Credit union members will receive preferred pricing on all 2009 Chrysler, Jeep®, Dodge and Ram Truck vehicles and a select number of 2010 vehicles. These discounts are available to members regardless of where they gain financing. More than 2,000 credit unions in all 50 states have been promoting the “Invest in America” discounts and more importantly are driving members back to the domestic automakers.
“As ‘Invest in America’ sales pass 200,000 vehicles, research shows that credit union members are increasingly coming back to the domestic brands,” said David Adams, CUcorp CEO. “Chrysler’
CUcorp research shows that almost 40 percent of credit union members, who bought through the “Invest in America” program, previously owned a competitor’s brand. The research also shows that members overwhelmingly found the discount to be very important in their decision to purchase a domestic vehicle. The Chrysler Group LLC “Affiliate Rewards” program runs from November 3 through November 30.
“Chrysler Group is pleased to further our partnership with America’s credit unions by offering preferred pricing to the more than 90 million credit union members,” said Steven Beahm, vice president–sales operations, Chrysler Group LLC. “We believe the preferred pricing, coupled with available incentives, will give credit union members the help they need to purchase the new Chrysler, Jeep, Dodge or Ram Truck they are shopping for.”
Credit unions’ share of auto financing, spurred in part by the “Invest in America” discounts, is growing across the country. In Michigan for example, credit unions’ share of auto loans grew 32 percent from June 2008 to June 2009, a record for credit unions. Because of conservative lending strategies and their not-for-profit structure, credit unions are strong and have money to lend to their members, despite the national credit crunch. Credit unions have financed more than $3.1 billion worth of vehicles through the “Invest in America” program. Historically, credit unions offer lower loan rates than other financial institutions. According to a Datatrac survey of more than 17,000 financial institutions, the average credit union loan rate is 5.8 percent compared to 7.0 percent for the average bank rate.
Each “Invest in America” program is explained in detail on lovemycreditunion.org (http://www.lovemycreditunion.org).
“Invest in America” is also currently offering discounts with GM, Sprint, Thor Industries, and Allied Moving and Storage. FTD Florists and CU Benefits are the newest partners to offer credit union discounts through the “Invest in America” program beginning November 1.
