LANSING, Mich. -The Michigan Credit Union League teamed up with CUNA, other Midwest leagues and General Motors Corp. Wednesday in rolling out a $10 billion package of low-rate loans to purchasers of GM brands.
In detailing what was described as a "dramatic" announcement with nationwide impact, the Michigan League forecast that 1,200 CUs in Michigan, Ohio, Illinois and Indiana will partner with GM in the "Invest in America" program to offer members access to low loan rates at 5.4% or about 4.5% off sticker prices. Also in the package are price discounts on new cars.
"Credit unions have a long history of helping hard-working Americans in troubled times," said Daniel A. Mica, CUNA president/CEO in a formal press release. "In this period of severe economic stress, we are pleased credit unions can be part of a program that utilizes one of their primary services–auto loans–to make auto purchases more affordable for millions of consumers and, in the process, help energize our nation's economy."
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Officials of the Michigan League said they are talking to the two other big car manufacturers, Ford and Chrysler, inviting them to join up.
The program, running from Dec. 8 through June 30, 2009, offers eligible vehicles at a "GM Supplier for Friends" price discount to CU members, receiving a $250 cash bonus between now and Jan. 5 on GM purchases.
"This new arrangement with Midwest credit unions creates a tremendous value for GM and for thousands of credit union members," said Mark LaNeve, GM vice president, North America Sales , Service and Marketing. "We appreciate the credit unions' promotional support and are pleased to make this offer."
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