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CU System
Chrysler temporarily suspends CU program
LANSING, Mich. (4/6/10)--Chrysler has temporarily suspended its affiliate rewards program, including its arrangement with credit unions under the Invest in America (IIA) program, according to an e-mail message to CUCorp and the leagues. The program "will be temporarily suspended pending fast-track discussion with Chrysler senior management in April," said the e-mail, sent Thursday by Kim Irwin, vice president of IIA. "We are hopeful that the program will have no more than a 30-day interruption, but we will communicate more as soon as we know details." "This is not a reflection of Chrysler's perception of value of the IIA program. Rather, it has to do with executive management's management of all incentive programs with direction from the federal government," Irwin emphasized. "The IIA program and supporting credit unions have benefited greatly from an outstanding relationship with Chrysler Group LLC," said the e-mail. "Since inception, credit unions have sold over 103,000 Chrysler, Jeep, Dodge and Ram Truck vehicles through the IIA program. These sales generated over 101,000 loans totaling more than $2 billion and resulted in member savings in excess of $77 million." Irwin's message noted IIA has experienced a temporary suspension before, and IIA and Chrysler worked through it. "In fact, through your efforts, we have experienced significant Chrysler sales increases in 2010 as the program once again gained traction. We are likewise confident that we can do the same this time." Irwin asked credit unions for patience "as we help Chrysler address the financial challenges associated with the environment they operate in."


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