Hyundai Lets Furloughed Federal Workers Defer Loan Payments
Hyundai will let federal employees affected by the government shutdown defer their car payments for one month.
About 800,000 people have gone on furlough since December 21 after President Trump and Congress failed to reach a deal that would have kept non-essential functions running through February. To be eligible for the Hyundai relief, federal employees must be on a lease or loan through Hyundai Capital, whether for new or pre-owned vehicles. Hyundai Capital will defer payment due dates by 30 days.
Hyundai joins General Motors, Ford, Mercedes-Benz, Toyota, and Lexus, plus other automakers that run financing through J.P. Morgan Chase, in offering short-term relief on car loans, Automotive News reported this week.
"Hyundai is a brand that aims to make things better for its customers, and this is our way of showing customers ‘we have your back’ during this uncertain time," said COO Brian Smith.
Hyundai's public relations and finance departments have been quick to court government employees and take advantage of economic slowdowns. In 2013, during the last major federal shutdown, Hyundai ran a similar program that also offered a 90-day payment deferral for federal employees purchasing a new car. During the recession in 2009, Hyundai even offered to buy back cars from anyone who lost a job within a year of their purchase and waived three months of payments.
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