Key Hyundai of Milford & Manchester Respond to FTC Complaint for Deceptive Automotive Advertising
Key Hyundai of Manchester and Hyundai of Milford respond to FTC deceptive advertising complaint, and sets goal to educate Connecticut car buyers on negative equity and why Key Hyundai's mission remains to be CT's automotive solution provider for all.
March 29, 2012 - PRLog -- Hyundai of Milford and Key Hyundai of Manchester/Vernon in Connecticut were identified recently by the FTC in the name of consumer protection. Popular Hyundai of Milford Connecticut car dealer Jill Merriam was cited for deceptive advertising because of dropped disclaimers on select videos and not for any customer complaints. The disclaimers were a technical omission that the Milford Hyundai car dealer immediately accepted full responsibility for and remedied immediately by removing the effected videos.
Hyundai of Milford FTC complaint due to select YouTube videos disclaimers
The specific complaint states select YouTube videos created for Key Hyundai of Vernon and Hyundai of Milford (http://www.keycars.com/)
The Truth behind Negative Equity in Car Dealerships Nationwide
A vehicle is a depreciating asset no matter where a car is purchased: Hyundai of Milford, Key Hyundai of Manchester or any car dealer in Connecticut or around the world. If a customer takes out a car loan on a vehicle with no money down and wants to trade in the vehicle prior to the end of the term of the loan, there is a chance that more will be owed than that car is worth (negative equity).
Hyundai of Milford owner Jill Merriam: There are three ways that negative equity can be handled:
1. The customer can put money down to pay off the negative equity.
2. The dealer can discount the car to absorb some of the loss.
3. The customer can roll that negative equity into a new loan, and the dealer can pay off the car in that manner. If you roll over negative equity, it will increase the amount of your new loan and cost you more monthly.
Connecticut Key Hyundai of Vernon and Hyundai of Milford’s owner and hands-on operator Jill Merriam said, “I understand that the FTC believes that the consumer doesn’t adequately understand how negative equity is handled, and it was a mistake on my part to believe otherwise. I am going to redouble my efforts to educate the public on how an automotive transaction works.”
Jill Merriam Explains How Negative Equity Effects Car Customers
“The reality is, often some individuals have the need for a vehicle prior to the end of the term of their previous loan. This is where we are trained on how to specifically assist this market. Our goal is to provide a solution to those customers. We will present them with the financial facts clearly and straightforward, and let them make the decision right for them. Hopefully we’ve done our part to educate the public. We’ve found that with rising gas prices, lowering interest rates, and an overall trend towards keeping cars longer (therefore, having higher repair bills) we can sometimes lower a customer’s monthly transportation budget even with the negative equity.
“When the FTC first contacted us, I immediately saw the error and corrected it,” Merriam said. “Honestly, everyone in Connecticut knows I love radio and focus our advertising there. Nevertheless, I of course immediately took down the videos, and will continue to ensure we comply with anything that the FTC thinks may be misleading, whether it has 10 YouTube views or not.”
Connecticut Key Hyundai of Milford & Manchester stands by its message: be a consistent, effective automotive solution provider, never a product pusher
“The fact is, I am hurt and shocked my integrity was questioned over an error on YouTube videos that was immediately corrected. I stand by the Key Hyundai’s message and mission: we are solution providers and not product pushers. Everyone deserves to drive a nicer, newer car and we will continue to work diligently to make sure this happens for every Connecticut car buyer.”
Hear directly from Jill Merriam in this video, in true Jill, Key Hyundai fashion: honest, raw, and authentic.
http://youtu.be/
Key Hyundai Customers, Employees & Competitors Rally for Key Hyundai
Jill Merriam cites an outpouring of public support from employees, competitors, vendors and most importantly, customers who have flooded email, Facebook (https://www.facebook.com/
# # #
About Key Hyundai: Connecticut’
Hyundai of Milford FTC complaint due to select YouTube videos disclaimers
The specific complaint states select YouTube videos created for Key Hyundai of Vernon and Hyundai of Milford (http://www.keycars.com/)
The Truth behind Negative Equity in Car Dealerships Nationwide
A vehicle is a depreciating asset no matter where a car is purchased: Hyundai of Milford, Key Hyundai of Manchester or any car dealer in Connecticut or around the world. If a customer takes out a car loan on a vehicle with no money down and wants to trade in the vehicle prior to the end of the term of the loan, there is a chance that more will be owed than that car is worth (negative equity).
Hyundai of Milford owner Jill Merriam: There are three ways that negative equity can be handled:
1. The customer can put money down to pay off the negative equity.
2. The dealer can discount the car to absorb some of the loss.
3. The customer can roll that negative equity into a new loan, and the dealer can pay off the car in that manner. If you roll over negative equity, it will increase the amount of your new loan and cost you more monthly.
Connecticut Key Hyundai of Vernon and Hyundai of Milford’s owner and hands-on operator Jill Merriam said, “I understand that the FTC believes that the consumer doesn’t adequately understand how negative equity is handled, and it was a mistake on my part to believe otherwise. I am going to redouble my efforts to educate the public on how an automotive transaction works.”
Jill Merriam Explains How Negative Equity Effects Car Customers
“The reality is, often some individuals have the need for a vehicle prior to the end of the term of their previous loan. This is where we are trained on how to specifically assist this market. Our goal is to provide a solution to those customers. We will present them with the financial facts clearly and straightforward, and let them make the decision right for them. Hopefully we’ve done our part to educate the public. We’ve found that with rising gas prices, lowering interest rates, and an overall trend towards keeping cars longer (therefore, having higher repair bills) we can sometimes lower a customer’s monthly transportation budget even with the negative equity.
“When the FTC first contacted us, I immediately saw the error and corrected it,” Merriam said. “Honestly, everyone in Connecticut knows I love radio and focus our advertising there. Nevertheless, I of course immediately took down the videos, and will continue to ensure we comply with anything that the FTC thinks may be misleading, whether it has 10 YouTube views or not.”
Connecticut Key Hyundai of Milford & Manchester stands by its message: be a consistent, effective automotive solution provider, never a product pusher
“The fact is, I am hurt and shocked my integrity was questioned over an error on YouTube videos that was immediately corrected. I stand by the Key Hyundai’s message and mission: we are solution providers and not product pushers. Everyone deserves to drive a nicer, newer car and we will continue to work diligently to make sure this happens for every Connecticut car buyer.”
Hear directly from Jill Merriam in this video, in true Jill, Key Hyundai fashion: honest, raw, and authentic.
http://youtu.be/
Key Hyundai Customers, Employees & Competitors Rally for Key Hyundai
Jill Merriam cites an outpouring of public support from employees, competitors, vendors and most importantly, customers who have flooded email, Facebook (https://www.facebook.com/
# # #
About Key Hyundai: Connecticut’
End
| Tags | : | Hyundai of Milford, Key Hyundai FTC, Key Hyundai of Vernon, FTC car dealer complaints |
|---|---|---|
| Industry | : | Automotive, Consumer, Business |
| Location | : | Milford - Connecticut - United States |