Credit union program offers ‘cash’ on car purchases

Chrysler LLC has joined the “Invest in America” credit union loan partnership, which offers affordable financing and added vehicle discounts to credit union members in 12 states.

Organized by the Michigan Credit Union League (MCUL), the program allows members who finance the purchase or lease of a new vehicle through their credit union to receive a “Credit Union Member Cash” discount of $500 or $1,000 on eligible Chrysler, Jeep® and Dodge vehicle purchases. This discount is in addition to most existing cash incentives that Chrysler offers on its vehicles.

“The Invest in America program will provide access to affordable financing options and special discounts for credit union members who want to purchase or lease a new Chrysler, Jeep or Dodge vehicle,” Steven Landry, Executive Vice President—North American Sales, said. “We are confident that the Invest in America program and Credit Union Member Cash will provide significant value our customers and the economy as a whole during these challenging economic times.”

Roughly 2,500 credit unions, including the UAW Credit Unions, will participate in the Invest in America program offering $22 billion in auto loans, and nearly 25 million customers will be eligible to take advantage of the discounts and low-cost financing. The program is scheduled to begin Dec. 16 and run through June 30, 2009. Credit Union members who reside in Arkansas, Illinois, Indiana, Kentucky, Louisiana, Michigan, Mississippi, New Mexico, Oklahoma, Ohio, Tennessee and Texas will be eligible to participate in this program.

To gain access to the discount, eligible credit union members must finance their purchase or lease through their credit union. Participation does require that the consumer belong to a credit union.

“The Invest in America vision is to bring a win-win program that pledges billions in low-cost credit union financing and strong marketing support by credit unions in return for exclusive credit union member discounts and rebates,” David Adams, Michigan Credit Union League President and CEO, said. “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.”