Hyundai to Defer Payments Due From Furloughed Government Employees
Some government employees furloughed due to the partial shutdown of the federal government are getting a little relief from a major automobile manufacturer.
Hyundai Motor America announced Tuesday that it will defer payments owed by federal employees who are on unpaid leave. Employees looking to purchase a new Hyundai vehicle will be given a 90-day payment deferral.
In a statement issued Tuesday, president and CEO of Hyundai Motor America John Krafcick said, “We recognize the impact on family budgets that the furlough will drive. Like we did almost four years ago when we launched Hyundai Assurance, this is our way of saying ‘We’ve got your back’ during this uncertain time.”
Krafcick referenced a similar move by the company in 2009 during the peak of the major financial crisis the United States found itself in at the end of the last decade. Under the company’s Assurance Program, Hyundai agreed to buy back cars from people facing unemployment, absorbing losses in value up to $7,500. They also offered to absorb up to three months of payments for customers who suddenly lost their income while allowing the customers to keep their vehicles.
The move led to a huge boost in sales for Hyundai and protected the credit scores of their customers. Under the latest program, Hyundai says it will extend all auto loan and lease payments for the duration of the current government shutdown.