Relying on second quarter call reports, the Michigan Credit Union League claimed Thursday its Invest in America discount and financing program has given "a very real and record breaking" boost to the auto business with an 8.5% increase in new auto loans equating to $2.2 billion in auto loan balances as of June 30.
Moreover, the Invest plan with General Motors, Chrysler plus a Ford pilot, demonstrates anew the "buy American" philosophy supported by credit unions and inherent in rebuilding the shattered U.S. economy, said the league.
Since Invest began last December, Michigan CUs have been among the most active in the program with 200 participants.
The $2.2 billion growth in loan balances, said the league, "represents a record 32% increase in new vehicle loans from June 2008 to June 2009 and this "record breaking growth coincides with the launch" of Invest in December offering price discounts on select vehicles. The league maintains there are 1,900 active promoters of Invest across the U.S.
"Credit unions are financially stable, increasing members' savings deposits, and supporting their members and Michigan's auto companies by making the loans that put new and used cars on the road," said David Adams, president/CEO of the league. "The Invest in America program has strengthened credit union relationships with auto dealers and shown the importance of buying American. This is not just about market share; it's about credit unions helping the auto industry, jobs and our economy."