General Motors Corp, a participant along with Chrysler Corp. in "Invest in America," the car discount program of the Michigan Credit Union League, is extending its CU agreements through the end of 2009 with now more than 73,000 vehicle sales linked to the nationwide network.
GM, which provides CU members price cuts on branded cars, had originally planned to end the program March 31. Eighty per cent of the financing has been done through CUs, said the league.
"The extension of the GM contract is reinforcement for the idea that as credit unions seize the opportunity to promote member discounts and generate results for the automakers, Invest in America will become a great 'win-win' opportunity for the automakers and the economy in addition for credit unions and their members," said David Adams, president/CEO of the league.
Under the deal adapted by CUNA and state leagues, CUs sign non-binding participation agreements that ensure their continued participation and member benefits. CUs are asked to complete the forms allowing the Michigan League's CUcorp subsidiary to quantify activity for GM and Chrysler.
CUs are now being asked to complete certain minimal marketing requirements in order to continue participation beyond the first quarter as part of the extension deal.
