Potbelly, Allstate Innovate for Recessionary Consumers

Earlier this month Hyundai unveiled a program that allows a customer to return a new car if they lose their job within 12 months of purchase.

Per the NY Times - "In a nutshell, if you lose your job, you can walk away from your car and car payments without hurting your credit. The free coverage also applies to people who develop a physical disability that keeps them from doing their job, someone who is transferred overseas, a self-employed worker who has to declare bankruptcy and applies in most cases of accidental death.

"The program requires people to have made at least two scheduled payments on their loans or leases before filing for the benefit, and it covers up to $7,500 in negative equity in a vehicle. So if someone returns a car worth $23,000 but still owes $25,000 on it, the insurance would pay the $2,000 difference. Any difference higher than the policy’s $7,500 maximum would still have to be paid by the borrower."

Tim of IL 6:27PM January 22, 2009