Hyundai announced that
will extend all auto loan and lease payments for the duration of the shutdown for the roughly 800,000 government employees that are on furlough.
Current owners of Hyundai products will be provided relief from payments for as long as they are out of work. Furloughed employees that want to buy a car in October will be offered a 90-day payment deferral.
This is not the first time Hyundai has extended car payments on compassionate grounds. In 2009, during the depths of the financial crisis, Hyundai launched a plan under which laid-off workers could return their Hyundai if it was under a year-old.
“We recognise the impact on family budgets that the furlough will drive,” said John Krafcik, president and CEO of Hyundai Motor America in an official statement. “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.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.