Job-loss protection: Hyundai Assurance Plus and the best deals

In an effort to boost sales and move inventory in the current economic recession, we've seen several manufacturers launch a new kind of promotion designed to increase consumer confidence: job-loss protection plans. To stimulate car sales Ford, GM, and Hyundai have over the past few months marketed plans to reassure potential buyers who are concerned about job stability and therefore their ability to make monthly payments. The three promotions each have their own nuances and it is important for consumers to take the time to understand them, if this protection is a key motivator in their decision to purchase a new vehicle.

Consumer Reports Auto Price Services has taken a look at these promotions to determine where the best deals are within each program. To qualify as one of our "Best Deals" the vehicle has to be a Consumer Reports Recommended model. To earn our recommendation, vehicles must have performed well in our tests, have average or better reliability, and, if crash-tested, provide good overall crash protection based on our composite of insurance-industry and government crash tests. Vehicles also must not have tipped up in the government rollover test or, if not tested, must have available electronic stability control.

In our first installment, we'll look at the trendsetting Hyundai Assurance Plus program.

Hyundai, the first manufacturer to offer a job-protection plan, offers as a standard benefit for anyone who buys or leases a vehicle in 2009 the opportunity to return their car to the dealer and stop making monthly payments without any black marks on their credit score. The maximum benefit is $7,500, meaning that if the difference between what the car is worth and what you owe is more than that, the customer is responsible for the difference. The program isn't just a safety net for consumers who've lost their jobs in tough times; it also extends to those who become physically disabled, lose their driver's license due to medical impairment, are self employed and file for bankruptcy, or get a job transfer overseas.

In addition, until April 30, Hyundai is providing to qualified customers the additional benefit of 90-day payment relief in the event of involuntary unemployment or physical disability. Hyundai Assurance Plus essentially pays a lump sum equal to 90 days of loan or lease payments to let you keep their vehicles for three months while searching for a new job. To qualify for Hyundai Assurance benefits, you must have made two or more scheduled payments on your loan or lease, be current on all payments, and have been employed for at least 90 days prior to filing for the benefit. Even if you're forced to use the payment relief benefit, you can still return your Hyundai vehicle within a year of the qualifying event under the terms of the program.

Here's a look at Hyundai's Best Deals:

The program should help ease some concerns during these economically strained times, though remember to thoroughly research any automobile purchase by looking at the Consumer Reports test scores, safety, reliability, and predicted owner costs. And don't forget to negotiate the price. In addition to advertised customer rebates, there are often hidden dealer incentives and holdbacks—information available with the Consumer Reports Bottom Line Price.

—Michael Dempsey