After the announcement that Chrysler will file for bankruptcy and has entered into an agreement with Fiat, CUcorp CEO David Adams said these events make credit unions even more important to automakers and consumers.
"These events only reinforce the importance of the Invest in America program and the opportunities that are present for credit unions because of the hardships of the auto industry that serve to make credit unions more relevant and more important for the automakers and for our whole economy," Adams said.
Chrysler joined Invest in America in December and offers credit union members a $500 cash allowance and employee pricing on certain Chrysler, Dodge and Jeep models.
Adams added that, "from the very beginning of the Invest in America program, we have known that all of the Detroit Big 3 were facing unprecedented financial challenges that would likely include significant job cutbacks and/or possible bankruptcy filings. The Obama administration continues to signal strong support for Chrysler and GM. Ford's operating results continue to beat expectations despite the tough economy."
Currently, the Invest in America program is approaching 100,000 in vehicles sold through the first three months of 2009 and has brought $2.1 billion in revenue to General Motors and Chrysler through the 1,300 participating credit unions.
