Story Published:
Jan 7, 2009 at 5:55 PM CDT
Story Updated:
Jan 7, 2009 at 9:26 PM CDT
It's a deal buyers probably have never seen before on a sticker.
"In the first year of ownership after you buy a Hyundai and if you lose your income, you can return the car," Mike Miller, a Hyundai Dealer in Peoria says.
This innovative incentive plays right to the heart of the economic problem in America.
"A lot of people are a little reluctant to buy right now with the fear of what's going on and where they are going to be. Are they going to have a job or not have a job. And, they wanted to remove that fear," Miller says.
For full details on how Hyundai's program works, check out the link to the side of this story.
But essentially, if a buyer loses their job, they can bring back the vehicle. The buyer gets the current worth of the car, plus up to $7500 in the difference from what's owed. Hyundai says this should leave the buyer with no financial obligations.
"There's no cost to the buyer. It's free. It comes with the purchase of a new Hyundai," Miller says.
Almost any area auto dealership is trying to rev up sales by slashing prices. For example, Ford extended employee pricing rebates.
"The incentives have never been greater than they are now. The time to get that deal is now," Uftring Auto Mall Sales Manager Jeff Nau says.
But, it's not just with new cars where you can find a deal. Some of these used cars you see behind me are more than 10-thousand dollars less than a year ago.
"You can take as high off, up to 60% off Manufacturer Suggested Retail Price with miles under 20,000 miles and I think anybody, anytime in any economy will say that's a great buy," Nau says.
It's hopefully a road to recovery for the auto industry.
The Hyundai dealerships in Peoria and Bloomington started offering the buyback incentive this week.
Many local auto dealers say sales have stayed stronger here than as reported across the country.