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Hyundai says it will defer new car payments from US shutdown hit employees

The Sydney News.Net Wednesday 2nd October, 2013

NEW YORK - Hyundai Motor has said it will defer new car payments due from US federal employees affected 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.

Those who already own a Hyundai financed through the company won't have to make payments until they go back to work.

Hyundai won a lot of good publicity four years ago when it offered US customers who lost their jobs the chance to return their new cars for a refund. The Hyundai Assurance programme boosted sales at a low point in the economic downturn.

The automaker says the program for government workers helps them at a time they need it most.

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," 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.

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