In response to recent world events, Genesis is introducing the Genesis Cares Job Loss Protection program (the “Program”). The Genesis brand is about making things better for people. During these unprecedented times, we want our customers to understand that Genesis has their back. Especially when they may need it most. The Program features the following offer to support our customers:
1. 6-month payment relief for new customers who purchase or lease a new Genesis vehicle between March 14 and May 17, 2020, finance through Genesis Finance and subsequently lose their job this year due to COVID-19.
Here’s a quick overview of the Program:
Genesis is offering up to 6 months of payments to the buyer of any new Genesis model financed or leased at participating retailers only through Genesis Finance between March 14 and May 17, 2020. Payments up to $600 per month (and $3,600 per 6-month period) are available for any subsequent loss of job caused by COVID-19 through December 31, 2020. Restrictions apply and proof of job loss is required.
No one can predict a crisis, but at Genesis we’re taking steps to help our customers and their families better prepare for it. That’s how our family has your back.
To find out more about Genesis Cares go to https://www.genesis.com/us/en/genesis-cares.html
6-MONTH PAYMENT RELIEF PLAN
Q: How do I take advantage of the 6-month payment relief plan?
A: The 6-month payment relief plan (the “Plan”) is available to purchasers of any new Genesis vehicle financed or leased through Genesis Finance.
Q: What if I choose to finance through another lender?
A: The Plan is only available to purchasers who finance or lease through Genesis Finance.
Q: I purchased my vehicle on March 1, 2020. Does it qualify for the Plan?
A: Unfortunately, only vehicles purchased or leased between March 14 and May 17, 2020, qualify for the Plan.
Q: Does the Plan apply to the G90?
A: The Plan is open to customers who purchase or lease any new Genesis vehicle.
Q: Does the Plan extend to used vehicles or Genesis Certified Pre-Owned vehicles?
A: Currently, the Plan only applies to new Genesis vehicles that are financed or leased through Genesis Finance.
Q: Does the Plan only apply to well-qualified buyers who finance through Genesis Motor Finance at 0% APR?
A: The Plan is available to any qualified buyers who finance or lease through Genesis Motor Finance.
Q: Is there any limit on the payments made under the Plan?
A: Yes. The Plan covers payments up to $600 per month and up to $3,600 for the full benefit payable over 6 months.
Q: What if I voluntarily resign from my job?
A: The benefits available under the Plan are limited to those customers who suffer COVID-19 Related Job Loss for at least 30 days.
Q: What if I am subject to a COVID-19 Related Job Loss prior to the date that I purchase or lease a new Genesis vehicle?
A: In order to be eligible to participate in the Plan, you must be presently working thirty (30) or more hours per week, not be self-employed and have been employed at least ninety (90) days prior to becoming involuntarily unemployed as a result of a COVID-19 Related Job Loss.
Q: What if I am currently leasing a Genesis vehicle, and I lease a new Genesis vehicle during the Plan period?
A: The Plan applies to any customer (including prior Genesis customers) who purchase or lease a new Genesis vehicle between March 14 and May 17, 2020, and finance the purchase or lease through Genesis Finance.
Q: What is a COVID-19 Related Job Loss?
A: This means because of the COVID-19 pandemic your employer permanently terminates your position.
Q: How much does the Plan cost and what does it cover?
A: The Plan is provided by Genesis Motor America at no cost to you. Genesis Motor America will cover up to six regularly scheduled, full monthly payments that are actually due and unpaid (and not delinquent) for Genesis owners and lessees who purchase or lease a new Genesis vehicle and finance through Genesis Finance between March 14 and May 17, 2020, if they experience a COVID-19 Related Job Loss in 2020.
Q: What if my employer tells me that I will be subject to “Temporary Involuntary Unemployment”? Am I eligible for benefits under the Plan?
A: No. “Temporary Involuntary Unemployment” means your employer gives you notice that you are going to be unemployed and you are unemployed for a period of less than 30 days. You must be involuntarily unemployed for a period of 30 days or more in order to receive benefits under the Plan.
Q: Who is eligible for protection under the Plan?
A: Borrower who purchased or leased the new Genesis vehicle under the Plan. With the Borrower being defined as the person first listed as a buyer or lessee on a retail installment contract or lease agreement assigned to Genesis Finance.
Q: What if two individuals are listed on the retail installment contract or lease agreement? Are both individuals covered?
A: No, the person first listed as a buyer or lessee on a retail installment contract or lease agreement assigned to Genesis Finance is the only person covered under the Plan. The Borrower may notify Insurian once in writing within 30 days of purchase or lease of the intent to change coverage under the Plan to another named buyer on the retail installment contract or lessee on the lease agreement.
Q: How do I qualify for protection under the Plan?
A: To qualify for protection under the Plan, the following requirements must be met: (a) You must be involuntarily unemployed as a result of a COVID-19 Related Job Loss for at least 30 consecutive days; (b) You must receive unemployment benefits for the period of unemployment for which you are making a claim under this Plan and (c) You must be presently working thirty (30) or more hours per week, not be self-employed and have been employed at least ninety (90) days prior to becoming involuntarily unemployed as a result of a COVID-19 Related Job Loss. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under the Plan. If it is determined that you do not meet the eligibility requirements herein, you will not be eligible to receive a benefit under this Plan. Please review the below sections for additional details.
Q: If I own my own business, do I qualify for benefits under the Plan?
A: “Working” means not being self-employed and actually performing your job duties and not off of work due to leave of absence; layoff; routine or seasonal work interruption; or any other reason. Working thirty (30) or more hours per week means that you are actively working for income for thirty (30) hours or more per week.
Q: What benefits are paid under the Plan?
A: We will pay: (a) up to six (6) payments; or (b) until you discontinue receiving unemployment benefits for any reason; or (c) you regain employment; whichever is earlier. “Payment” means the minimum monthly loan payment scheduled under your retail installment loan agreement or lease agreement with Genesis Finance. The maximum benefit you can receive under the Plan is $600 per month and $3,600 in total.
Q: Is there any reason that the Plan will not pay Benefits?
A: Benefits will not be provided under the Plan if your job is terminated because: (a) you retire; (b) you quit or resign your employment for any reason; (c) you lose your employment due to (i) willful or criminal misconduct; (ii) a normal, routine or seasonal shut-down; (iii) a strike, lockout, or labor dispute; (iv) war or any act of war, whether declared or undeclared, (v) end of seasonal employment; (vi) you continue to receive income from your employer, (vii) your employment is scheduled to resume within the first 30 days of being unemployed, (viii) you were aware that you were going to be unemployed prior to the effective date of your retail installment contract or lease agreement.
Q: How do I obtain benefits under the Plan?
A: To obtain benefits under the Plan, you must notify the Plan Administrator of a COVID-19 Related Job Loss within 30 days after the occurrence of the COVID-19 Related Job Loss, and provide the documentation or information required by the Plan Administrator at the time of your claim and throughout the period for which a payment benefit is being made. You must be able to prove the COVID-19 Related Job Loss to the Plan Administrator’s satisfaction. If your delay in filing a claim prevents the Plan Administrator in any way from determining eligibility under the Plan, or if you intentionally conceal or misrepresent any material fact relating to a claim, no benefit will be issued.
Q: Who is the Plan Administrator?
A: The Plan Administrator is Direct Dealer Lending, LLC dba Insurian, its affiliates, or a contracted third party.
Q: How do I file a claim under the Plan?
A: You may telephone our administrator at 877.746.0566, send an email to email@example.com or write to them at Direct Dealer Lending, LLC dba Insurian, 18 Augusta Pines Drive, Suite 220W, Spring, TX 77389. Insurian’s regular business hours are 7am to 7pm Central Time, Monday through Friday excluding holidays.
Q: How long do I have to report my involuntary unemployment?
A: You must report your becoming involuntarily unemployed under the Plan within thirty (30) days and provide any documentation necessary to validate your unemployment claim, including completing an Employment Verification Authorization form with your employer. Failure to do so will result in an otherwise valid claim being denied.
Q: What is the status of my loan following the occurrence of a COVID-19 Related Job Loss?
A: During the time it takes to process your request for benefits, you are responsible for making your monthly payment by the due date.
Q: When does the Plan expire?
A: The Plan expires if: your loan is paid off or refinanced; your vehicle is repossessed; six (6) payments are made on your behalf or when the Plan terminates on December 31, 2020.
Q: What if I lose my job in October, but the Plan expires on December 31, 2020?
A: The Plan will make your payments from the time you are approved for up to the next six (6) months, even if that period extends into 2021.
Q: What are the tax implications?
A: You may be subject to federal, state and local taxes on the amount of any loan payments made on your behalf. Genesis Motor America, or the Plan Administrator, do not provide you with guidance on the tax implications, if any, of a paid debt.