LANSING, Mich. — The "Invest in America" auto financing program now recording 10,000 vehicle sales since its December debut and promoted by CUNA and a state league consortium expanded its reach by including the California-based CUSO, Credit Union Direct Corp.
In a news media conference call, David Adams, president/CEO of the Michigan Credit Union League, the prime mover in "Invest" and Jerry Neeman, executive vice president, of CUDL, the acronym for the CU-based lending network, forecast gains in loan volume for the 700 CUs in CUDL as a result of the General Motors/Chrysler linkup.
So far 600 CUs across the U.S. have signed on to the discount-based "Invest" program debuted Dec. 8 first with GM dealers and later with Chrysler and since expanded nationwide.
Recommended For You
Adams said he was heartened "by the positive energy" engendered by the program among CUs and state leagues toward boosting auto loan business and aiding the ailing car manufacturers.
Citing the expanded market share for CUs on auto loans since the credit crisis hit home, CUs, said Adams, have climbed from 14.7% share in March to 21.4% in November. In some states, which he did not identify, half of the auto financing is now being done by CUs.
Adams forecast that the number of direct sales attributed to Invest could climb to 100,000 by year-end.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
