Invest in America is not gone for good, though. The Michigan Credit Union League said it expects a new Chrysler Invest in America program in September and that Chrysler has simply chosen to focus on one program now instead of two.
The latest Invest in America numbers showed that from December 2008 through June 2009 the program facilitated 175,261 cars sold for GM and Chrysler and 140,209 loans through credit unions totaling $2.8 billion. In the month of June, there were 35,938 Chrysler and GM cars sold through the program, and 26% of Chrysler's car sales for June came through Invest in America.
"This move by Chrysler is expected to be temporary as they restructure and get ready for the new model year. We hope that credit unions will continue to promote Chrysler Cash for Clunkers as well as the GM CU Member discount. We will announce many Invest in American program enhancements soon, including the expected return of CU Cash from Chrysler," said David Adams, CEO of CUcorp.
Chryslers program, "Double Cash For Your Old Car," combines the government's Cash for Clunkers program with its own incentive to make consumers with an eligible trade-in receive up to $9,000 toward the purchase of a new 2009 Chrysler, Jeep or Dodge vehicle.
The incentive program started on July 23 and will run until Aug. 31. Consumers can choose between the $4,500 consumer cash incentive offer to combine with the government's Cash for Clunkers incentive or 0% financing for 72 months through GMAC.
The Michigan Credit Union League is still promoting Chrysler's Double Cash For Your Old Car program through its site, www.lovemycreditunion.org. The site promotes the program and urges consumers to choose the cash incentive and secure financing through a credit union.
The site states that consumers can save more through the incentive because it's the final cost of the vehicle that's important, not the finance rate. The site provides examples and a detailed breakdown of how the incentive plus a loan from a credit union beats the 9% financing offer.