MADISON, Wis. (1/29/09)--CUNA Mutual Group joined credit unions nationwide Wednesday with supporting initiatives for purchases made from automakers General Motors and Chrysler Corp. through the “Invest in America” program. The credit union loan program includes nearly 8,000 credit unions nationwide and makes available $80 billion in credit union auto loans for new-vehicle purchases. The national program with Chrysler runs through June 30, and layers on top of recently announced Employee Pricing. GM’s national program runs through March 31, but it has extended the program in Michigan, Illinois, Indiana and Ohio to June. The states were part of the pilot program. CUNA Mutual is offering added incentives, including:
* Free online auto loan applications (for credit unions) through CUNA Mutual’s loanliner.com; * Discounts on quick, automated decisions on loan applications; * A discount of up to a 25% for participation in CUNA Mutual’s target marketing program, which identifies creditworthy members who may be in the market for a new vehicle, based on the life of their existing auto loan.
“Participating in the Invest in America program is a natural extension of our continued commitment to credit unions,” said Kevin Lentz, CUNA Mutual senior vice president of Service Product Lines. “It’s also a great way for CUNA Mutual to do its part to stimulate the economy.” The “Invest in America” program offers supplier pricing on new GM vehicles and rebates of $500 or $1,000 on eligible Chrysler, Jeep and Dodge vehicles. The discounts are offered in addition to most cash incentives both manufacturers are offering. CUcorp, a wholly owned subsidiary of the Michigan Credit Union League (MCUL), created and coordinated the program with GM and Chrysler. “As one of the largest and most influential companies servicing the credit union market in the U.S., CUNA Mutual Group’s support will give another major component to this important campaign to boost domestic auto sales,” said David Adams, president/CEO of CUcorp and MCUL. “This is another example of broad credit union industry support for U.S. automakers and our national economy.”