LANSING, Mich. — The new "Invest in America" auto financing program unveiled by the Michigan Credit Union League and a CUNA-linked CU consortium becomes "all more important now" to CUs in light of the automaker's extraordinary month-long plant shutdown.
That was the message issued Thursday by David Adams, the president/CEO of the Michigan league commenting on what he said are enhanced "opportunities for credit unions to help domestic automakers survive" based on urgent need for low-cost borrowing capacity.
"All auto companies, including foreign automakers have lots of inventory right now and thus the importance of low-cost and available" financing becomes paramount, he said.
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The "Invest" plan being implemented by hundreds of CUs in the Mid-Continent on GM and Chrysler brands with discounted incentives and lower-cost loans should help the automakers "return to prosperity by helping to fuel new sales," said Adams.
As for whether someone would want to buy a car from a bankrupt auto company, "the USA Today published a survey on Tuesday that showed that over 75% of the public would be unaffected by a bankruptcy announcement," said Adams. "All kinds of companies go in and out of bankruptcy and it doesn't affect peoples' perceptions."
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