Credit Unions Invest in America

Dec. 10 - A partnership between General Motors and 1,200 Midwest credit unions will offer credit union members supplier pricing on new vehicles and make $10 billion in auto loans available. More than Four million credit union members in Michigan will be eligible this Dec. through June of 2009.

The Michigan Credit Union League will join the Illinois, Indiana and Ohio credit union associations in the partnership to fill the gap as other auto lenders retreat from the market. The Credit Union Discount from GM will be available beginning December 8, 2008 through June 30, 2009. All current and new credit union members in the four allied states will receive the GM Supplier Discount plus another $250 off of any new vehicle through January 5, 2009. The discounts, among the best and most broad-based values offered by GM, will stack on top of most other incentives being offered.

"Credit unions have a long history of helping hard-working Americans in troubled times," said Daniel A. Mica, president and CEO of the Credit Union National Association, the nation’s largest credit union trade group. The "Invest in America" program will be piloted in a four-state region with possibilities to go nationwide early in 2009.

CUcorp will coordinate the pilot program, and both Ford and Chrysler have also been invited to participate and are working toward similar agreements. The credit union consortium includes the four state trade associations and CUNA.