LIVONIA, Mich.-Invest in America is helping credit union members see more of the USA by adding Thor Industries - the world's largest manufacturer of recreational vehicles-to the CU discount program.
Thor joins GM and Chrysler-which have contracts with Invest in America through the end of December - and Ford, which has a leasing pilot with the program. The agreement with Thor signals Invest in America may be looking to significantly expand. CUcorp CEO David Adams said Invest in America is in talks with several Fortune 500 companies.
The contract with Thor runs through Dec. 31 and provides CU members with discounts ranging from $300 to $1,000 on various RVs. Members first go to their CUs to get preapproved for the loan, and then go to the dealerships for the discounts. Thor manufactures Airstream, Breckenridge, CrossRoads, Damon Motor Coach, Dutchmen, Four Winds, and Komfort RV brands. The discounts are available in all 50 states.
'Outstanding Success'
"Invest in America has been nothing short of an outstanding success. This relationship can add significantly to our dealerships' business," said Dicky Riegel, COO of Thor Industries, based in Jackson Center, Ohio.
The RV industry has been hit hard by the economy, shared Riegel, who explained that many RV dealerships had to reduce inventory by the end of the summer to compensate for sagging sales. "But consumers have started coming back," Riegel said. "And we have seen projections of the industry growing by 25% in 2010."
Adams said adding Thor was not influenced by signs that the economy may be turning around and freeing up money for RV purchases, adding that CU member demographics align with the typical RV buyer. "The people who buy RVs also tend have stronger credit," Adams pointed out. "The average delinquency ratio on an RV loans .95% ...The agreement with Thor provides value for credit union members on RV purchases, helps credit unions gain more market share in RV loans, and helps strengthen the RV manufacturing industry."
GM and Chrysler vehicle discounts through Invest in America have facilitated 180,000 sales since January, with 146,000 credit union loans totaling $2.9 billion. Credit union members have saved more than $135 million on new vehicles through the program, according to CUcorp, a subsidiary of the Michigan Credit Union League, which developed Invest in America.
