Before turmoil on Capitol Hill over the government shutdown and debt ceiling finally settled this week, the uncertainty appeared to be having a pronounced impact on potential sales as multiple captive finance companies make special considerations for furloughed federal workers.

Kelley Blue Book Market Intelligence found that one in four visitors to KBB.com who are looking to purchase a new or used vehicle within the next six months said the government shutdown or debt ceiling issue impacted their decision of when to buy a vehicle.

KBB also discovered through its recent survey that six in 10 site visitors who plan to finance their next vehicle purchase think interest rates for vehicle loans will increase during the next year.

When asked about where the U.S. economy was heading during the next year, KBB.com survey respondents answered with mixed feelings. The results landed this way:

—41 percent say the U.S. economy will become much or slightly worse.

—36 percent say the U.S. economy will become much or slightly better.

—24 percent say the U.S. economy will remain the same as now.

“The on-going government shutdown poses risk to the on-going recovery in new-vehicle sales,” Kelley Blue Book senior analyst Alec Gutierrez, said prior to lawmakers finally reaching a deal late Wednesday, just before a potential federal debt default might have unfolded.

“In fact, 18 percent of the KBB.com site visitors that participated in a recent survey indicated they planned to delay their new-vehicle purchase until the issue was resolved,” Gutierrez continued.

“In September, new-vehicle sales sold at a much slower pace than through summer and an extended government shutdown could keep demand at least somewhat suppressed for quite some time,” he went on to say.

Edmunds.com Notes New-Car Sales On Pace for Solid Month

While KBB shared results from its shopper survey, analysts from Edmunds.com took a look at new-model transaction data from the first 11 days of this month.

Edmunds.com found that the current pace and historical pattern point to October sales of around 1.25 million or a SAAR of 15.7 million (compared to 1.14 million or SAAR of 15.3 million last month).

“The projected 15.7 million SAAR is still right on track from what we would have expected even before the government shutdown,” Edmunds.com chief economist Lacey Plache said.

“As with recent fiscal crises, the government’s antics haven’t rattled car buyers into delaying their purchases until the latest crisis is resolved,” Plache continued. “This is really a testament to how resilient the automotive market has been for the last two years.

“Despite its best efforts, the government’s disarray has been no match for the forces driving momentum in the automotive market. Still, given that the latest deal on the table in Congress is just a temporary fix, the next potential speed bump for car sales will come in early 2014, when it looks like we’ll have to jump back on this merry-go-round all over again,” she went on to say.

Captive Finance Company Response

Captive finance companies put plans in motion to handle potential payment problems the federal gridlock might be causing.

Hyundai Motor America enhanced its Assurance program with the launch of a new payment deferral program aimed at helping federal employees furloughed during the government shutdown.

Under the plan, Hyundai will extend all auto loan and lease payments during the shutdown for current Hyundai owners who are furloughed.

“We recognize the impact on family budgets that the furlough will drive,” said John Krafcik, president and chief executive officer of Hyundai Motor America. “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.”

Current Hyundai owners will be provided relief from payments for as long as they were out of work.

The company also mentioned furloughed employees who wish to buy a vehicle this month will be offered a 90-day payment deferral.

The OEM estimated that more than 800,000 workers were not getting paid during the shutdown.

“Like the original Hyundai Assurance job loss protection program, the federal employee payment deferral plan is aimed at helping workers at a time when they most need it. The program is available to any customer who has financed his or her purchase or lease through Hyundai Finance America,” company officials said.

Meanwhile, Toyota Financial Services announced it is offering payment relief options to its customers affected by the federal government shutdown.

Officials highlighted their outreach includes any Toyota Financial Services (TFS) or Lexus Financial Services (LFS) customer financially burdened by the government shutdown, including furloughed workers, businesses and employees of businesses directly affected by the shutdown, government contractors, and suppliers.

TFS or LFS customers in good standing with their accounts may be eligible to defer up to three months of payments.

“The government shutdown has placed an unanticipated financial strain on many individuals and families,” said Al Smith, Toyota Financial Services group vice president of service operations.

“Toyota Financial Services and Lexus Financial Services remain committed to making the lives of our customers easier, so we are pleased to be able to provide some flexibility to our customers affected by this situation,” Smith continued.

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