[BUSINESS] Hyundai allows Deffered payments for federal workers amid government shutdown.
LrgnNChrg, Oct. 3, 2013, 7:13 p.m.
Hyundai is trying to take some financial burden off the more than 700,000 federal employees on unpaid furlough while the U.S. government shutdown is in full effect and the two houses of Congress failing to reach any sort of agreement, .
The South Korean automaker announced that it will defer car payments due from government workers who have been affected by the shutdown launching the new assistance program available for customers who financed their purchase or lease through Hyundai Finance America.
While affected employees who currently own a Hyundai vehicle will be able to defer their due payments for the duration of the shutdown, those who are interested in purchasing a new Hyundai car are offered a 90-day payment deferral. In addition, Hyundai will extend all auto loan and lease payments for as long as the customer is on unpaid leave.
This is not the first time the Korean car company offered a payment relief for its customers. Four years ago, Hyundai launched the an Assurance program during the height of the global financial crisis.
The company also benefits from the move as well as providing relief to customers. Many experts have noted that in the following months Hyundai experienced an increase in sales and earned customer loyalty.
“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,” chief executive of Hyundai Motor America John Krafcik said in a press release.