Hyundai to defer payment due from federal employees

U.S. federal employees who have financial commitments with Hyundai Motor USA will have their payments deferred during the government shutdown, the company announced yesterday.

The government shutdown has resulted in about 700,000 federal workers, approximately one third of the workforce, being laid off (furloughed) without pay. A significant proportion have monthly loan commitments, including mortgages and other financial obligations.

It is ironic that others have to pay the financial cost of lawmaker squabbling. Members of Congress, the Senate and the President, by law, will continue receiving their salaries.

Speaker John A. Boehner (R-Ohio) will not have his $223,500 per annum renumeration cut, neither will President Barack Obama ($400,000).

According to a report by the Congressional Research Service, Senators, Representatives, Delegates, and the Resident Commissioner from Puerto Rico earn a flat salary of $174,000 per year (plus expenses). Their paychecks are safe.

Of course, as a gesture of solidarity to their federal employees, they are welcome to donate their pay.

At the bottom of this page there is a list of lawmakers who have refused or are donating their pay.

Hyundai says payment relief is open-ended for federal employees

According to Hyundai, if you are a federal employee and you own one of its vehicles, you will be granted relief on your payments “for as long as they are out of work”.

Federal employees who have been furloughed and are looking to buy a new Hyundai car will be offered 90-day deferral on payments.

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.”

You can read Hyundai Motor America’s statement regarding this at ”Hyundai adds new dimension to assurance program with new federal employee payment deferral plan”.

During the height of the Great Recession that started in 2008, Hyundai offered similar help to purchasers and car owners who had become unemployed. Apart from being an extremely helpful and considerate gesture, it resulted in enhanced customer loyalty and increased sales over the last four years.

If you are a federal employee and have or are considering a loan arrangement with Hyundai, you should talk to your local Hyundai dealer or visit the Hyundai Motor Finance website.

Lawmakers refusing or donating their pay so far

According to the Washington Post, the following lawmakers say they will either donate their pay or refuse it:

Rep. Mark Meadows (R-N.C.), Rep. Markwayne Mullins (R-Okla.), Rep. Randy Neugebauer (R-Tex.), Rep. Beto O’Rourke (D-Tex.) Rep. Gary Peters (D-Mich.), Rep. Scott Rigell (R-Va.), Rep. Mark Sanford (R-S.C.), Rep. Brad Schneider (D-Ill.), Rep. Kurt Schrader (D-Ore.), Rep. Allyson Schwartz (D-Pa.), Rep. Jason Smith (R-Mo.), Sen. Debbie Stabenow (D-Mich.), Rep. Eric Swalwell (D-Calif.), Rep. Niki Tsongas (D-Mass.), Rep. Ann Wagner (R-Mo.), Rep. Brad Wenstrup (R-Ohio), Rep. Rob Wittman (R-Va.), Rep. John Yarmuth (D-Ky.), Rep. Todd Young (R-Ind.), Rep. Ron Barber (D-Ariz.), Sen. Ted Cruz (R-Tex.), Rep. Colleen Hanabusa (D-Hawaii), Rep. Bill Johnson (R-Ohio), Rep. Patrick Murphy (D-Fla.), Rep. Diane Black (R-Tenn.), Rep. Mike Coffman (R-Colo.), Rep. Robert Pittenger (R-N.C.), Rep. Tom Cotton (R-Ark.), Rep. Bill Flores (R-Tex.), Rep. Michelle Lujan Grisham (D-N.M.) and Rep. John Barrow (D-Ga.). (as at 11a.m, Oct 2nd, 2013).