So what's the catch? Re: "If you lose your job we'll take the car back"

[Crazy Dave]

The Hyundai and another car commercial I can't remember keep saying that.

Of course they'll take the car back....as in they'll REPO it if you lose your job and get behind on the payments.

Maybe it's different now but the small print on the screen is too small to read and is on for half a second.

[flvegan]

1. Not exactly.

If you qualify for financing, usually through Hyundai's designated lender, if you lose your job they'll make X payments and will take the car back without penalty after X months. It's not a repo, and it's not a hugely bad idea.

Oddly enough, I don't know if they've thought of the whole "can't make the car payment, won't be able to make the car insurance payment" angle. Hyundai must have some sort of umbrella insurance to cover qualified automobiles.

[Crazy Dave]

4. Sounds like what my credit cards used to always try to sell me

They make it sound good like "if you lose your job, yadda, yadda"

Someone told me all they do is charge you an extra $49.95 a year, they'll make or defer your payments for X amount of months but you still owe all the money and the extra accumulated interest.

[petronius]

2. Probably that it won't put a mark on your credit like a repo would, but you still

won't have a car and you'll be out all the payments you made. :shrug:

A nicer deal would be to give people decent/fair loans so that if they did run into trouble they could sell the car and not end up in the hole...

[LeftyMom]

3. The catch is that YOU WON'T HAVE A CAR.

Which makes finding a job kinda difficult now, doesn't it.

Well that and you'll probably owe the difference between the balance of your loan and what they can sell the car for. Which, with what will now be a used Hyundai, will probably be a shitpile of money. Otherwise they'd be out a lot of money, because a used Hyundai has roughly the resale value of used TP.