Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
GM expresses appreciation to CUs outlines plans
LANSING, Mich. (9/16/09)--Management officials at General Motors expressed appreciation for credit unions and their "Invest in America" auto-sales incentive program during a conference call Monday. Mark LaNeve, vice president of sales and marketing for GM North America, told more than 100 credit unions on the call that "Invest in America" is not just a program GM considered when credit was tight, but a critical partnership for the newly restructured automaker. He outlined GM's plan for moving forward and how credit unions fit into that plan. CUcorp CEO David Adams also spoke during the call, describing the partnership as a catalyst to how business can be done in today's economic environment. CUcorp is a service corporation of the Michigan Credit Union League. "This is another positive example of how today's economic climate is creating unprecedented opportunities for credit unions and their members," Adams said. LaNeve explained that 60% of credit union members who requested a GM authorization code for a discount are purchasing the vehicle. The normal rate is about 15% to 20%, and he expressed satisfaction with the credit unions' statistic. LaNeve also pointed out that 66% of credit union members buying a GM vehicle is either a new GM customer or returning after using another company. Credit unions had an opportunity to ask questions directly with GM and give senior management an idea of how the program worked from the credit union perspective. "This meeting was likely the first time that General Motors Corp., the venerable powerhouse in the auto industry, has had a dialogue with some of the largest credit unions in the nation about a partnership," said Adams, adding that CUcorp is committed to being a catalyst for partnership between credit unions and GM. So far, more than 190,000 vehicles have sold under the "Invest in America" program, with credit unions financing more than 150,000 of the sales. This has resulted in new credit union loans of about $3 billion, said CUcorp.
Other Resources

RSS print
News Now LiveWire
For the last 75 years, even in the most difficult of times, Mill Town #CU has been there for the community it serves. Read #NewsNow Tues.
3 hours ago
The 1st vid shows how consumer can become victim and, advice to those who think they've been targeted. http://t.co/hr9VHpzEze
7 hours ago
.@TheNCUA has released two videos designed to raise awareness of elder financial abuse. http://t.co/iddSxr7H40
7 hours ago
Celebrate #100MM with @MDDCCUA1 at Orioles v Blue Jays tonight at Camden Yards
7 hours ago
The At Home In Lawrence mortgage program from @MetroCU is designed to help revitalize Lawrence, Mass.
8 hours ago