WALKAWAY Program Not Just For Job-Loss Protection

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EFG Companies responds to Hyundai’s decision to remove the WALKAWAY® program from Hyundai Assurance

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No one can predict when their health is going to take a turn for the worst or if they will suffer from a physical disability. WALKAWAY ensures that people won’t have to worry about car payments on top of life’s other unexpected events.

Hyundai Motors announced Tuesday that the WALKAWAY program will no longer be a part of Hyundai Assurance as of April 1, due to an improving economy. EFG Companies, creators of the WALKAWAY program, cites the growing relevancy of the benefit that dealers are offering as job-loss protection is just one aspect of what WALKAWAY entails. The program cancels auto-related debt when other unforeseen life events occur such as critical illness, physical and mental disability, international employment transfer, accidental death, and loss of driver’s license.

According to a recent study by EFG Companies, job-loss is still a fear among Americans. Study results showed that 63 percent of Americans said they are only somewhat to not-at-all confident in their job security, and 54 percent said that if they lost their job, they believed it would take more than 90 days to find a position with comparable pay.

“WALKAWAY, like many other purchase-protection programs, protects car buyers from the unthinkable,” said Paul Budvitis, president of WALKAWAY at EFG Companies. “Hyundai created the awareness for a program like this, now consumers are asking for it. They expect it. In addition, no one can predict when their health is going to take a turn for the worst or if they will suffer from a physical disability. WALKAWAY ensures that people won’t have to worry about car payments on top of life’s other unexpected events.”

Across almost every industry, America is working to address the growing needs of its aging population. The Baby Boomers, now over the age of 50, are finding themselves with health-related illnesses. More than 37 million baby boomers will be managing more than one chronic condition by 2030, according to the American Hospital Association. By the same year, the Center for Disease Control states the number of U.S. adults aged 65 or older will more than double to about 71 million.

Hyundai’s announcement spurred various online conversations about the decreasing need for job-loss protection programs, with no mention of the other protections provided by WALKAWAY.

The WALKAWAY program is available for any dealer across the US, including Hyundai dealers who want to independently continue offering the program. EFG Companies currently provides the service for hundreds of dealers outside of Hyundai nationwide, and across several channels such as motorcycle, RV and lending.

About EFG Companies
EFG Companies (Enterprise Financial Group, Inc.) is the premier dealer performance partner to automobile retailers nationwide. Founded in 1977 by a dealer for dealers, EFG has grown from a regional provider of F&I products into a nationally known innovator of profit solutions that drive performance improvements. EFG’s offerings include comprehensive in-dealership engagement, marketing services, recruitment and training services, market-differentiated products and technology solutions. The company is headquartered in the Dallas suburb of Irving, TX.

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Lauri Luckey
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