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CU System
Invest in America approaching 100000 vehicles sold
LANSING, Mich. (4/22/09)--The Invest in America credit union member auto discount program is approaching 100,000 in vehicles sold, according to the Michigan Credit Union League. The nearly 100,000 vehicles represent sales through the first three months of 2009. More than 1,300 credit unions nationwide have adopted the program since its inception last fall and have brought $2.1 billion in revenue to General Motors (GM) and Chrysler through the sale of 85,847 vehicles, the league said. About 80% of vehicles sold through Invest in America have been financed through credit unions. This equates to about $1.27 billion in new auto loans, which has raised the credit union market share to 25%, up from 14% this time last year. Credit unions hold about $85 billion in new car loans nationwide. They write about $23 billion in auto loans per year--and about $8.5 billion of that amount finances GM and Chrysler autos. Chrysler is offering $500 rebates on select vehicles which also will be layered on top of its Employee Pricing. GM continues to offer supplier pricing combined with the new “GM Total Confidence” program; the most comprehensive customer protection plan in the industry. GM has also extended its “Invest in America “contract through Dec. 31. CUcorp, the Michigan league’s service corporation and the automakers are working toward extending the “Invest in America” program as a long-term relationship while offering these short-term, special promotions exclusively for credit union members. “The partnership between America’s credit unions and the domestic automakers has been impressive,” said David Adams, CEO of CUcorp. “GM indicated how much the program means to its business by extending the partnership through the end of the year. Chrysler continues to say their credit union rebates are the best deal they offer.” “Credit union members are an increasingly important part of our customer base, and we’re very pleased with the results we’ve seen with ‘Invest in America,’” added Jim Bunnell, GM executive director.
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