A few weeks ago I wrote one of our most visited posts about the lameness of Toyota’s “Saved by Zero” television advertising campaign. Unless you’ve been hiding under a rock for the past three months, you’ve got to recall Toyota’s annoying use of The Fixx’s song and the promise of 0% interest rates. Some of you might have even joined the Facebook protest of this campaign, which now, thankfully, seems off the air.  According to Toyota’s spokesperson, the purpose of the campaign was to remind people that loans were still to be had (at great rates) in these troubled economic times.

But today one of our Search gurus, Ian “Trey” Dahlman, pinged me to let me know that Hyundai was doing something remarkably different. It seems the brand has launched the “Hyundai Assurance Guarantee.” The straightforward program promises to let people return their cars if they lose their jobs. That’s right, “if you cannot make a payment because of a covered life-changing event, we’ll allow you to return your vehicle and walk away from your loan obligation-and in most cases we will cover most, if not all of the difference.”

It’s a pretty dramatic offer, which is very meaningful coming at a time of dramatic economic risk. Hyundai realizes the main dynamic in the auto industry today-that people are holding off on making purchases because they are afraid of what will happen next. The reality is that a lot of these people do need new wheels, and most will retain employment. Hyundai’s downside is relatively small, while the upside is a strong differentiation in the marketplace and the chance to close some sales.

Hyundai’s killer idea obviously comes from honing in on understanding the needs of its target customer, and figuring out what its marketing could do to address the issue. And in this case, it didn’t take months of focus groups or $300,000 omnibus studies-but rather some old-fashioned common sense and human understanding.

Early proof of the meaning and effectiveness of this promotion is seen in the (free) news coverage it has already spawned. A quick Google news search shows several stories from media both small and large.  This free advertising means that Hyundai’s campaign will be even more successful. The only news coverage of Toyota’s “Saved by Zero” campaign was that of its annoyance factor.

According to Hyundai, the campaign is already driving positive business results. The company says it has gotten hundreds of phone calls to inquire about the offer, and showroom traffic is up considerably.

Long-term, Hyundai could reap some great brand equity builds out of a campaign like this-first, with buyers who feel that the company is looking out for them. Even those not in the market who are simply exposed to the message likely forge a more positive opinion of the brand.

I’ll keep an eye on the brand’s progress and track results over time. This should be an interesting case to watch!

UPDATE: Jonah Bloom, Advertising Age Editor has a nice article on the program, which ended up featuring it in a SuperBowl spot on February 1.

UPDATE 2: Here’s an article about other companies in other categories that are similarly aiding people who are out of work.  And, through March, not a single car buyer has returned a car!