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Hyundai, Genesis will cover 6 car payments amid coronavirus economic impact

The policy will be available to new owners in the event they lose their job as more industries shut down to help stop the spread of COVID-19.

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Hyundai and Genesis are stepping up.

Hyundai
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Hyundai and Genesis will do their part and provide some reassurance to new owners amid the coronavirus pandemic. Both brands announced they'll roll out an Assurance Job Loss Protection program designed to help owners that may feel the economic impacts of the coronavirus, which causes COVID-19.

Both brands said on Monday that Hyundai and Genesis owners who made a new vehicle purchase or leased a vehicle starting March 14 will be eligible. Should owners find themselves laid off, the companies will make up to six months worth of payments to provide financial assistance. Hyundai's lending arm, Hyundai Capital, will also defer payments for 90 days at the customer's request. The assistance will be available to anyone who buys a new vehicle through April 30.

It's not the first time Hyundai has taken it upon itself to help customers. The job loss protection program actually rolled out over 10 years ago amid the financial crisis and recession that followed. Since then, the program's been on hiatus, but Hyundai said the company wanted to once again let owners know they'll have "one less thing to worry about if something unexpected happens to their employment status."

Any assistance amid these turbulent times will be reassuring to those affected. The outbreak of COVID-19 across the US has quickly shifted social norms across the US. Major sport leagues postponed seasons or canceled tournaments, schools have shut down across the country and this week, many cities, counties and states declared all bars and restaurants would shut their doors indefinitely.

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First published March 16.