By Mary Arnold
Earlier this week the Michigan Credit Union League announced a $10 billion "Invest in America" program designed to help consumers afford new cars, while at the same time helping General Motors cut its inventories. This is a shining example of how credit unions, working together, can impact not just their individual members but the American economy. In fact, it sounds like just what Gary Easterling, CCE, was thinking of when he wrote "Main Street in Crisis: The Credit Union Difference."
According to the league, Invest in America is "a partnership between General Motors and 1,200 Midwest credit unions [that] will offer credit union members supplier pricing on new vehicles and make $10 billion in auto loans available." The program is open to members in Michigan, Illinois, Indiana and Ohio--now through June of 2009. Credit unions in those states can send their members to LoveMyCreditUnion.org for more information.
In a visit to this site, I learned that through Jan. 9 members can save an extra $250, that "in most cases, you can combine current incentives and GM reward card earnings, and that there's "no haggling with salespeople, no having to go from dealer to dealer. Just click on Credit Union Discount From GM button to get cruising in your new car."
The pilot could be expanded to other states, and Chrysler and Ford have also been invited to participate. The program is being coordinated by Michigan league affiliate CUCorp in coordination with the four state trade associations and CUNA.
I'm currently shopping for a new car. Wish I could get in on the action, especially the not having to go from dealer to dealer part!
