You must be aware that two of biggest auto makers in US were brought to the brink of bankruptcy last year, as auto sales collapsed amid a credit crunch and widening recession.
A recent forecast says that total auto sales will be between 10 million and 11 million units this year, which would be the industry's worst performance since World War II after adjusting for population growth.
GM was offered a loan package worth 13.4 billion dollars in December, but is expected to ask for billions more in aid in order to stave off bankruptcy.
Last week GM said it would cut 10,000 white-collar jobs worldwide this year, reducing its headcount to about 63,000. There were even reports that it would lay off 47,000 workers all over the world (excludes India thou' )and even shut down a number of factories at various places.
Chrysler was presented a loan package of four billion dollars, but it has said it hopes to secure an additional three billion in loans.
Now while everyone is looking upto President Barack Obama and his task force to steer restructuring of the economic condition and bailout the auto industry, here is an interesting commercial from Hyundai Motors.
"In times like these, buying a new car is a big commitment for most people..
So what about the company selling it to you? How committed are they?
Introducing the Hyundai Assurance.
Now finance or lease a new Hyundai; if you lose you income next year, return it to us with no impact on your credit..
A car company that stands behinds its customers
May be commitment is not so scary after all."
Overview:
Hyundai is the first automaker in the US to offer a vehicle return program that allows you to walk away from your loan or lease without having to worry about the negative equity. It lets you return your vehicle in case of certain live-altering circumstances. That's the Hyundai Assurance.
Program details:
Availability on all new Hyundai vehicles.
Availability to everyone regardless of age, health, or employment history
12 months complimentary on every new Hyundai vehicle financed or leased.
Covers up to $7,500 in negative equity
Coverage in case of:
Involuntary unemployment
Physical disability
Loss of drivers' license due to medical impairment
International employment transfer
Self-employed personal bankruptcy
Accidental death
We've got your back - isn't that a nice change?
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