LANSING, Mich. — Chrysler Corp. along with eight more states are joining General Motors Corp. in the Michigan Credit Union League's auto financing program on price discounts and low rate loans, it was announced Tuesday.
In a media teleconference, David Adams, president/CEO of the trade group, along with a Chrysler vice president, Edward Broadbeer, said the Detroit automaker would become a "partner" in the "Invest in America" program offering CU member price cuts, rebates and low rates on Chrysler brands in line with the GM program announced last week.
One caveat in the Chrysler plan was that to be eligible for the $500-$1,000 incentive discounts for vehicle purchase, eligible members must take out the loan at a participating CU in any one of 12 states.
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Under "Invest" a campaign slated to run through June 30, CUs in the initial four Midwest states–and now eight more–are promoting lowered rates and price discounts in what the Michigan leagues and CUNA call a major campaign to support beleaguered automakers and hard hit local economies.
As a result of the Chrysler signup, "'Invest in America' is one-step closer to going nationwide, possibly by the second quarter of 2009," Adams forecasted. The additional states include: Oklahoma, Texas, Kentucky, Arkansas, Tennessee, Louisiana, New Mexico and Mississippi.
Adams told reporters there "are active talks with Ford Motor Co." with hopes the third automaker would join "soon" but in answer to a question said there are no plans to include the foreign brands. The Michigan League said Midwest CUs have already been getting favorable reaction to the Invest launch with 350,000 hits on a CU Web site, lovemycreditunion.org.
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