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Invest in America picks up steam
MADISON, Wis. (1/13/09)--More state credit union leagues are supporting the “Invest in America” credit union loan partnerships between America's Credit Unions and automakers General Motors (GM) and Chrysler Corporation LLC. The partnerships were expanded to all 50 states, it was announced Wednesday. The Invest in America programs will provide 90 million credit union members nationwide with access to GM's “Credit Union Member Discount Program” at participating GM dealers, and Chrysler's "Credit Union Members Cash" rebates at Chrysler dealers. They also will provide access to affordable financing on new vehicle purchases (News Now Jan. 8). Leagues adding their support include:
* The Credit Union Association of New Mexico, which said credit unions statewide are supporting the programs, according to Sylvia Lyon, association CEO (The Associated Press Jan. 12). There is great need for car-buying assistance in New Mexico, and credit unions have money to lend because they did not participate in subprime lending, Lyon told the newspaper. Any credit union in New Mexico can participate in the program for the next three months. * The Minnesota Credit Union Network (MnCUN), which said Minnesota credit unions’ involvement in Invest in America demonstrates how the cooperative nature of credit unions benefits the local, state and national economies. “Minnesota credit unions have tremendous potential to help stimulate the state’s economy through car loans to their members,” said Mark D. Cummins, MnCUN president/CEO. “In these tough economic times, our state’s credit unions have remained, and will continue to be, healthy and strong. Participation in Invest in America is one of the many ways Minnesota credit unions are helping their members deal with the current challenges presented by the economy.” * The Association of Vermont Credit Unions (AVCU), which also said the programs are an example of how credit unions’ cooperativeness benefits local, state and national economies (Newslines Express Jan. 9). “This program provides credit union members exclusive discounts on new 2008 and 2009 GM and Chrysler vehicles. It further demonstrates that local, member-owned, and financially sound credit unions offer tremendous value and support to consumers struggling with tightened credit availability and a challenging economy,” AVCU President Joe Bergeron said in a press release sent to Vermont media outlets Thursday. * The Maryland & DC Credit Union Association (MDCCUA), which said credit unions have always been embedded in their communities (FOCUS newsletter Jan. 12).“This program is a win-win for the 2.5 million credit union members in Maryland and DC and the U.S. automakers,” said Mike Beall, MDDCUA president. “We are proud to be a part of this vital initiative to stimulate our local economy.”
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