RANCHO CUCAMONGA, Calif.-Credit Union Direct Lending (CUDL) has joined Invest in America, providing point-of-sale financing capability and a marketing boost for the auto discount program that's generated 10,000 car sales for GM and Chrysler since early December.
With early projections that Invest in America could move "100,000 to one million cars" this year, according to Michigan CU League President David Adams, marketing is now an emphasis. "We have a solid discount program," said Adams. "Now it's important for CUcorp (MCUL's service corporation) to work through associations and CUSOs, like CUDL, to rally support for this great opportunity for credit unions to make auto loans and grow membership. Most credit unions understand the opportunity, which is why more than 600 have linked to the Invest in America website in a matter of weeks."
Adding CUDL will help promote Invest in America at point of purchase, said Adams. CUDL, which generated $12 billion in CU auto loans in 2008, will allow CUs to provide member financing at its more than 1,800 participating GM and Chrysler dealerships.
CUDL, which administers the nation's largest point-of-sale and indirect-lending network for credit unions, has 700 CU partners and 20 million members, working with 9,000 dealers nationwide. CUDL will also provide access to Invest in America discounts through its AutoSMART program, shared Jerry Neemann, EVP and chief sales officer for CUDL. "Participating credit unions will be able to promote the program through their co-branded AutoSMART websites, which allow credit union members to facilitate much of the research they need when buying a car. We look forward to delivering any value we can to Invest in America, whether that be at the transaction level, promoting this to our dealers, or bringing our 700 credit unions to the table."
Invest in America, launched in December as a 12-state pilot, went nationwide earlier this month. Adams said discussions are ongoing to bring Ford into the program.
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Midwest CUs, GM Partner On Program; Auto Loan Program Expanding, Despite Partnership, Automakers Still Pose Competition, Midwest CUs, GM Partner On Program
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