Hyundai to defer payments due from US

by Administrator on Oct 2, 2013

Hyundai Motor will defer payments due from US federal employees impacted by the partial government shutdown.

More than 700,000 employees face unpaid leave due to the shutdown which was triggered after the two houses of Congress did not agree on a new budget.

Hyundai said affected employees who currently own its vehicles will be given a payment relief "for as long as they are out of work".

Employees looking to buy a new car will be given a 90-day payment deferral.

"We recognize the impact on family budgets that the furlough will drive," John Krafcik, chief executive of Hyundai Motor America, said in a statement.

Backing customers

Hyundai had offered a similar scheme, the Hyundai Assurance programme, during the peak of the global financial crisis four years ago to help consumers who had lost their jobs.

Many analysts have said that the move had helped the South Korean firm win customer loyalty and boosted its sales in recent years.

The company said that its latest offer to help the federal employees was an addition to that programme and aimed at "helping workers at a time when they most need it".

"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," Mr Krafcik said.

Under the latest offer, Hyundai will extend all auto loan and lease payments during the shutdown for current Hyundai owners who are put on unpaid leave.

The programme is available to all customers who have financed their purchase or lease through Hyundai Finance America.

http://www.bbc.co.uk/news/business-24361142
Hyundai Motor will defer payments due from US federal employees impacted by the partial government shutdown.
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