I found several posts about a commercial which aired shortly after the Bush/Gore election in 2000, satirizing the Florida recount and the "hanging chads" controversy.
All descriptions mention a group of old women sitting in a room counting ballots, when a younger man comes in and interrupts them. They all yell "CHAAAD!" as his sudden appearance made them lose count. The line "stop it, Chad!" may also have appeared.
One post suggests he fell from the ceiling, which could imply that Chad was indeed hanging there.
It seems like this Kia ad and the one described in the Reddit posts are the same thing. One commenter mentioned Snickers, but I've found no other reference to this versus the 5 or so people who specifically mention Kia.
Definitely want to see this because of its reference to such a specific political moment. I've searched extensively but haven't turned up anything other than these mentions of the ad itself.
I found it! The silver bullet turned out to be a Google Groups post which mentioned it was part of the 2000 year-end sales event (and not from mid-2001 like we'd assumed from some of the other mentions out there).
Tracked it down to this upload of a football game, in which the ad airs about 3 times lol