Ever splurge on an expensive purchase, only to have your job pulled right out from under you shortly afterward? Hyundai understands, and to celebrate the 10th anniversary of its self-proclaimed "America's Best Warranty," the company has unveiled the Hyundai Assurance Program, which allows buyers to return their new Hyundai within 12 months of the purchase if they experience an involuntary loss of income.

"We understand consumers' hesitance to commit to large purchases in today's economic environment," said John Krafcik, acting president and CEO of Hyundai Motor America. "Ten years ago, Hyundai's industry-leading warranty provided peace of mind to consumers about Hyundai's quality and reliability. Today, we're extending that peace of mind to cover consumers' employment status and personal finances."

While most people wouldn't buy a new car if they thought their job was in danger, some are caught off-guard and stuck with car payments they can't afford. In what Hyundai claims is a first for the U.S. auto market, the company will allow people who lose their source of income to return their car and be absolved of any financial responsibility and negative impact on their credit.

There are, of course, a few stipulations. Qualifying circumstances include:

Involuntary unemployment

Physical disability

Loss of driver's license due to medical impairment

International employment transfer

Self-employed personal bankruptcy

Accidental death

Buyers must also have made at least two payments on their loan or lease, be current on their payments and return the vehicle within 12 months of the purchase date. Further, Hyundai will forgive the remainder owed on the vehicle up to $7500 less than the purchase price. If the vehicle has depreciated beyond that dollar amount, the buyer will have to pay the difference. The car must be returned to the dealer it was purchased from, and the dealer is responsible for appraising the vehicle's value and depreciation -- both of which are factored into the valuation formula. Once the deal is complete, the dealer can then resell the vehicle.

The Hyundai Assurance Program is complimentary, applies to all Hyundai vehicles, is available to anyone and supplements Hyundai's 10 year/100,000-mile powertrain warranty and all other incentives. There are no restrictions based on age, health, employment history or the amount of money financed. The vehicle can be financed through Hyundai or other participating third-party lenders. You'll just have to find a participating dealer and lender.

Source: Hyundai