Hyundai’s Student Assurance Program – Student Debt Help for Car Buyers
With the possibility that student-loan debt could push a potential buyer into the subprime credit tier, one automaker is rolling out a program to assist those consumers.
In building on its brand promise to make things better for customers, Hyundai this week introduced Student Assurance, an incentive for customers with student loan debt. Student Assurance will help eligible customers free themselves of student loan debt faster by providing a contribution of up to $900 directly toward their student loan with a purchase or lease of a new Hyundai vehicle.
Student Assurance is initially available at Hyundai dealerships in California and the Phoenix area through Sept. 30, with plans for a national rollout based on dealer and customer feedback.
More than 44 million Americans have student loan debt, totaling more than $1.5 trillion, according to the Federal Reserve Bank of St. Louis. Hyundai said soaring student loan debt has far-reaching consequences that not only affect those who owe it, but also the economy at large. A significant number of young adults are putting off life-establishing moves that are traditionally made in their 20s and 30s, including purchasing or leasing a new vehicle. This delay in acquiring a vehicle can often impact their ability to travel to a job. According to Gallup, 83 percent of Americans rely on a vehicle to get to work every day.
Hyundai has designed the program to be easy for customers to take advantage of. Partnered with Gradifi, a leading provider of student loan benefits, Hyundai plans to administer the contributions directly to the customers’ student loan debts upon following the 5 Steps outlined below:
- Customer visits HyundaiStudentAssurance.com to check eligibility and is directed to the Hyundai Student Assurance Center to receive a reward code.
- They purchase or lease an eligible new Hyundai vehicle from a dealer in California or the Phoenix area.
- They verify their purchase at Hyundai Student Assurance Center using the reward code and VIN.
- The customer then receives an email from Gradifi with instructions to create an account and register their student loan for verification.
- Upon the loan being verified the customer will receive up to a $900 contribution directly to their student loan debt
To learn more about Student Assurance visit www.hyundaistudentassurance.com.