LANSING, Mich.-Chrysler has announced it has joined GM in partnership with credit unions across the country's midsection to offer the Invest in America auto discount program to CU members (CU Journal, Dec. 15).
The Chrysler discounts are available in the four Midwest states already part of the Invest in America program that was unveiled earlier this month, as well as eight additional states. David Adams, CEO of the Michigan league, which originally championed the partnership, said the addition of Chrysler to the alliance "extends credit unions' ability to help the domestic auto industry and consumers."
With more than a week under its belt, Invest in America has increased CU auto loan demand, Adams claimed, adding plans are to take the program nationwide by the second quarter of 2009. The Michigan league is also in talks with Ford as demand has fallen for automobiles, especially from the Big 3.
The Chrysler deal differs from GM's in its discounts and financing requirements. To obtain the Chrysler rebates, credit union members must obtain credit union financing, something not required by GM. Adams said the stipulation for credit union financing is something the Michigan league and Chrysler both agreed on.
Chrysler is offering rebates of $500 or $1,000 on the purchase or lease of eligible Chrysler, Jeep, and Dodge vehicles. The savings are in addition to any current discounts available to consumers. The GM deal provides members with GM's Supplier for Friends discount on purchases of eligible new Buick, Cadillac, Hummer, Saab, Chevrolet, GMC, Saturn, and Pontiac cars and trucks, including an additional $250 cash bonus through Jan. 5. Both GM and Chrysler programs run through June 30, 2009.
Credit union members and non-members can find details on Invest in America at www.lovemycreditunion.org. Those taking the GM deal receive an authorization number from the website and take it to any GM dealer.
To gain access to Chrysler discounts, members must bring proof of credit union financing to the dealership.
By extending Invest in America to eight more states, the program now brings $22 billion in low-cost auto loans to 13 million credit union members. The GM offer includes Michigan, Ohio, Indiana, and Illinois. Chrysler's discounts include those states, as well as Oklahoma, Texas, Kentucky, Arkansas, Tennessee, Louisiana, New Mexico and Mississippi.
"Invest in America, as well as the incremental incentives we will offer to these credit unions members, provides significant value to these customers and hopefully the economy during these tough times," said Ed Broadbear, director of incentives and programs at Chrysler.
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.
For More Info:
For info: www.lovemycreditunion.org; www.cuna.org; www.mcul.org; www.cucorp.com; www.gm.com; www.chrysler.com; www.fordvehicles.com; www.Chrysler.com; Midwest CUs, GM Partner On Program.
