|
Home >
Pressroom > News Release:
Chrysler added to CU auto discount program
 |
For Immediate
Release
Contact: Patrick Harris
Director of Media Relations
Ohio Credit Union League
pharris@ohiocul.org
800-486-2917 |
Chrysler
LLC Joins Expanded “Invest in America” Partnership
Chrysler extends pilot program to eight additional states, gives
a combined
25 million credit union members access to $22 billion in
low-cost auto loans.
Columbus, Ohio, December 17, 2008 – After
a successful launch of the "Invest in America" credit union loan
partnership last week, Chrysler Corporation LLC announced it
will join the partnership. This gives 1,295 credit unions in
Michigan, Ohio, Indiana and Illinois access to cash discounts
for its members from two of America’s three domestic automakers
and access to affordable financing on new vehicle purchases.
“Invest in America” is also
one-step closer to going nationwide; Chrysler will expand the
pilot program in eight additional states, as well as the
original four Midwest states. This will make available an
additional $12 billion in auto loans for the program and bring
discounts to another 14 million credit union members. The
program, running from Dec. 16, 2008 through June 30, 2009,
offers “Credit Union Member Cash” rebates of $500 or $1,000 on
eligible Chrysler, Jeep® and Dodge vehicles. These
rebates will be exclusively for credit union members who also
obtain their financing from a credit union, layering on top of
other incentives.
"’The Invest in America’ program
will provide access to affordable financing options and special
discounts for credit union members who want to purchase a new
Chrysler, Jeep or Dodge vehicle," said Steven Landry, Chrysler
executive vice president of North American Sales. “We are
confident that the ‘Invest in America’ program and “Credit Union
Member Cash” will provide significant value for our customers
and the economy as a whole during these challenging economic
times."
To gain access to the rebates,
credit union members can bring proof of credit union financing
to a Chrysler dealership. Credit union loan rates average 5.4
percent compared to 6.9 percent for average bank rates according
to Datatrac, a survey company that tracks auto loan rates.
Participation does require that the consumer belong to a credit
union. Credit union members in the pilot states or those that
would like to join and take advantage of the offer can learn
more about the special rebates by clicking on
www.lovemycreditunion.org.
"’The Invest in America’ vision is
to create a win-win program where credit unions pledge billions
in low-cost credit union financing and strong marketing support
in return for exclusive credit union member discounts and
rebates," says David Adams, Michigan Credit Union League
president and CEO. "Credit unions have always focused on
service to their members and communities. This program simply
expands that vision to apply much needed financing assistance to
help boost domestic auto sales.”
The eight additional states taking
part in the “Credit Union Member Cash” rebates are Oklahoma,
Texas, Kentucky, Arkansas, Tennessee, Louisiana, New Mexico and
Mississippi.
The “Invest in America” program was
created by CUcorp, a marketing company based in Livonia,
Michigan and a wholly-owned subsidiary of the Michigan Credit
Union League. There are plans to bring “Invest in America”
nationwide, possibly by the second quarter of 2009.
-30-
The Ohio Credit
Union League, with offices in Columbus, is a state trade
association representing 424 credit unions. Credit unions are
not-for-profit financial institutions owned and democratically
controlled by their members. Ohio credit unions provide savings,
loans, and other consumer financial services to their 2.6
million members. To learn more, visit
www.OhioCreditUnions.org.
|
