LIVONIA, Mich.-To help boost CUs' year-end auto loan volume, Invest in America has introduced a new private offer from General Motors.
The deal offers $1,000 cash back on five different Chevrolet, Buick, and GMC cars and trucks, on top of any other public incentives. The deal runs through Jan. 3, and is being offered through 240 credit unions.
CU Village President David Adams said the promotion is "the first of several private incentives GM will make available over the next year, and it is only for members at participating credit unions."
The private offer is available on the new 2010 or 2011 Chevrolet HHR, Impala, or Silverado, as well as the Buick Lucerne and GMC Sierra. Members sign up by bringing two codes to the dealership: the private offer program code and the CU Member Discount authorization code from LoveMyCreditUnion.org. Participating credit unions can target promotions toward members in the market for a new vehicle. The private offer discount is in addition GM's standard CU discount-5% to 10% off MSRP.
"This is not an offer that is broadcast to the public and credit unions promote it on a targeted basis," Adams explained. "They simply indicate how many of the authorization codes they want to send to members and target those most likely to be in the market for a new car."
Adams said to expect Invest in America to deliver more Private Offers from GM next year and to bring Chrysler back into the fold. Chrysler suspended its participation with Invest in America in April, which is the primary reason Invest in America numbers are slightly below what Adams expected for 2010.
"We are generating about 12,000 car sales a month, accounting for about 5% of GM's sales, which is still significant," he said. "I think the private offers can help spike those numbers and we are experimenting with GM on some new approaches that will generate additional deals."
Invest in America, which offers CU members discounts from a number of U.S.-based companies, has brought more than 213,000 auto loans to CUs since the program began in December 2008.
