LANSING, Mich. (12/17/08)--After the launch of the "Invest in America" credit union loan partnership last week, Chrysler Corporation LLC announced it will join the alliance.
This gives 1,295 credit unions in Michigan, Ohio, Indiana and Illinois access to cash discounts for its members from two of America's three domestic automakers and access to financing on new vehicle purchases.
"Invest in America" is also one step closer to going nationwide; Chrysler will expand the pilot program in eight additional states, as well as the original four Midwest states. This will make available an additional $12 billion in auto loans for the program and bring discounts to another 14 million credit union members.
The program started Tuesday and runs through June 30, 2009. It offers "Credit Union Member Cash" rebates of $500 or $1,000 on eligible Chrysler, Jeep and Dodge vehicles. The rebates will be exclusively for credit union members who also obtain their financing from a credit union, layering on top of other incentives.
"The Invest in America" program will provide access to affordable financing options and special discounts for credit union members who want to purchase a new Chrysler, Jeep or Dodge vehicle," said Steven Landry, Chrysler executive vice president of North American Sales. "We are confident that the 'Invest in America' program and 'Credit Union Member Cash' will provide significant value for our customers and the economy as a whole during these challenging economic times."
To gain access to the rebates, credit union members can bring proof of credit union financing to a Chrysler dealership. Credit union loan rates average 5.4% compared to 6.9% for bank rates according to Datatrac, a survey company that tracks auto loan rates. Participation requires that the consumer belongs to a credit union.
Credit union members in the pilot states or those that would like to join can learn more about the special rebates by using the resource link.
"'The Invest in America' vision is to create a win-win program in which credit unions pledge billions in low-cost credit union financing and strong marketing support in return for exclusive credit union member discounts and rebates," said David Adams, Michigan Credit Union League president/CEO. "Credit unions have always focused on service to their members and communities. This program simply expands that vision to apply much needed financing assistance to help boost domestic auto sales."
Eight additional states taking part in the "Credit Union Member Cash" rebates are Oklahoma, Texas, Kentucky, Arkansas, Tennessee, Louisiana, New Mexico and Mississippi.
"Invest in America" was created by CUcorp, a marketing company based in Livonia, Mich., and a wholly-owned subsidiary of the Michigan Credit Union League. There are plans to bring "Invest in America" nationwide, possibly by the second quarter of 2009.
courtesy of cuna.org