years. While these may be trying times for everyone around the world, Hyundai has assembled a range of initiatives in an attempt to better assist their customers through this crisis.

Hyundai Customer Relief Programs - Find the best deals!

The shelter-in-place orders that have been issued in many parts of the world have resulted in abrupt business closures and the unexpected layoffs of millions of workers in the U.S. With this surge of Americans losing their paychecks seemingly overnight, it’s fair to assume that the coming days may prove difficult for recent car buyers. Making their monthly payments on time will likely prove to be challenging for many, so Hyundai has added its name to the growing list of manufacturers offering Coronavirus Car Payment Plans. For loans or leases held by Hyundai Motor Finance, customers who lose their job or face a medically-related hardship before April 30th, 2020, may qualify for a deferred payment program that defers payments up to three months for those consumers affected by COVID-19.

Hyundai owners who are struggling to make their payments but did not finance or lease their vehicles through Hyundai Motor Finance still also have options for relief. Consumers in this situation should directly contact their finance or lease company and discuss options with a representative. Many are also offering various forms of payment relief on a case-by-case basis, so don’t hesitate to reach out and open dialogue around these relief efforts.

Additionally, Hyundai is also offering current customers a free three-month extension of its Blue Link Connected Care service, which includes roadside assistance, SOS emergency assistance, and automatic collision notification. For consumers whose Blue Link account is set to expire between March 20th and the end of May, you are likely to qualify for this extension.

 
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Hyundai New Car Incentives - Find the best deals!

While the world confronts the Coronavirus head-on, Hyundai Motor America has revived a program from its past; one it first offered in the midst of the Great Recession of 2008-2009.

Hyundai's Assurance Job Loss Protection will complete up to six months of payments for new Hyundai owners who suffer a loss of employment as a result of the Coronavirus pandemic. For new owners to qualify, they must have purchased or leased their Hyundai vehicles between March 14th and April 30th directly through Hyundai Capital, and they must validate that they suffered a job loss between now and the end of December as a result of the fallout from COVID-19.

Additionally, Hyundai is also offering 0% financing as well as three months of deferred payments on a variety of new Hyundai vehicles that are purchased through April 30th. Consumers may also notice that in place of the automakers previously scheduled TV ads, Hyundai is now running a new TV spot that helps to further detail the Hyundai Assurance Program.

Hyundai Factory Closures - Find the best deals!

As a result of the growing health concerns and equally growing emphasis on social distancing, Hyundai Motor Manufacturing Alabama (HMMA), the company's factory near Montgomery, Ala. that acts as one of the cities largest employers, suspended its operations back on March 18th. Vehicle production will remain suspended at least through April 10th in order to protect the health and well-being of the employees and the community. Hyundai also plans to adjust vehicle production to align with the anticipated economic impact of the Coronavirus.

Hyundai Motor Manufacturing Alabama employs roughly 3,000 workers in the plant and will continue compensating their employees until April 3rd. Beginning April 6th through April 9th workers then have the choice to use vacation time for compensation, and April 10th is a paid holiday for them (Good Friday). While the factory remains shutdown,, approximately 100 team employees will remain on-site every day to support essential functions of the plant.

COVID-19 has gripped nearly the entire globe, and no one seems to be immune from its rapid spread. One factory employee HMMA was tested and confirmed to be positive for the Coronavirus back on March 18th. During this factory shutdown, Hyundai is actively performing extensive cleaning programs in the facility to provide a sanitized and safe work environment for the employees when they are able to return to their jobs.

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

As is the case with nearly all automakers during this crisis, Hyundai expects to see a dramatic dip in sales during the coming weeks. Though Hyundai has not yet made any public statements about the effects the pandemic would ultimately have on its sales (or vehicle sales in the U.S. for 2020), it is offering some initial financial relief to its dealerships. The most notable of these efforts is likely the deferred floorplan (vehicle financing) interest and increased factory-to-dealer incentives the automaker is offering. Hyundai is also offering a number of other accommodations for dealers who finance their inventory directly with Hyundai Motor Finance.

Due to the uncertainty that surrounds the fallout out the Coronavirus pandemic, J.D. Power's March retail sales outlook is discouraging for automakers. J.D. Power expects to see a decline of 16% to 41% from car sales in March of the previous year. It’s predicted that somewhere between 14% and 39% of that decline is attributable to the effects of COVID-19.

It may be true that the best-case scenario strongly suggests a major shortfall in comparison to 2019 sales. However, there are some factors that may provide a ray of hope for both automakers and consumers. Vehicles are considered durable goods and they have historically demonstrated the ability to recoup lost sales resulting from short-term disruptions in the market. As a result, the auto industry may be one of the most adept industries when it comes to rebounding from the virus-related sales disruption. Of course, the extent and speed of the recovery will be directly influenced by the overall economic environment following the pandemic.

Notably, J.D.Power states that its 2020 outlook of 16.8 million U.S. light-vehicle sales - an outlook projected before the globe was ravaged by the Coronavirus - is no longer realistically attainable. J.D.Power expects that sales will likely fall in the range of 14 to 16 million units as a result of the fallout from COVID-19.