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Demand prompts GMs pilot expansion to 50 states
LANSING, Mich. (1/8/09)--Credit unions and General Motors announced Wednesday that their four-state pilot of “Invest in America,” a loan incentive program for credit union members, is expanding to all 50 states. “The four-state pilot announced in early December had outstanding response from customers and dealers, with dealers asking to take the program nationwide,” said Jim Bunnell, executive director of Channel Marketing for GM, at a press conference call. “We’re expanding the program to all 50 states, effective today.” The Invest in America program will give 90 million credit union members across the country access to GM’s “Credit Union Member Discount Program” at participating GM dealers, as well as access to affordable financing on new vehicle purchases. Bunnell noted that hits to the website www.lovemycreditunion.org generated a 30% conversion rate into auto loans during the first weeks of the pilot. “Dealers in other states heard about the pilot and said, ‘What about us?’” he said. The national pilot program will run through March 31. It offers GM supplier price discounts on new Buick, Cadillac, Hummer, Saab, Chevrolet, GMC, Saturn and Pontiac cars and trucks. “Credit unions have billions to lend, which in this economy, makes the Invest in America program very timely for General Motors,” said David Adams, president/CEO of the Michigan Credit Union League and its subsidiary, CUcorp, a marketing company for credit unions. “The exclusive credit union member discounts will create a compelling opportunity for the 90 million credit union members nationwide.” Adams said the program's website had 1.3 million hits and credit unions reported an annualized growth rate between 20% and 80% during December since the pilot began. The original pilot with Michigan, Indiana, Illinois and Ohio credit unions and dealers will run through the end of June. A separate pilot program with Chrysler LLC also was extended nationally. (See News Now’s article, “Chrysler’s partnership with CUs now available nationwide.”) Adams also said CUcorp and the league were “in active and positive talks with Ford” about the possibility of extending the program.
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