INDIANAPOLIS — The "Invest in America" auto loan deal, put forward this month by the Michigan Credit Union League, Midwest leagues and CUNA, won praise this week from Sen. Richard Lugar (R-Ind.) to help spur auto purchases.
Meanwhile, the American Bankers Association while lauding CUs for assisting the auto firms, suggested the favorable rates touted by CUs are misleading "since there are many banks quite competitive and offering rates below credit unions."
It's a case of CUs "muddying the apple pie" in trying to claim a favored role on auto loans, said Doug Johnson, vice president of risk management policy for the ABA.
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