Genesis will make your car payments...

[PMCErnie]

What part is vague? Covid-19 causes job loss, they make some payments.
From the web site: " for loss of job caused by COVID-19"

Again, you sound like you’ve got the rule book in your hands, but you do not. Everyone knows about the “fine print” in documents. I only have one close family member who has “lost her job”...temporarily. She’ll be back to work gangbusters cutting and styling hair soon enough.

 

[Julius88]

The phrase "job loss caused by COVID-19" is pretty clear and reasonable people can easily agree on what that means. Genesis could be opening themselves to legal action if they try to claim that the phrase means something different. Aside from that, I don't think Genesis would want the negative publicity by playing word games, especially in this day of social media. Now it sounds like to go through the hoops of qualifying for the program, people need to contact their local Genesis dealer. It's possible that there is some inconsistency at the local dealer level in terms of how each dealer is implementing the program. If so, Genesis HQ will have to iron out any wrinkles.

 

[EdP]

Again, you sound like you’ve got the rule book in your hands, but you do not. Everyone knows about the “fine print” in documents. I only have one close family member who has “lost her job”...temporarily. She’ll be back to work gangbusters cutting and styling hair soon enough.

Did she buy a Genesis recently? She could get some car payments made if she did.

Genesis made a rather plain statement Show me different.

For anyone currently leasing or financing there is also help available.
Genesis Finance Frequently Asked Questions

What are the qualifications for a Global Health Crisis Relief Payment Deferment?
Current customers who are:

• Providing care for themselves or a member of the household resulting from the current global health crisis and are temporarily unable to work.
• Experiencing job loss resulting from economic conditions during the current global health crisis(Document required from your employer or evidence of filing for unemployment compensation as documentation of a job loss if applicable).

A disaster relief Payment Deferment is available if the account is less than 90 days past due.

Please note that approval of deferment requests is subject to your submission of required documentation as described.

 

[PMCErnie]

Did anybody happen to read this fine print?

*All information provided is subject to change at a moment’s notice given the fluid nature of the current situation.”

Also note that you had to buy the new vehicle between March 14 - April 30 to qualify. Just how many folks are out buying new cars during this time frame? Most folks fear going out for a loaf of bread.

2020 Genesis Cares FAQ

 

[PMCErnie]

Speaking of glorious financial relief programs...

Ruth’s Chris Steak House Gets $20 Million From Coronavirus Aid Program

Now we won’t have to worry anymore about Ruth’s Chris.

 

[BadTrainDriver]

Did anybody happen to read this fine print?

*All information provided is subject to change at a moment’s notice given the fluid nature of the current situation.”

Also note that you had to buy the new vehicle between March 14 - April 30 to qualify. Just how many folks are out buying new cars during this time frame? Most folks fear going out for a loaf of bread.

2020 Genesis Cares FAQ

I purchased my 2019 G70 in this time frame. I applaud the dealer I worked with, as every precaution was taken to protect both myself and the staff that I worked with. 99% was done via email, with about 30 minutes of actual time spent at the dealership. All paperwork was prepared beforehand, and laid out for me to sign. It was actually requested by my salesman that I bring my own pen to sign with. The car was delivered with covers on the seat, floor mat, and on the steering wheel(removed by sales person before I took the car). Sales person followed me to the gas station and paid for my full tank of gas. I've purchased at least twenty new vehicles, and this was by far my easiest transaction as a whole.

 

[Mcc]

I purchased my 2019 G70 in this time frame. I applaud the dealer I worked with, as every precaution was taken to protect both myself and the staff that I worked with. 99% was done via email, with about 30 minutes of actual time spent at the dealership. All paperwork was prepared beforehand, and laid out for me to sign. It was actually requested by my salesman that I bring my own pen to sign with. The car was delivered with covers on the seat, floor mat, and on the steering wheel(removed by sales person before I took the car). Sales person followed me to the gas station and paid for my full tank of gas. I've purchased at least twenty new vehicles, and this was by far my easiest transaction as a whole.

So there you go. Validation that it is good thing by Genesis.

Did anybody happen to read this fine print?

*All information provided is subject to change at a moment’s notice given the fluid nature of the current situation.”

No sure what you point is. Have you ever seen an offer in print that didn’t say it was subject to change? No Big deal.

 

[Mr. Incredible]

I'm not sure what you're referring to - are you talking about paid sick leave rights? I'm not seeing how this is a bad thing. Nor how the FFCRA and CARES Acts are government overreach. It's the government's responsibility to keep the economy going. You may not agree with the particulars of how they're doing it, but that doesn't make it overreach.

Second, I don't think the paid sick leave rights provided by FFCRA made companies lay off their employees because they didn't want to have to pay sick leave. Companies laid off workers because business had slowed or outright stopped. I don't think a company that still is able to retain all or most of its business is just going to lay off workers because they don't want to pay 12 weeks of paid sick leave if someone gets sick. That wouldn't make sense. Also, if a business needs help paying salary or leave for the employees it retains, there is the Paycheck Protection Program provided by the CARES Act. Though the finer details of both of these Acts are still being clarified.

The Covid Cares Act isn’t just about paid sick leave, it requires the company to pay the employee in the event of a quarantine whether the employee is sick or not, that is why there was a surge in lay offs the last week of March, my company as well as my previous company (one of the largest clothing retailers in the world) laid off their workers specifically citing the Covid Cares Act as the reason, because the county and then the state enacted the quarantine So the workers could not go to work as a result.

If it was just for being sick that is fine, the government decided it was going to require employer’s to continued full pay even if the employee wasn’t sick but under local, county, state, or federal quarantine or shelter in place orders. That is government overreach, to expect private business to pay workers who can’t work because of a government order.

The Covid Cares Act requires the companies to continue to pay them even though they weren‘t sick, only quarantined by government action. How can a company pay employees when they have no receivables?


under normal circumstances the company would require the employee to used PTO once that was used up the employee would remain off without pay, sick time in CA is a earn it and use it or lose it within the year system, and companies can cap it at 24 hours or 3 full time days.


also from what my companies attorneys have told us, paycheck protection does not apply, nor does any of the small business relief options being floated around, to any business that is owned in part by private equity.

im about to become one of those “loss of job” people within the next week or two, Sadly my company has already told us that if we can’t reopen distribution mid-May we are out of business for good. The company only had enough liquid assets to remain closed for 90 days, for March they paid everyone full salary, for April only those critical to the business, for May and June we are all taking a 20% pay cut, If we don’t start shipping in May we will be closed for good by the end of June.

I’m already interviewing, and I am switching industries, getting out of retail and manufacturing.

 

[Mr. Incredible]

A lay-off isn’t necessarily a job loss. That’s the point. Time will tell.

That depends on the state and the state laws, in California a lay-off is a job loss, a furlough is not. You can’t file for unemployment under furlough you can under lay off

Most companies choose lay-off as a furlough would require the company to continue pay under the Covid Care Act, because they are not unemployed at that point, they just aren’t working.

 

[EdP]

If it was just for being sick that is fine, the government decided it was going to require employer’s to continued full pay even if the employee wasn’t sick but under local, county, state, or federal quarantine or shelter in place orders. That is government overreach, to expect private business to pay workers who can’t work because of a government order.

The Covid Cares Act requires the companies to continue to pay them even though they weren‘t sick, only quarantined by government action. How can a company pay employees when they have no receivables?

Seems to be a perception that big corporations have piles of cash. Sure a lot of small businesses will be hurt but a lot of big ones will be hurt, possibly fatally. Could be a big mess in months.

______________________________

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[Trixie86]

Did anybody happen to read this fine print?

*All information provided is subject to change at a moment’s notice given the fluid nature of the current situation.”

Also note that you had to buy the new vehicle between March 14 - April 30 to qualify. Just how many folks are out buying new cars during this time frame? Most folks fear going out for a loaf of bread.

2020 Genesis Cares FAQ

I did, 2020 G80 Sport. Does retired mean I get a Play???

 

[Mcc]

also from what my companies attorneys have told us, paycheck protection does not apply,

I don’t understand why PPP would not apply if you are laid off because of Covid.

 

[Mr. Incredible]

I don’t understand why PPP would not apply if you are laid off because of Covid.

need to read the entire statement:

also from what my companies attorneys have told us, paycheck protection does not apply, nor does any of the small business relief options being floated around, to any business that is owned in part by private equity.

key words "owned in part by private equity"

the relief options specifically call out that businesses that are owned in part or whole by private equity investors or investment firms.

The relief options are for businesses with less than 500 employees, private equity-owned companies are considered "affiliated" with all of the private equity firm's other portfolio companies.

• That means if you have 300 employees but are owned by a private equity firm whose portfolio companies employ a total of 1,000 people, you don't qualify.

^^^^^ This is my company 250 - 300 employees, but partly owned by Karp Reily, a Private equity firm with a portfolio that includes > 10,000 employees across 3 dozen small businesses:

The Senate's relief bill left out thousands of small companies owned by private equity

Without Leverage, Private Equity Firms Missing Out on Stimulus Funds | The American Lawyer


Specifically Paycheck Protection:

CARES Act: Can Private Equity or Venture Capital Owned Small Businesses Obtain Paycheck Protection?

 

[PMCErnie]

I purchased my 2019 G70 in this time frame. I applaud the dealer I worked with, as every precaution was taken to protect both myself and the staff that I worked with. 99% was done via email, with about 30 minutes of actual time spent at the dealership. All paperwork was prepared beforehand, and laid out for me to sign. It was actually requested by my salesman that I bring my own pen to sign with. The car was delivered with covers on the seat, floor mat, and on the steering wheel(removed by sales person before I took the car). Sales person followed me to the gas station and paid for my full tank of gas. I've purchased at least twenty new vehicles, and this was by far my easiest transaction as a whole.

That’s great. How many payments did they cover for you?

 

[Mr. Incredible]

Seems to be a perception that big corporations have piles of cash. Sure a lot of small businesses will be hurt but a lot of big ones will be hurt, possibly fatally. Could be a big mess in months.

yes piles of cash just laying around for no good reason. most companies, big or small reinvest those "piles of cash" into the company after all the fat cats are paid their bonuses and dividends.

while my employer had some cash on hand it is only enough to stave off complete closure for 3-4 months, when you consider we have 22 retail locations and 2 corporate distribution centers to pay rent and utilities on, plus several hundred employees to pay salary and benefits to, not to mention any open invoices and contractual agreements for product, materials, labor, etc. Having 3-4 months of cash on hand for a company that makes about $25 million a year in sales, is not bad, in fact it is probably very solid budgeting and cash management by our executive team.

the last small business I worked for back in early 2000s until 2012 at their peak made $80 million a year in sales and didn't every have enough cash on had to last 1 month much less 4, they always took extra cash on had and gave it to the executives as bonuses.

Our CEO and owner haven't taken a paycheck since March 18, and won't until we are solvent again, and even though they laid off nearly 250 workers, they are maintaining those laid off employees benefits through Cobra, i.e. the company is paying for them so the employee doesn't go without medical benefits. roughly 250 employees times roughly $2,400 a month the company is paying out until December 31 or until they return, for any laid off or furloughed employee, along with all the other expenses.. Sadly there wasn't enough for paychecks and they chose the lesser of 2 evils, keep paying the employees medical benefits and let them collect unemployment or lay off everyone and give them nothing.

 

[PMCErnie]

Seems to be a perception that big corporations have piles of cash. Sure a lot of small businesses will be hurt but a lot of big ones will be hurt, possibly fatally. Could be a big mess in months.

We may have to live without some places like Ruth’s Chris. Pappy often told us to save for a rainy day.

 

[Mr. Incredible]

We may have to live without some places like Ruth’s Chris. Pappy often told us to save for a rainy day.

my dad always said 10% of your pay goes in the bank for that rainy day,, unfortunately with inflation and the current economic environment I don't think 10% is enough anymore, 20% might keep you afloat for a few months, 30%-40% is better, sadly most people live paycheck to paycheck and can't even manage 10%

 

[BadTrainDriver]

That’s great. How many payments did they cover for you?

Thankfully, I'm still employed.

 

[Julius88]

Seems to be a perception that big corporations have piles of cash. Sure a lot of small businesses will be hurt but a lot of big ones will be hurt, possibly fatally. Could be a big mess in months.

I don't want to get into the whole politics of why private equity is not eligible for the stimulus package benefits, but the private equity industry as a whole actually does have "piles of cash". I do feel bad for those people who work for companies owned by PE firms - but industry-wide (not talking about any specific PE firm), the PE industry has an estimated $1.5 trillion in available, unallocated capital. So as an industry, private equity is capable of weathering this storm. Obviously, they want a piece of the pie that the government is offering, but I question if they really need taxpayer assistance when they are one of the wealthiest sectors in the economy, and in some cases, getting wealthier even in this economy.

 

[PMCErnie]

Thankfully, I'm still employed.

That’s good news. That’s also part of my point. I don’t sense that many folks will be benefiting from the “make your payment” offer from Genesis.