Since the government shut down yesterday more than 800,000 federal employees could be furloughed without pay until a deal is reached to start the government back up. Why is there a government shutdown? The short answer to this question is there are wide swaths of the federal government that need to be funded each year in order to operate. If Congress can’t agree on how to fund them, they have to close down. At this moment, Congress can’t agree on how to fund them so there is a government shutdown. Not all government operations will evaporate but, many federal agencies will shut their doors and send their employees home, from the Environmental Protection Agency to hundreds of national parks. Hyundai is helping these employees cope with the temporary layoffs.
Hyundai announced yesterday October 1, 2013 their plan to defer all auto loan and lease payments during the federal government shutdown for current Hyundai owners who are on a leave of absence. Hyundai owners who are on a leave of absence will not have to make payments as long as they are out of work. Hyundai also announced that any furloughed workers who buy a car in the month of October their payments will be deferred for 90 days.
John Krafcik, president and CEO of Hyundai Motor America 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”.
Back in 2009, Hyundai introduced a plan to help consumers cope with the U.S. recession by allowing buyers and lessees return their vehicles if they lost their jobs within a year of purchasing their vehicle. That program ended in 2011. Hyundai’s act of goodwill relieves some of the stress that furloughed Hyundai owners and their families are experiencing.