LIVONIA, Mich. — The GM Credit Union Member Discount program will sunset Oct. 1, according to CU Solutions Group.
Back in 2008, when the American automotive industry was in dire straits, CU Solutions Group approached General Motors with a proposal to set up a program to offer discounts to credit union members. The original name was Invest in America, later changed to Love My Credit Union Rewards.
According to CU Solutions Group, in six-and-a-half years the program drove more than $20 billion in GM sales revenue on the sale of nearly 1 million vehicles and, in turn, created 400,000 loans worth $9.2 billion to credit unions.
David Adams, CEO of CU Solutions Group, noted few predicted the program would be a success when it was first launched.
"As with anything new, there are always doubts. In fact, many within the credit union industry wondered whether our program with GM would even last six months," Adams said in a statement Monday. "We were confident that bringing this great value and brand to credit union members would drive growth for both GM and credit unions, but had no idea of the success that this partnership would bring."
CU Solutions Group said the growth of the partnership would not have been possible without the "strong support" of the credit union industry. Credit union associations promoted the program to their member credit unions, CUs marketed it directly to their members and CU Solutions Group promoted it to the public.
As to why the program is being discontinued: "Partnerships change for a variety of reasons, and in this case, it was GM's improved financial strength and the strong demand for its products that drove this decision. However, it is rare to see things end on such a successful note," Adams said.
CU Solutions Group said it serves the credit union industry by offering essential solutions in five key areas: marketing, technology, membership enhancements, performance management and lending and operations. CU Solutions Group was formed out of the combination of CU Village and HRN Management Group, and is owned by hundreds of investors made up of leagues, credit unions and credit union system organizations.
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