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Hyundai Assurance

Job Loss Protection

Hyundai Job Loss Protection
Deferred Payments
for new owners

We want to help you worry less in these uncertain times

3 months deferred payments

Because we believe in making things better for our customers in these challenging times, we’re offering 0% APR financing and no payments for 90 days on new 2020 Santa Fe and 2020 Tucson vehicles to well-qualified buyers who finance through Hyundai Motor Finance through August 31, 2020.

Up to 6 months of payment relief

They say nothing is more important than family, especially in uncertain times. In response to the recent world events, we’ve taken steps to protect our family with Hyundai Assurance. So, we’re covering up to six months of payments for Hyundai owners who purchased or leased a Hyundai vehicle between March 14 and May 17, 2020 if they lose their job due to COVID-19 through December 31, 2020.

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6-Month Payment Relief Plan FAQ

The 6-month payment relief plan (the “Plan”) is available to purchasers of any new Hyundai vehicle financed or leased through Hyundai Motor Finance.
The Plan is only available to purchasers who finance or lease through Hyundai Motor Finance.
Unfortunately, only vehicles purchased or leased between March 14 and May 17, 2020 qualify for the Plan.
The Plan is open to customers who purchase or lease any new Hyundai vehicle.
Currently, the Plan only applies to new Hyundai vehicles that are financed or leased through Hyundai Motor Finance.
The Plan is available to any qualified buyers who finance or lease through Hyundai Motor Finance.
Yes. The Plan covers payments up to $600 per month and up to $3,600 for the full benefit payable over 6 months.
The benefits available under the Plan are limited to those customers who suffer COVID-19 Related Job Loss for at least 30 days.
This means because of the COVID-19 pandemic your employer permanently terminates your position.
The Plan is provided by Hyundai Motor America at no cost to you. Hyundai Motor America will cover up to six regularly scheduled, full monthly payments that are actually due and unpaid (and not delinquent) for Hyundai owners and lessees who purchase or lease a new Hyundai vehicle and finance through Hyundai Motor Finance between March 14 and May 17, 2020 if they experience a COVID-19 Related Job Loss in 2020.
No. “Temporary Involuntary Unemployment” means your employer gives you notice that you are going to be unemployed and you are unemployed for a period of less than 30 days. You must be involuntarily unemployed for a period of 30 days or more in order to receive benefits under the Plan.
The Borrower who purchased or leased the new Hyundai vehicle under the Plan. With the Borrower being defined as the person first listed as a buyer or lessee on a retail installment contract or lease agreement assigned to Hyundai Motor Finance.
No, the person first listed as a buyer or lessee on a retail installment contract or lease agreement assigned to Hyundai Motor Finance is the only person covered under the Plan. The Borrower may notify Insurian once in writing within 30 days of purchase or lease of the intent to change coverage under the Plan to another named buyer on the retail installment contract or lessee on the lease agreement.
To qualify for protection under the Plan, the following requirements must be met: (a) You must be involuntarily unemployed as a result of a COVID-19 Related Job Loss for at least 30 consecutive days; (b) You must receive unemployment benefits for the period of unemployment for which you are making a claim under this Plan and (c) You must be presently working thirty (30) or more hours per week, not be self-employed and have been employed at least ninety (90) days prior to becoming involuntarily unemployed as a result of a COVID-19 Related Job Loss. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under the Plan. If it is determined that you do not meet the eligibility requirements herein, you will not be eligible to receive a benefit under this Plan. Please review the below sections for additional details.
“Working” means not being self-employed and actually performing your job duties and not off of work due to leave of absence; layoff; routine or seasonal work interruption; or any other reason. Working thirty (30) or more hours per week means that you are actively working for income for thirty (30) hours or more per week.
We will pay: (a) up to six (6) payments; or (b) until you discontinue receiving unemployment benefits for any reason; or (c) you regain employment; whichever is earlier. “Payment” means the minimum monthly loan payment scheduled under your retail installment loan agreement or lease agreement with Hyundai Motor Finance. The maximum benefit you can receive under the Plan is $600 per month and $3,600 in total.
Benefits will not be provided under the Plan if your job is terminated because: (a) you retire; (b) you quit or resign your employment for any reason; (c) you lose your employment due to (i) willful or criminal misconduct; (ii) a normal, routine or seasonal shut-down; (iii) a strike, lockout, or labor dispute; (iv) war or any act of war, whether declared or undeclared, (v) end of seasonal employment; (vi) you continue to receive income from your employer, (vii) your employment is scheduled to resume within the first 30 days of being unemployed, (viii) you were aware that you were going to be unemployed prior to the effective date of your retail installment contract or lease agreement.
To obtain benefits under the Plan, you must notify the Plan Administrator of a COVID-19 Related Job Loss within 30 days after the occurrence of the COVID-19 Related Job Loss, and provide the documentation or information required by the Plan Administrator at the time of your claim and throughout the period for which a payment benefit is being made. You must be able to prove the COVID-19 Related Job Loss to the Plan Administrator’s satisfaction. If your delay in filing a claim prevents the Plan Administrator in any way from determining eligibility under the Plan, or if you intentionally conceal or misrepresent any material fact relating to a claim, no benefit will be issued.
The Plan Administrator is Insurian Administration Group LLC, its affiliates, or a contracted third party.
You may telephone our administrator at 877.746.0566, send an email to benefits@insurian.com or write to them at Insurian Administration Group, LLC, 18 Augusta Pines Drive, Suite 220W, Spring, TX 77389. Insurian’s regular business hours are 7am to 7pm Central Time, Monday through Friday excluding holidays.
You must report your becoming involuntarily unemployed under the Plan within thirty (30) days and provide any documentation necessary to validate your unemployment claim, including completing an Employment Verification Authorization form with your employer. Failure to do so will result in an otherwise valid claim being denied.
During the time it takes to process your request for benefits, you are responsible for making your monthly payment by the due date.
The Plan expires if: your loan is paid off or refinanced; your vehicle is repossessed; six (6) payments are made on your behalf or when the Plan terminates on December 31, 2020.
The Plan will make your payments from the time you are approved for up to the next six (6) months, even if that period extends into 2021.
You may be subject to federal, state and local taxes on the amount of any loan payments made on your behalf. Hyundai Motor America, or the Plan Administrator, do not provide you with guidance on the tax implications, if any, of a paid debt.

90-Day Payment Deferral FAQs

The 90-day payment deferral offer (the “Offer”) is available on select new Hyundai vehicles financed through Hyundai Motor Finance by well-qualified buyers.
Only well-qualified buyers can take advantage of the Offer, but higher finance rates may be available for qualified buyers with lower credit ratings.
This Offer is only available to well-qualified customers who finance through Hyundai Motor Finance.
Unfortunately, only vehicles purchased between July 7 and August 31, 2020 qualify for the Offer.
No, at this time the Offer is only available on the 2020 Santa Fe and 2020 Tucson. 
No, at this time the Offer is only available on purchases.
Currently, the Offer only applies to select new Hyundai vehicles.
Currently, the Offer only allows for deferrals up to 90 days.

Legal

90 Day Deferred Payment

90 day deferred first payment available only on new 2020 Santa Fe and 2020 Tucson vehicles financed at 0% APR through Hyundai Motor Finance to well-qualified buyers. Down payment may be required. Subject to Hyundai Motor Finance credit approval. Not all customers will qualify. See dealer for details. Offer valid July 7 to August 31, 2020.

6 Month Payment Relief 

Up to 6 months of payments available to the buyer of any new Hyundai model financed or leased at participating dealers only through Hyundai Motor Finance between March 14 and May 17, 2020. Payments up to $600 per month (and $3,600 per 6 month period) are available for loss of job caused by COVID-19 through December 31, 2020. Restrictions apply and proof of job loss required. Subject to Hyundai Motor Finance credit approval. Not all customers will qualify. See dealer for details.