MultiVu Video Feed: Hyundai Takes First Trade-In for the Government's 'Car Allowance Rebate System'

NEW YORK, July 3 /PRNewswire/ --

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NEWS: First Consumers Take Advantage of New Government "Car Allowance Rebate System" At Hyundai

FORMAT: B-roll and Soundbites

STORY SUMMARY:

After months of debate and rounds of legislation, the wait has ended. Consumers can finally take advantage of the government's "Car Allowance Rebate System" (CARS), and Hyundai is leading the way. Earlier today, Katherine Michon of Arlington, Virginia was the first to trade-in an eligible clunker for a new Hyundai at Alexandria Hyundai in Alexandria, Virginia.

Hyundai buyers will receive the full rebate allocated under the CARS program (also known as "Cash For Clunkers") when an eligible trade-in is exchanged for a qualifying Hyundai model. Hyundai is the first automaker to extend the government incentive to consumers, accelerating its implementation by several weeks by backing dealerships with short-term cash advances as the government organizes the rollout of the program industry-wide. In May, Hyundai research showed that 11 percent of car buyers delayed their purchases until the CARS legislation was resolved. Under the CARS program, consumers qualify for a $4,500 rebate on the purchase or lease of new vehicles that achieve 10 miles per gallon more than a trade-in car or five miles per gallon or more than a trade-in light truck. New vehicles that achieve between 4 to 9 mpg more than a trade-in car, or 2 to 4 mpg more than a trade-in light truck qualify for a $3,500 incentive.

Hyundai ranks third in corporate average fuel economy according the U.S. EPA, so consumers will realize further cost savings by stepping into a more fuel-efficient model than they currently drive. The CARS incentive program complements all existing special incentives and financing options from the manufacturer, including Hyundai Assurance, which allows consumers to return their vehicle if they unexpectedly lose their income, and Hyundai Assurance Gas Lock, which offers a year's worth of gas at a guaranteed price of $1.49 per gallon. Visit www.HyundaiAssurance.com for details.

SOUNDBITES:

• Katherine Michon of Arlington, Virginia, First person to take advantage of CARS
• Other buyers and automaker industry spokespeople on hand at event

B-ROLL INCLUDES: ** cars for sale; people trading in cars; MPG signage on fuel efficient cars**

VIDEO PROVIDED BY: HYUNDAI MOTOR AMERICA